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Tax Strategist Newsletter—Recent tax news and insights

March 2013

Repair and maintenance regulations update >
The Treasury Department issued temporary and proposed regulations—commonly referred to as the "repair regulations"—providing guidance on the tax treatment of costs incurred to acquire, repair, or improve tangible property.

Even though final regulations are expected to be released in late spring or early summer 2013, companies should be looking at the steps they can take now.

International tax developments >
As more jurisdictions investigate and prosecute offshore tax evasion to help increase their tax base and raise revenues, companies and individuals are realizing the importance of awareness when it comes to potential exposure of their global tax liability.

During a recent webinar, a team of our international tax professionals discussed the latest international tax legislation and reporting, as well as what to do to meet the burden of compliance and avoid costly penalties.

Construction and real estate tax changes >
The American Taxpayer Relief Act of 2012 (the Act), passed Jan. 2, 2013, includes a number of construction and real estate related provisions important to the affordable housing, economic development, and renewable energy industries. We have highlighted some of the key construction and real estate tax extensions.

Deadline for foreign asset reporting extended for some filers >
The US Department of Treasury’s Financial Crimes Enforcement Network (FinCEN) announced the fourth in a series of deadline extensions for certain required filings in relation to foreign assets. FinCEN Notice 2012-2 extends the filing date for some filers of Form TD F 90-22.1, "Report of Foreign Bank and Financial Accounts (FBAR)," from June 30, 2013, to June 30, 2014. This article reviews FBAR reporting requirements, who is exempt from filing an FBAR, and who is affected by the extended deadline.