Daniel Mayo, Jeff Millen and Rowan Liu of KPMG explain how pension funds and other institutional investors with tax-exempt status could be negatively affected by proposed changes in the way financial products are taxed in the U.S. "Pension funds should be aware of the indirect impact any reform on financial products taxation may have on the market and, in turn, fund performance," Mayo, Millen and Liu write.
Corruption and bribery are perceived to be on the rise in many countries, and regulators have increased enforcement of anti-corruption laws as more companies of all sizes do business globally, research suggests. To safeguard against corruption by employees or third parties, a white-collar-crime litigator recommends following three steps.
Municipal bond issuers are exploring the idea of a "Hurricane Sandy Recovery Bond," which would permit municipalities and states to use tax-exempt financing to rebuild after last month's storm. Many hope a recovery-bond approach will show Congress that municipal bonds need to retain their tax-free status. Learn what you can do and what the industry has done to help with storm relief.
The end of 2012 could mean the end of the current low-income and capital-gains tax rates and the reduction of the $5 million estate and gift tax exemption to $1 million, among many other scheduled tax changes. Now is the time for clients to be planning for 2013. Here's a handy checklist of tax issues clients should be thinking about now.
Small tax-exempt organizations might still be able to preserve tax-exempt status even if returns were not filed for the past three years. The Internal Revenue Service announced that it is providing relief for small tax-exempt organizations that are supposed to automatically lose their tax-exempt status because they failed to file Form 990-EZ or 990-N for 2007, 2008 and 2009. Through a one-time program, the IRS is giving those organizations until Oct. 15 to preserve their tax-exempt status. Visit AICPA's Web page for more information.