Daily Tax Update - October 30, 2014: EU Commission Recommends Public Release of Country-by-Country Data Reported by Banks

EU Commission Recommends Public Release of Country-by-Country Data Reported by Banks:  The European Commission released a report today concluding that public dissemination of country-by-country reporting by banks will not have a negative impact on the economy.  This assessment paves the way for Article 89 of Directive 2013/36/EU, which calls for banks to publish country-by-country data beginning January 1, 2015, subject to the Commission’s assessment on the economic effects of public disclosure. 

IRS Releases Inflation Adjustments for 2015:  Today, the IRS released Rev. Proc. 2014-61 containing inflation adjustments for 2015.  Among the adjustments, the standard deduction for singles and married individuals filing separately will rise to $6,300 in 2015 and the standard deduction for married couples filing jointly will rise to $12,600.