Daily Tax Update - October 19, 2016: Senator Wyden Requests Reports on Panama Papers Filings

Senator Wyden Requests Reports on Panama Papers Filings:  Today Senate Finance Committee Ranking Member Ron Wyden (D-OR) sent a letter to the heads of the Treasury Department and IRS requesting detailed reports on filings by the thousands of firms linked to the Panama Papers.  The letter includes attachments (which are not publicly available), and the letter requests that certain information be provided about the companies listed in the attachments, such as information regarding whether such entities are required to file a Report of Foreign Bank and Financial Accounts (FinCEN Report 114, commonly referred to as the FBAR) or IRS Form 8938 (Statement of Specified Foreign Financial Assets).  

Miscellaneous Guidance:
Revenue Ruling 2016-26 provides various prescribed rates for federal income tax purposes for November 2016, including the applicable federal interest rates, the adjusted applicable federal interest rates, the adjusted federal long-term rate, the adjusted federal long-term tax-exempt rate.  These rates are determined as prescribed by section 1274.