Crowe Financial Services Tax Insights

Crowe Financial Services Tax Insights – Nov. 29, 2016

IRS Denies Safe Harbor Benefit for Certain M&A Targets

Financial services companies often rely on a safe harbor election to deduct 70 percent of investment banker fees incurred in merger and acquisition transactions, but new IRS guidance signals that certain target financial services companies could lose out on this potentially significant benefit.

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IRS Issues Guidance on M&A Breakup Fee Treatment

Merger and acquisition agreements often provide for the payment of breakup fees should an arrangement fall through. With acquisition activity on the rise among financial institutions, it’s critical to understand the IRS position on how acquirers should treat these payments to targets for tax purposes.

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New Fair Labor Standards Act Regs

The new Fair Labor Standards Act regulations, which will reclassify certain currently exempt employees as nonexempt and make them eligible for overtime premiums, were scheduled to go into effect Dec. 1. Although a preliminary injunction was issued on Nov. 22 on the rules, this article discusses how companies need to plan for the changes and comply with the new requirements, should they occur.

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Tax Information Reporting Audits

The IRS recently has enhanced its scrutiny of tax information reporting, and more employment tax agents have been assigned to investigate backup withholding and employment taxes that it believes have not been collected or paid. This article discusses the current audit environment and what taxpayers can do to be proactive and prepared.

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