Karishma Shah Page

Karishma Shah Page

K&L Gates LLP

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DOL Finalizes The ERISA Fiduciary Regulation -- What It Means For Your Business

In the face of controversy and following thousands of comments from market participants and lawmakers, the Department of Labor (“DOL”) has finalized sweeping changes to the definition of “fiduciary” under the Employee...more

4/28/2016 - 401k Best Interest Contract Exemptions Best Interest Standard Conflicts of Interest DOL Employee Benefits ERISA Fiduciary Duty Investment Adviser Retirement Plan

IRS Sets Short Fuse for Comments, Guidance on New Partnership Audit Rules

As if it wasn’t going to be busy already, the Internal Revenue Service (“IRS”) has set Tax Day, April 15, 2016, as the due date for comments on significant new partnership audit rules. This new law, which was enacted as part...more

4/6/2016 - Audits Bipartisan Budget Comment Period IRS K-1 Partnership Agreements Partnerships Tax Rates TEFRA

The State of Capitalism in the 21st Century

On February 1, 2016, K&L Gates LLP, The Washington Times and the U.S. Chamber of Commerce held a symposium entitled “Capitalism in the 21st Century.” The event explored emerging corporate governance considerations such as...more

3/21/2016 - Corporate Governance Corporate Officers Dodd-Frank Financial Markets Financial Regulatory Reform SEC

I’m OK, Eur OK; At Long Last, U.S.-EU CCP Recognition is Mutual

On February 10, the U.S. Commodity Futures Trading Commission (“CFTC”) and the European Commission (“EC”) announced a much-anticipated transatlantic agreement to harmonize European Union (“EU”) and U.S. regulations concerning...more

2/19/2016 - CCPs CFTC Cross-Border Transactions EU European Securities and Markets Authority (ESMA) Financial Sector Regulatory Oversight

President’s FY 2017 Budget Aims to Seal the Deal on Fiscal Legacy

On February 9, President Obama released the last budget request of his Administration. The FY 2017 budget incorporates many proposals from past years but also looks to cement the president’s legacy with a number of new fiscal...more

2/18/2016 - Cadillac Tax Defined Contribution Plans Energy Reform Federal Budget Green Book Tax Reform

Dodd-Frank Turns Five, What Comes Next?

The 2008 credit crisis was the beginning of an era of unprecedented government management of the capital markets. July 21, 2015 marked the fifth anniversary of the hallmark congressional response, the Dodd-Frank Wall Street...more

8/19/2015 - Capital Markets Capital Markets Union CFPB CFTC Clawbacks Cross-Border Transactions Derivatives Dodd-Frank EU EURIBOR European Commission Executive Compensation Financial Markets Financial Regulatory Reform FSB FSOC G-SIFI Incentive Compensation Investors IOSCO Libor Liquidity Coverage Ratio Nonbank Firms Obama Administration OTC Popular Proxy Access Rule SEC Security-Based Swaps

The President’s Groundhog’s Day Budget Casts a Shadow on Some but Offers Sunshine for Others

On February 2nd, President Obama released his Fiscal Year (FY) 2016 budget request to Congress. Along with the budget, the Department of the Treasury (Treasury) released a volume called “General Explanations of the...more

2/12/2015 - Barack Obama Federal Budget Green Book U.S. Treasury

Déjà Vu All Over Again? Tax Reform in the 114th Congress

As we begin a new year and a new Congress, key players from one end of Pennsylvania Avenue to the other are on board for tax reform. President Obama, Vice President Biden, Senate Minority Leader Mitch McConnell (R-KY), Senate...more

2/3/2015 - Legislative Agendas Obama Administration Political Parties Senate Finance Committee Tax Reform

Dodd-Frank Act Changes Are Coming

For over four years after enactment of the Dodd-Frank Act (“Dodd-Frank”), President Obama and the Democratic Senate successfully blocked any changes to that act. For example, in the 113th Congress, the House passed 26 bills...more

1/26/2015 - Dodd-Frank Form 10-K JOBS Act Legislative Agendas Proposed Amendments Regulation S-K SBIC SEC TRIA Volcker Rule XBRL Filing Requirements

The 2014 Election: A Critical Juncture in Financial Services Legislation, Regulation, and Oversight

As November draws closer, the financial services industry is staking out a front row seat in tracking the outcomes of the 2014 midterm elections. The 114th Congress’ legislative agenda in this area will be shaped in large...more

11/3/2014 - Banks Dodd-Frank Federal Reserve Financial Institutions GSE Housing Finance Reform Legislative Agendas Legislative Committees Lenders Senate Banking Committee

Tax Policy Issues Prepare for a Rumble on the Gridiron

The clock is running out on the 113th Congress. While the calendar says we are not quite at the two-minute warning, with a truncated September congressional schedule and the campaign season taking up much of the fall, the...more

8/28/2014 - Corporate Taxes EXPIRE Act Inversion Legislative Agendas Legislative Committees Senate Finance Committee Tax Extenders Tax Reform

Wyden’s Previous Proposals Could Signal Tax Reform Priorities

Senator Ron Wyden (D-OR) has been a strong advocate for comprehensive tax reform since he joined the Senate Finance Committee in 2005. During his tenure on the Committee, he has introduced a series of comprehensive tax reform...more

