Tax Planning & Compliance Blog

The NAIC has approved an extension of SSAP 10R through 2011.  Additional disclosures will be required for 2010 and 2011 to the extent tax planning strategies are utilized to admit deferred tax assets (DTAs).  The NAIC's Blanks Working Group also released a sample tax footnote.  NAIC staff is working on revisions to SSAP 10R that will include consideration of the US GAAP guidance on uncertain tax positions. 

If you have any questions about SSAP 10R, please post a comment below or contact our Financ...

With increased attention from the IRS in the areas of foreign operations and investments/holdings, it is important to review your situation to determine whether you will need to comply with the FBAR disclosure requirements.  The report is due at the end of June and it must be received, not postmarked, by the end of the month.  Although the reporting is technically a disclosure, the penalties for failure to do so can be severe and in some cases the penalties can be in excess of the actual amount...

The IRS posted the following announcement on its web site:

“People who give to charities providing earthquake relief in Haiti can claim these donations on the tax return they are completing this season, according to the Internal Revenue Service.”

“Taxpayers who itemize deductions on their 2009 return qualify for this special tax relief provision, enacted Jan. 22. Only cash contributions made to these charities after Jan. 11, 2010, and before March 1, 2010, are eligible. This includes...