Following the rapid decline and bankruptcy of FTX and its affiliates, U.S. retail customers seeking to offset taxable income against their FTX losses may face additional obstacles during the upcoming tax season. Specifically, what kind of tax loss these customers may be able to claim, and when or whether they may be able to claim it, is uncertain.
The UK Government announces wide-ranging reforms of UK financial services, including key tax reforms.
The UK VAT treatment of fund management is likely to be changing soon.
The UK Government has confirmed that the Investment Transactions List will be expanded to include cryptoassets whilst not making further changes to the fund tax regimes that rely on the Investment Transactions List.
Recent proposed regulations eliminate the Subpart F and GILTI benefits of certain transactions between consolidated group members.
Final regulations mandate that adjustments to partnership non-income items must be included in the computation of imputed partnership underpayments.