- Changes to the IRS offshore voluntary compliance programs expands reach as well as opportunities for nonwillful disclosure of offshore assets.
- Delaware businesses still have time to file delinquent unclaimed property reports and avoid harsher penalties.
- The federal government expects banks to get a lot more serious about cybersecurity. For the first time in history, the US Treasury Secretary has criticized the nation’s safeguards to protect against cybersecurity attacks on our financial infrastructure. In response, the Federal Financial Institutions Examination Council (FFIEC) took three initial steps to increase awareness in the US banking system.
- On July 21, 2014, the Federal Deposit Insurance Corporation (FDIC) issued Financial Institution Letter FIL-40-2014. The guidance clarifies how the FDIC will evaluate requests by S-Corporation banks to make shareholder dividend payments to cover taxes on their pass-through share of the bank's earnings. Without FDIC approval, these dividends would not be permitted under the capital conservation buffer requirements in the Basel III rule.
- On May 9, 2014, the IRS Office of Chief Counsel issued a memorandum discussing the tax treatment for payments that auto dealerships receive from manufacturers from facility image upgrade programs.
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