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Tax Deductions Financial Services Industry

Troutman Pepper

CFPB Continues Medical Expenses Scrutiny by Highlighting the Costs of Health Savings Accounts

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The Consumer Financial Protection Bureau (CFPB) recently released an Issue Spotlight highlighting the costs and fees associated with Health Savings Accounts (HSAs). While acknowledging that HSAs offer tax advantages that can...more

Troutman Pepper

How Can I Claim a Business Bad Debt Deduction? - Creditor's Rights Toolkit

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The Internal Revenue Code permits a business bad debt deduction when a customer fails to pay for the services rendered or the products supplied by your business. However, the ability to claim an ordinary deduction with...more

Cadwalader, Wickersham & Taft LLP

FTX Tax Losses: The Land of Misfit Toys

Reportedly, there are over a million creditors in the bankruptcy of the cryptocurrency exchange FTX and its affiliated entities. A substantial number of these FTX creditors may include U.S. retail customers who held and...more

Davies Ward Phillips & Vineberg LLP

Canada Releases Revised Draft Legislation on New Interest Deductibility Rules

The Department of Finance (Canada) (Finance) has released revised draft legislation on the proposed rules regarding excessive interest and financing expenses limitation (EIFEL). The revised draft legislation, released on...more

Bodman

Michigan Enacts First-Time Home Buyer Income Tax Provisions

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On February 9, 2022, Michigan Governor Gretchen Whitmer signed a law amending the Michigan Income Tax Act to allow a new deduction for contributions to certain “first-time home buyer” savings accounts. ...more

Robins Kaplan LLP

Financial Daily Dose 3.17.2020 | Top Story: The Bear Market Roars, with Markets Falling nearly 13% as Whole Sectors of US Economy...

Robins Kaplan LLP on

As Americans [way-too] slowly come to the realization that COVID-19 is a very real and very present threat, the business world is changing around them at a staggering pace. Stocks nosedived again on Monday, with the three...more

Hogan Lovells

Round-up: Indonesia

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Round-up: Indonesia is our new quarterly newsletter, rounding up all the latest legal updates and events in Jakarta. ...more

Rosenberg Martin Greenberg LLP

Final Section 199A Regulations: Initial Takeaways on Clarification of Definition of "Specified Service Trade or Business"

Since the passage of the Tax Cuts and Jobs Act, business owners and tax practitioners alike have focused on the potential effect of Section 199A. Though it has been clear for some time that the 20% deduction afforded to...more

Orrick, Herrington & Sutcliffe LLP

Orrick's Financial Industry Week In Review

Interagency Statement on Accounting and Reporting Implications of the New Tax Law - On January 18, 2018, the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, and the Federal...more

Ballard Spahr LLP

Business Tax Reform – the Current State of Play

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President Donald J. Trump campaigned on a platform of large tax cuts for businesses. With President Trump in the White House and Republicans controlling both the House of Representatives and Senate, does it mean businesses...more

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