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Tag Archives: IRS

Should Congress Create a Crypto-Cop?; The New Wizards of Wall Street; IRS to Ban Hedge-Fund Tax Dodge John Lothian Newsletter,Newsletter

First Read Hits & Takes JLN Staff The CFTC’s Technology Advisory Committee showed me a few things yesterday. One, the CFTC Commissioners seem to like and respect each other and get along. That has not always been the case. Two, there is a lot of work to be done on crypto-assets regulation. Three is that there is a tremendous spirit of cooperation in the industry to figure all this out. I learned from an AI expert that AI will take over the world. I learned from a cyber-security expert that I am not paranoid enough. I saw the CME Group’s…

Nothing can be certain but delta and taxes Blog,Options

As tax accounting firms spring to life and TurboTax ups its marketing, so too is the Options Clearing Corporation working on taxes. The OCC’s concern does not rest with income taxes, but rather section 871(m) of the Internal Revenue Code. The code, which is set to tax foreign entities on U.S. equity options trades under certain conditions, could have a negative effect on the use of options overseas, an audience the options industry has worked hard to bring into U.S. options markets. “Our concern is that complying with these final regulations is so complicated that firms might just decide not…

McGladrey: Tired of your mark to market election? IRS has good news. Blog,Commentary

Our friends at McGladrey shared the following commentary with JLN for publicaiton New Revenue Procedure makes it easy to revoke 475(f) elections There are various reasons that traders find refuge in a mark to market election under IRC section 475(f).  Some are looking to avoid disallowed losses caused by wash sales and straddles (offsetting positions), both of which can arise when trading frequently.  Others find themselves with a losing year, and make the election to obtain ordinary treatment on losses, freeing them up for carryback to earlier years.  In any case, circumstances change, and what was once a blessing can…

IRS approves 60/40 tax treatment for Eurex products effective March 1, 2013 Blog,Financials

via Harlan Ten Pas, McGladrey LLP: Is this a good example of the separation of powers between the branches of the U.S. government?  Less than two weeks ago, the Chair of the House Ways & Means Committee submitted a tax bill that would totally eliminate 60/40 capital gain tax treatment for domestic futures contracts starting in 2014.  On Tuesday, the Internal Revenue Service issued Rev. Rul. 2013-5 which approved 60/40 treatment for EUREX derivative products effective as of March 1, 2013.  However, this ruling is less a reaction to Congress than it is the final result of a long administrative…