Tax News Highlights
Jan. 30, 2014
IRS Releases Method Change Procedure for Final Tangible Property Regulations
IRS provides implementation guidance for tangible property regulations.
Relief Provided to Banks for Costs of Acquiring and Holding Foreclosed Real Estate
Recent IRS guidance confirms that a bank’s costs for acquiring and carrying OREO are deductible when incurred.
Guidance Issued on Form 8621 Filing Requirements for Passive Foreign Investment Companies
Recently released temporary and proposed regulations provide guidance on Form 8621 filing requirements for U.S. persons with ownership in a passive foreign investment company.
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