7/23/2014 - 401k Corporate Taxes Deficit Reduction Energy Tax Incentives IRA Pass-Through Entities Proposed Legislation Senate Finance Committee Tax Incentives Tax Rates Tax Reform

Congress Turns Tax World Upside Down with New Focus on Corporate Inversions

Interest in corporate inversions has revived on Capitol Hill. Recent publicity surrounding pending deals has triggered comments and legislative proposals from tax writers and other members and stirred up the debate about...more

6/24/2014 - Corporate Taxes Inversion Tax Reform

The First Dish is Served: Chairman Camp Unveils Comprehensive Tax Reform Discussion Draft

On February 26, 2014, House Ways and Means Committee Chairman Dave Camp (R-MI) unveiled his comprehensive tax reform proposal. Chairman Camp released his proposal in discussion draft form, and the bill was not officially...more

4/3/2014 - Business Taxes Corporate Counsel Corporate Taxes Tax Credits Tax Incentives Tax Reform

What’s on the Menu? How Will the Administration’s Smorgasbord of Tax Proposals Affect You?

Earlier this month, the Treasury Department released its “General Explanations of the Administration’s Fiscal Year 2015 Revenue Proposals,” commonly known as the “Green Book.” This alert describes what the Green Book is, the...more

3/28/2014 - Green Book Tax Reform

Will Wyden Recharge the Batteries on the Finance Committee’s Energy Tax Reform Proposal?

In late 2013, the Senate Finance Committee released a tax reform staff discussion draft on energy (the “energy draft”) as part of a series of tax reform proposals. According to Committee staff, the energy draft “proposes a...more

2/26/2014 - Energy Policy Energy Tax Incentives Tax Reform

2014: Turbulent Waters Ahead in Tax Policy

Although the prospect for comprehensive tax reform this year is dimming, debate on tax policy issues will continue to be prominent on Capitol Hill. Between election year dynamics, changes in committee leadership, the tax...more

2/18/2014 - Federal Budget IRS Legislative Agendas Max Baucus Tax Reform U.S. Treasury Ways and Means Committee

Senate Finance Committee Makes Waves with Pooled Approach to Cost Recovery

The Senate Finance Committee released a tax reform staff discussion draft on cost recovery and accounting as part of a series of tax reform proposals in late 2013. The Cost Recovery and Accounting (“CR&A”) proposal completely...more

1/30/2014 - Asset Valuations Corporate Taxes Depreciation Tax Deductions Tax Reform

Taxes and Politics Collide in New IRS Guidelines for 501(c)(4) Organizations: IRS Proposes to Restrict Political Activities of...

On November 29, 2013, the Internal Revenue Service (“IRS”) issued proposed rules, “Guidance for Tax-Exempt Social Welfare Organizations on Candidate-Related Political Activities” (78 Fed. Reg. 71535-71542 (Nov. 29, 2013)),...more

12/11/2013 - 501(c)(4) Exempt Organizations IRS Non-Profits Political Campaigns Political Candidates Political Contributions

Paul & Patty’s Potluck: Budget Conference Could Have Big Implications for Tax Reform

After weeks of tense negotiations, Congress passed legislation on October 16, 2013 to end the government shutdown and raise the debt ceiling. As part of the deal, congressional leaders agreed to establish a conference to...more

10/23/2013 - Federal Budget Legislative Agendas Tax Reform

Getting Ready for the Main Course: Senate Finance Committee Leaders Outline "Blank Slate" Approach to Tax Reform

The momentum toward comprehensive tax reform accelerated significantly on June 27th, 2013, when the bipartisan leaders of the Senate Finance Committee, Chairman Max Baucus (D-MT) and Ranking Member Orrin Hatch (R-UT), sent...more

7/12/2013 - Income Taxes Proposed Legislation Tax Credits Tax Reform

Don't Wait To Weigh In On Tax Reform

Don’t wait to weigh in on tax reform. That’s the message coming from the tax writers on Capitol Hill. After the flurry of activity this year on comprehensive tax reform—including the House Ways and Means Committee’s...more

6/25/2013 - Proposed Legislation Tax Reform

Is the Menu Now Set? Joint Committee on Taxation Releases Report on Ways and Means Working Group Process

On Monday, May 6, the Joint Committee on Taxation (“JCT”) published a report on the work of the 11 House Ways and Means Committee Working Groups on tax reform. This alert provides background on the report and possible next...more

5/8/2013 - Tax Reform

Treasury Releases “Green Book” of Obama Administration FY 2014 Tax Priorities

On April 10, the Treasury Department released its “General Explanations of the Administration’s Fiscal Year 2014 Revenue Proposals.” Known as the “Green Book,” the document provides an explanation of the Administration’s FY...more

4/18/2013 - American Taxpayer Relief Act Barack Obama Derivatives Employment Tax Estate Tax Fiscal Reports Infrastructure Retirement Tax Credits Tax Deductions Veterans

Instant Messaging: “Vote-A-Rama” Provides Rare Insight into Tax Reform

By a vote of 50-49, the Senate passed its FY14 budget resolution (S. Con. Res. 8) at 5:00 a.m. last Saturday – the first time the Senate has passed a budget resolution in four years. The budget resolution is significant in...more

3/29/2013 - Estate Tax Federal Budget Marketplace Fairness Act Medical Device Tax Offshore Funds Proposed Amendments Tax Reform

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