Tax Finance & Banking

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U.S. Perspective on Intercompany Cross-Border Loans – Follow Best Practices and Avoid Unintended Consequences

When funds are moved through a corporate group, whether to fund an acquisition or the working capital needs of an affiliate, the transfers may be recorded as book-entry advances and not documented or documented at a later...more

The China State Administration of Taxation releases working procedures for indirect transfer rules

In early February, the China State Administration of Taxation (SAT) issued Notice 71. This Notice superseded the provisions in relation to indirect share transfers under the well-known Circular 6982 and has become the key tax...more

PA Budget Watch

On Tuesday June 30th, Republican majorities in the Pennsylvania House and Senate passed a 2015-16 budget with no new taxes and sent it to Democrat Governor Tom Wolf who promptly vetoed the bill and called upon legislative...more

Tennessee Non-Profits Take Note: Failure to Register May Result in Significant Fines

Over the last few of months, the Tennessee Department of State, Division of Charitable Solicitations and Gaming (the “Division”) has filed at least seven lawsuits against non-profit organizations doing business in Tennessee....more

Alabama 2015 Regular Session Legislative Summary: June 2015

The Alabama Senate adjourned sine die on Thursday, June 4, and the Alabama House of Representatives met for their last day on Thursday, June 11. Although the legislature passed a record-setting, $6 billion Education Trust...more

Proposed Bonds to Encourage Public Private Partnerships And Improve Infrastructure

The nation’s infrastructure is in need of dire repair. On February 2, 2015, to encourage private investments in infrastructure through public-private partnerships (“P3s”) and as part of his 2016 proposed budget, President...more

Australian Tax Alert: Investment Manager Regime (IMR) – Bill To Implement Element 3 Is Now Law

Tax and Superannuation Laws Amendment (2015 Measures No. 1) Bill 2015 (the Bill), containing the third element of the IMR, has been passed by the Australian Parliament and received Royal Assent on Thursday 25 June 2015. This...more

Investment Funds Update - Europe: Legal and regulatory updates for the funds industry from the key asset management centres and...

Luxembourg Infrastructure Investment Vehicles - New Brochure - The Association of the Luxembourg Fund Industry (ALFI) has issued new technical guidelines regarding “Luxembourg Infrastructure Investment Vehicles”,...more

Tax Newsletter - March/April 2015 (China & Hong Kong)

In This Issue: The People's Republic of China: - China Tightens Tax Control Over Cross-Border Intercompany Payments - China Provides Further EIT Incentives For Integrated Circuit Industry - Expansion of...more

The IRS’s Proposed ABLE Regulations: Obstacles for Launching State Programs, and Potential Solutions

The IRS’s recently-published proposed regulations for Section 529A qualified ABLE programs have taken some wind out of the sails of state program administrators and potential program managers who had hoped for regulations...more

Carried Interests – Here We Go Again

Following up on last week’s blog post on carried interests, a new bill was introduced Friday in the House of Representatives targeting carried interests. This bill, H.R. 2889, is titled the Carried Interest Fairness Act of...more

Special Focus: What The Insurance Industry Should Know About The IRS’s Campaign Against “Abusive” Micro Captives

Though in the midst of a stifling budget and personnel reduction, the United States Internal Revenue Service (“IRS”) recently announced an increased effort to curb what it sees as widespread abusive applications of so-called...more

North Carolina General Assembly Week in Review

The House voted not to concur with the Senate’s budget proposal Tuesday in a unanimous vote of 112-0, setting off budget negotiations between the two chambers that could last well into the summer. In rejecting the Senate’s...more

Financial Services Quarterly Report - Second Quarter 2015: Countdown to 1 July 2015: Accessing China and Australia via Hong Kong’s...

On 1 July 2015, two significant developments in the Asian funds space will come into effect. Hong Kong’s Mutual Recognition of Funds Scheme (MRF) with the PRC will – for the first time – allow international managers to...more

Paradise Found! - The Use of PPLI Planning in Income Realization Planning in the Sale of a Capital Asset

I was at the PPLI conference in Boston a week and a half ago. Usually it is the same group of people saying the same things. However, this year was a little different. I have lived through several cycles of evolution of the...more

IRS Releases New Proposed Issue Price Regulations

On June 23, 2015, the IRS released new proposed Treasury Regulations (the “2015 Proposed Regulations”) concerning the definition of “issue price” for purposes of arbitrage investment restrictions on tax-exempt bonds. The...more

The ERISA Litigation Newsletter - June 2015

Editor's Overview - In this month's newsletter, Anthony Cacace analyzes the heavily anticipated Supreme Court ruling in Tibble v. Edison Intl., 135 S. Ct. 1823 (2015), where the Court held that ERISA's fiduciary duty of...more

IRS Updates Retirement Plan Correction Procedure (Part 2)

The IRS has provided significant administrative and monetary relief for plans correcting errors involving employee contributions. The changes to the IRS’s Employee Plans Compliance Resolutions System (EPCRS) are set forth in...more

IRS Issues Last-Minute FBAR Filing Reminder

With the June 30 deadline to file the FBAR form fast approaching, the IRS issued another reminder to taxpayers with bank accounts located outside of the United States. The IRS noted that during 2014, the total number of FBAR...more

Housing Discrimination Claims Given Boost By Supreme Court

Today, by a 5-4 vote, the U.S. Supreme Court held that the federal Fair Housing Act (FHA) encompasses claims of disparate-impact discrimination. This decision, which marks the first time that the Supreme Court addressed this...more

Fair Housing Act Prohibits Policies and Practices Causing a Disparate Impact - Housing Policies and Practices Must Be "Necessary...

On June 25, 2015, the U.S. Supreme Court held that individuals and groups can challenge housing policies or practices that have a disproportionate adverse effect on protected classes (i.e., a disparate impact) – even if there...more

Supreme Court upholds ‘disparate impact’ under the FHA but emphasizes that claims cannot rely on statistics alone

In a much-anticipated decision, the U.S. Supreme Court held in Texas Department of Housing and Community Affairs v. Inclusive Communities Project (“Inclusive Communities”) that claims of disparate impact discrimination are...more

Supreme Court Decides Texas Department of Housing & Community Affairs v. The Inclusive Communities Project, Inc.

On June 25, 2015, the U.S. Supreme Court decided Texas Department of Housing & Community Affairs v. The Inclusive Communities Project, Inc., No. 13-1371, holding that a disparate-impact claim is cognizable under the Fair...more

Supreme Court Upholds Use of Disparate Impact in FHA Claims

In a decision certain to have major repercussions for the banking industry, the Supreme Court on Thursday upheld the use of disparate impact theories of liability – that is, suits that claim a law or practice has a...more

US Supreme Court Upholds Use of Disparate Impact Claims in Fair Lending Enforcement

The US Supreme Court finally weighed in today on whether the disparate impact theory may be used to prove housing discrimination and ruled that such claims are viable under the Fair Housing Act (FHA), 42 U.S.C. §§ 3601 et...more

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