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Tax Finance & Banking

Read need-to-know updates, commentary, and analysis on Tax issues written by leading professionals.

Criminal Finances Act 2017 – New Criminal Offence Requires Preventive Procedures

by McDermott Will & Emery on

The UK Criminal Finances Act 2017 recently introduced a new corporate offence of failure to prevent the facilitation of tax evasion. Under the new law, a corporate body or partnership may be criminally liable if it fails...more

New GTO covers Wire Transfers

by Foodman CPAs & Advisors on

On August 22, 2017, FinCEN (Financial Crimes Enforcement Network) published a new Advisory regarding Geographic Targeting Orders (GTOs) covering residential real estate transactions in certain counties or boroughs of New...more

Financial Services Quarterly Report - Third Quarter 2017: Luxembourg Developments

by Dechert LLP on

Luxembourg recently has taken a number of actions in connection with the transposition or implementation of various EU directives and regulations, respectively, into national law. The Luxembourg government deposited a bill of...more

Información tributaria de 36 países ya está en Colombia

by Holland & Knight LLP on

Por medio del comunicado de prensa No. 149 del 9 de octubre, la DIAN informó que en desarrollo de los Acuerdos de Intercambio de Información vigentes y de la Ley FATCA, recibió la información correspondiente al año 2016, de...more

Financial Services Quarterly Report - Third Quarter 2017: Global Update: UK Criminal Finance Act 2017: Immediate Considerations...

by Dechert LLP on

UK asset managers, non-UK asset managers carrying on business in the UK and the funds they manage are within the scope of the new corporate criminal offences of failing to prevent the facilitation of tax evasion. As the new...more

The Truth And Myth Over The 401(k) Investment Policy Statement

by Ary Rosenbaum on

When you go to kitchenware, you see so many different types of kitchen tools that you didn’t know existed. They sell pasta forks and cherry pitters and item you don’t really need, but you have to have. When you’re a 401(k)...more

IRS Ruling Provides Helpful Guidance on Normalization Proration Rules 

On September 29, 2017, the IRS issued a private letter ruling (PLR 201739001) providing helpful guidance on the application of normalization proration rules for the calculation of accumulated deferred federal income taxes...more

New California Law Imposes Additional Disclosure Requirements for Local Government Bonds

Local government issuers of bonds and any conduit borrowers of the proceeds of such bonds need to be aware of California Senate Bill 450 (Hertzberg), signed into law by the Governor on October 9, 2017....more

Section 2704 Regulations to be Withdrawn

by Williams Mullen on

On August 2, 2016, the Treasury Department issued proposed regulations under Internal Revenue Code Section 2704. The proposed regulations, through a web of dense rules and definitions, would have narrowed longstanding...more

Puerto Rico Department of the Treasury Grants Temporary Tax Exemptions for Employer-Provided Payments and Certain Benefits to...

by Littler on

On October 4, 2017, the Puerto Rico Department of the Treasury (the “PR Treasury”) issued Administrative Determination No. 17-21 (“AD 17-21”) granting temporary income tax exemptions for payments and certain benefits provided...more

Treasury Hints That Regulatory Review May Target FATCA Regulations

by Fox Rothschild LLP on

In a report to the President recommending actions to eliminate or mitigate burdens imposed on taxpayers by eight specific tax regulations, the Treasury Department indicated that it is considering possible reforms of...more

FERC and IRS Diverge on Approaches to Tax Equity Investors

by Holland & Knight LLP on

The Internal Revenue Service (IRS) and the Federal Energy Regulatory Commission (FERC) have recently taken different approaches to issues raised by tax equity investors that have invested specifically in renewable energy...more

UK Criminal Finances Act 2017 Commences with New Tax Evasion Offences, Anti-Money Laundering Rules, and Asset Forfeiture...

On 30 September 2017, Part 3 of the UK Criminal Finances Act 2017 (the “CF Act”) came into force creating new corporate offences for failing to prevent the facilitation of UK or overseas tax evasion. Similar to the standard...more

FERC Confirms that FPA Section 203 Approval is Not Required for Tax Equity Investment

by Foley & Lardner LLP on

Federal Energy Regulatory Commission (“FERC”) has issued a declaratory order confirming that no approval under Section 203 of the Federal Power Act (“FPA”) is required in connection with the transfer or issuance of passive...more

Funds Talk: October 2017 - Far-Reaching U.K. Law Creates Corporate Criminal Offense for Failure to Prevent the Criminal...

The U.K.’s Criminal Finances Act 2017 (the “Act”), which went into effect on Sept. 30, 2017, significantly expands the U.K.’s ability to prosecute the criminal facilitation of tax evasion....more

Global Private Equity Newsletter - Fall 2017 Edition: The DOL's Fiduciary Rule and Sales/Marketing Activities

by Dechert LLP on

The U.S. Department of Labor on April 6, 2016 released the final version of its “investment advice” regulation and accompanying prohibited transaction exemptions (collectively, the “Final Rule”), a highly-anticipated...more

Window On Washington - This Week in the Nation's Capital - Issue 29

by Clark Hill PLC on

Hurricane Supplemental Includes $29B for Disaster Aid and Flood Insurance: Of the $29B, the National Flood Insurance Program will receive $16B to pay flood claims. The House plans to pass the bill next week and the Senate the...more

FERC Holds Certain Passive Equity Interests in Public Utilities Are “Non-Voting Securities” for Purposes of Section 203 of the...

On October 4, 2017, in a decision with significant implications for the energy project finance community, the Federal Energy Regulatory Commission (FERC or the “Commission”) granted a petition for declaratory order filed by...more

FERC Loosens The Reins On Tax Equity Under Section 203 Of The Federal Power Act

by Morrison & Foerster LLP on

On October 4, 2017, the Federal Energy Regulatory Commission (FERC) continued to clear its case backlog and issued a declaratory order that draws a road map clarifying that certain tax equity investments in FERC-regulated...more

Get Ready for the Countdown: Final Delaware Unclaimed Property Regulations Published

by McDermott Will & Emery on

On October 1, 2017, the Delaware Department of Finance published final regulations in the Register of Regulations repealing its former unclaimed property regulations and promulgating a new reporting and examination manual. ...more

How And Why Plan Providers Should Help Increase 401(k) Plan Assets

by Ary Rosenbaum on

Many years ago, I was an ERISA attorney working for a “producing” third party administrator (TPA) that was very successful because of its in-house registered investment advisory firm advising a good portion of the 401(k)...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

Uber’s Board of Directors has officially voted to realign the power balance at the company, reducing the clout of ousted CEO Travis Kalanick, and setting the stage for a stock sale to SoftBank. Oh yeah, and prepping for that...more

FERC Cuts Regulatory Burden on Tax Equity Investments in Renewable Generation

by Morgan Lewis on

Agency clarifies that Section 203 approval is not required for tax equity investments with specified, limited veto and consent rights....more

Treasury To Repeal/Revise 8 Burdensome Regs

As previously discussed, the IRS and Treasury identified in July eight Obama era tax regulations that are burdensome on taxpayers. The next step for Treasury was to determine what to do with these regulations, and today we...more

IRS Releases New TEFRA Regulations

Last week, the IRS released proposed regulations (“Proposed Regulations”) relating to the so-called TEFRA public notice and approval requirement for private activity bonds. In general, the Proposed Regulations make it easier...more

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