Taxation of Financial Institutions

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LexisNexis Matthew Bender is proud to present the Second Edition of Taxation of Financial Institutions, completely updated, rewritten and reorganized by the authors at KPMG LLP.

This product includes numerous new chapters and clarifies the rapidly changing area of financial institution taxation with a wealth of information on tax laws, regulations, IRS rules, and insight from the top professionals in the field.

Filled with time-saving examples, this set includes discussion of:

•  Revenue Procedure 2021-34, which provides the procedures for taxpayers to obtain automatic consent to change their methods of accounting.

•  Revenue Procedure 2021-35, which modifies Revenue Procedure 2013-26 to reflect the changes made to the treatment of certain credit card fees by IRC Section 451(b).

•  The Consolidated Appropriations Act of 2021 and related modifications to the Paycheck Protection Program.

•  Treas. Reg. Section 1.1502-21(c)(1)(i) and the cumulative register rule, and Treas. Reg. Section 1.1502-21(b)(3)(ii)(B) and related split-waiver elections, including examples.

•  Further clarification of final regulations in terms of the determination of base erosion payments.

•  The 2021 IRC Section 163(j) Regulations, which narrow the definition of interest, modify the anti-avoidance rule, provide guidance on the term “paid or accrued,” and define the term “adjusted taxable income” by reference to “tentative taxable income.”

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