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News Now

Washington
Inside Washington (09/07/2010)
* WASHINTON (9/8/10)--The Federal Reserve is watching for Wall Street banks that devise more complicated derivatives instruments in an effort to avoid new regulations. Regulators worry that bank derivatives dealers could structure more over-the-counter derivatives to fall outside standardized transactions, which are regulated under the Dodd-Frank Act, said American Banker (Sept. 7) ... * WASHINGTON (9/8/10)--The Internal Revenue Service has released a draft version of Form 8941 that small businesses and tax-exempt organizations can use to calculate small business health care tax credit when they file income tax returns next year. A small business will include the amount of the credit as part of the general business credit on its income tax return. Tax-exempt organizations will claim the small business health care tax credit on a revised Form 990-T. The 990-T is used by tax-exempt organizations to report and pay the tax on unrelated business income. The form will be revised for the 2011 filing season so eligible tax-exempt organizations can claim the small business health care tax credit ...


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