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BANK AVOIDS DEDUCTION HAIRCUT ON MUNI BONDS HELD BY INVESTMENT SUBSIDIARY
The tax law has two provisions that require banks to reduce their interest expense deduction in proportion to their tax-exempt income from municipal bonds. In a reviewed decision yesterday the Tax...
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IRS ALLOWS AUTOMATIC CHANGE TO CASH METHOD FOR BANKS UP TO $50 MILLION GROSS...
The IRS issued a new procedure (Rev. Proc. 2008-52) yesterday that governs automatic method changes. It has one provision that will be especially welcome for S corporation banks. The IRS will now allow...
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Will ‘toxic asset’ plan address tax trap for distressed bond buyers?
The Treasury is set to issue its plan for dealing with the bad loans held by banks and other institutions today. Such a plan should address a tax trap that the Treasury established a few years ago....
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Small banks don’t like the big bank tax
The Independent Community Bankers oppose the Obama “Fiscal Responsibility Fee” proposal. Maybe they figure (reasonably enough) that they are next. Related: Assigning Responsibility
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