Finance & Banking Tax

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401(k) Sponsors Say Their Plan is OK, but They Really Have No Idea

When I was dating my wife, she asked me if I had a good credit score and I said I did. I never checked my credit score, but I paid all my bills in full and on time. Of course when I got a copy of my credit report, my credit...more

Your Daily Dose of Financial News

Federal regulators unveiled a proposal yesterday that would push the country’s biggest banks and other “critical financial companies” to shore up cybersecurity protocols, to prevent hacks, and to have a recovery plan at the...more

Treasury Targets Tax Deferral in Leveraged Partnership Structures with New Regulations

The Treasury issued new final, temporary and proposed regulations that take aim at, and significantly reduce the effectiveness of, leveraged partnership structures intended to achieve tax deferral to the contributing partner....more

IRS Releases November 2016 Interest Rates

The 7520 rate for November 2016 has remained at 1.6%. The November 2016 Applicable Federal Interest Rates can be found below....more

Partnership Tax Audit Reform and Private Funds

The Bipartisan Budget Act of 2015 that was signed into law on November 2, 2015, made extensive changes to the rules that apply to partnership audits and the mechanics for collecting taxes resulting from an audit. These...more

Application of Net Investment Income Tax to Section 453A Interest

Although the Internal Revenue Service (IRS) has not directly addressed this matter, interest accruing from installment agreements sales under Internal Revenue Code (IRC) section 453A is likely not included in net investment...more

The IRS Is Checking Hospitals for Compliance with Section 501(r)

The IRS is hard at work reviewing hospitals for compliance with new requirements imposed by section 501(r) of the Internal Revenue Code. A recently released work plan of the IRS Tax Exempt and Government Entities Division...more

Rev. Proc. 2016-44: Greater Flexibility in IRS Safe Harbor for Management Contracts

Recently, the IRS released a safe harbor from private use of tax-exempt bond-financed facilities for management contracts that profoundly changes the safe harbors that have been in place under Rev. Proc. 97-13 for almost 20...more

Trek Beyond To The Future of 401(k) Plans

While I prefer Star Wars, I still have an affinity for Star Trek. Gene Roddenberry’s vision of the future was a hopeful one while the science fiction genre prior to his tome had a bleak future. The original series and the...more

Prohibited Transactions for Retirement Plans

A recent case reminds us that people need to be careful when dealing with their retirement plans, particularly if those accounts are used as investment vehicles to fund business activities relating to the plan participant or...more

Corporate Finance Alert: SEC Staff Continues to Focus on Non-GAAP Financial Disclosures

In recent months, companies have experienced greater scrutiny of their use of non-GAAP financial measures by the staff of the U.S. Securities and Exchange Commission (SEC). This greater scrutiny follows the release earlier...more

Trusts and Estates Newsletter - October 2016

Connecticut Has a New Power of Attorney Act - A financial Power of Attorney (“POA”) is a document by which an individual can grant another individual (an “agent”) authority to act on his or her behalf with respect to...more

De-Risking 101

Bank Secrecy Act of 1970 - Requires U.S. financial institutions to assist U.S. government agencies to detect and prevent money laundering by keeping records of cash purchases of negotiable instruments, and file reports...more

MoFo Tax Talk - Volume 9, No. 3

IRS Issues Proposed Regs on RIC Commodity Investments - On September 27, 2016, the IRS issued proposed regulations (the “Proposed Regulations”) providing guidance relating to the income test and asset diversification...more

California Updates Unclaimed Property Law to Recognize Electronic Recurring Bank Account Activity

On September 22, California Governor Jerry Brown signed AB 2258 into law, which revises California’s Unclaimed Property Law (UPL) to expressly recognize that certain electronic recurring transactions constitute...more

Report to G20 on Beneficial Ownership

The Financial Action Task Force published a report to the G20 Finance Ministers and Central Bank Governors updating them on the steps being taken by the FATF on implementation of international standards on transparency and...more

NJ Tax Court: Despite Place-of-Performance Statute, Market Sourcing Applies to Services

On October 11, 2016, the New Jersey Tax Court published its long-awaited decision concerning the sourcing of interest and other fees related to credit card transactions. The court ruled against the taxpayers and held that...more

New Partnership Liability and Disguised Sale Regulations

Key Points - - Final, temporary and proposed regulations issued on October 5, 2016, address complex rules dealing with partnership disguised sales and debt allocation rules under Sections 707 and 752 of the Internal...more

New Regulations Dramatically Alter Partnership 'Disguised Sales' and Allocation of Partnership Liabilities

On October 4, 2016, the Internal Revenue Service and the Treasury Department issued a sweeping package of proposed, temporary and final regulations under the Internal Revenue Code that, among other things, significantly...more

Federal Tax Guidance Regarding RICs’ Investments in Commodities, Certain PFICs, and “Securities”

The Treasury Department (Treasury) and the Internal Revenue Service (Service) recently issued proposed regulations that, if finalized as proposed, could have a significantly adverse effect on the ability of a regulated...more

IRS To Begin Private Debt Collection Program in Spring 2017

On September 26, 2016, the IRS announced its plans for the private collection of certain federal tax debts beginning next spring. The announcement identified the following four (4) contractors that the IRS selected to carry...more

Plan Sponsors Should Know Their “Hat” as Retirement Plan Fiduciaries

I love baseball jerseys and I also love New Era on-field Major League Baseball hats. Speaking of hats, a retirement plan sponsor wears many hats when they main a retirement plan. Plan sponsors know they wear the hat of the...more

U.S.-India Newsletter - Vol. 2016, Issue 3

Summer 2016 was a season of change. In Europe, we saw the "Brexit," with the United Kingdom voting to withdraw from the European Union. The June referendum sent shockwaves through the business and finance communities and...more

IRS Issues New EPCRS Guidelines to Coordinate with Limited Determination Letter Program

On September 29, 2016, the IRS released new guidelines under its Employee Plans Compliance Resolution System (EPCRS). EPCRS consists of three programs by which plan sponsors can correct plan documentation or operational...more

Recent Changes to the India-Mauritius Tax Treaty: What Does This Mean for American Investors?

The amendments may cause some uncertainty and anxiety for U.S. investors as they consider how these changes will impact business, income, profitability and the benefits or drawbacks of investing in India through Mauritius....more

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