On Wednesday, the Republican Steering Committee tapped Representative Kevin Brady (R-TX) to succeed Speaker Ryan as the committee’s chairman. Both he and his . . .
By: Patrick J. Kennedy, Jr and William Sutherland
By: Patrick J. Kennedy, Jr and William Sutherland With the signing of the American Taxpayer Relief Act of 2012 (H.R. 8) S corp . . .
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.
Almost one third of the financial institutions in the United States are now organized as S corporations. Is S corporation taxation right for you?
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.
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.