The Latest Edition of The Sub S Bank Report is Now Available for Registered Members   Read more

Earlier this month,  the IRS finally withdrew its proposed rule relating to the TEFRA disallowance. The rule, which dates back to August 2006, would have forced Subchapter S banks to apply the 20% TEFRA disallowance not just for the first three years after the bank’s S election, but every year thereafter in which it had interest expense attributable to certain tax-exempt municipal securities. Withdrawal of the proposed rule represents the final chapter in what became a hotly-contested dispute between the Sub S bank community and the IRS—one that ultimately went as far as the U.S. Seventh Circuit Court of Appeals in Chicago.  Read more

Victory for S corporation financial institutions as the Internal Revenue Service announces it's acquiescence with the Seventh Circuit Court of Appeals in TEFRA case.  Read more

Officially titled the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010, the bill extends all of the Bush-era tax cuts through 2012.  Read more