A Note from the Editors-in-Chief

The proposals span the legislative gamut and include changes to (i) the corporate rate, (ii) the international tax regime, (iii) energy taxes, (iv) the taxation of capital income and wealthy individuals more generally, and (v) tax compliance and tax administration provisions. In the context of finan...

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Bibliographic Details
Published inJournal of Taxation of Financial Products Vol. 20; no. 1; pp. 3 - 4
Main Authors Price, Mark H, Tompkins, Joshua S
Format Journal Article Trade Publication Article
LanguageEnglish
Published Riverwoods CCH, Inc 01.03.2023
CCH INCORPORATED
Subjects
Accounting firms
Alternative minimum tax
Capital gains tax
Captive insurance
Corporate income taxes
Financial statements
Foreign tax credits
Hedging
Inflation Reduction Act 2022-US
Insurance companies
Interest rates
Mark to market accounting
Taxation
Taxpayer compliance
United States
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Summary:The proposals span the legislative gamut and include changes to (i) the corporate rate, (ii) the international tax regime, (iii) energy taxes, (iv) the taxation of capital income and wealthy individuals more generally, and (v) tax compliance and tax administration provisions. In the context of financial products, the Greenbook includes proposals to (i) amend the wash sale rules under Code Sec. 1091, (ii) modernize and expand the scope of Code Sec. 1058, (iii) expand digital asset information reporting, (iv) amend the mark-to-market rules of Code Sec. 475 to include digital assets, and (v) enact an excise tax on energy used to mine digital assets. In our first article, IRA May Significantly Increase the Complexity of SSAP No. 101 for Insurance Companies, Michael Beaty and Carl Barkson consider one aspect of the IRA-the Corporate Alternative Minimum Tax (CAMT)-and describe what that legislation means for insurance companies.
ISSN:1529-9287