Proposed Regulation

News & Analysis as of

The Vermont Department of Taxes Begins to Take a Close Look at Cloud Computing

On June 30, 2013, the Vermont sales tax moratorium on remote access to software expired. At that time, the Vermont Department of Taxes (Department) reverted to its prior position that interpreted, without any analysis, the...more

Tax Talk -- Volume 7, No. 2 -- July 2014

In This Issue: - As FATCA Begins, IRS Rolls out Withholding Forms, Increases IGA Count - IRS Issues Final Circular 230 Rules Simplifying Written Tax Advice Requirements - Mortgage CCA Raises More...more

Federal Register Round Up – June/July 2014

DOD Proposed Rules Seeking Contractor Business System Rule Self Assessments - The Department of Defense issued a proposed rule on July 15th that would revise the DFARS Business Systems Rule by requiring contractors...more

Model Transaction Tax Overpayment Act Gains Traction at MTC

On July 21, the Multistate Tax Commission’s (MTC) Uniformity Committee voted unanimously to send to the MTC’s Executive Committee a draft resolution recommending that the MTC endorse a model transaction tax act which, if...more

Regulation – a help or a hindrance to the UK shale industry?

DESPITE significant public opposition in the UK to hydraulic fracturing (fracking) and shale gas development, there has been a upswing of activity and announcements in the first half of 2014. In May, the British...more

Sale of Self-Driving Cars to Consumers by 2025?

More and more, self-driving cars are morphing from fantasy portrayed in futuristic societies to reality. Google’s autonomous prototype and California’s proposed regulations regarding the testing of self-driving cars on public...more

Change in One-Per-Year Rollover Rules on IRA

Typically a taxpayer does not have to include in gross income an amount distributed from an IRA if the funds are placed into another IRA within 60 days. This is often called a rollover. To avoid abuse of the exclusion, it...more

SEC Approves Rule Preventing Barters for Expungement Cooperation – What You Can Do to Ensure Compliance

On July 22, the U.S. Securities and Exchange Commission (SEC) approved the Financial Industry Regulatory Authority’s (FINRA) proposed Rule 2081, which prevents firms or associated persons from conditioning settlement or...more

CFPB expands HMDA reporting requirements

The CFPB issued a proposed rule amending Regulation C to expand data reporting requirements for mortgage industry participants. The proposed rule is 573 pages and our Mortgage Banking Group will analyze the proposal and work...more

New York Revises Proposed Debt Collection Regulations

On July 16, the New York DFS re-proposed a rule to regulate third-party debt collection. The revised proposal: (i) describes disclosures debt collectors must provide to consumers when the debt collector initially communicates...more

New York Proposes First State Bitcoin Regulations

One might have thought the biggest news in the digital currency world lately was Dell announcing that it was now accepting bitcoin. However, after a series of highly-publicized hearings in January, New York State rolled out...more

Defense Federal Acquisition Regulation Supplement: Proposed Rule Change Adds New Requirements for Contractors’ Business Systems

On July 15, 2014, the Defense Procurement and Acquisition Policy (DPAP) issued DFARS Case 2012-D042, a proposed rule adding new requirements for applicable contractors to annually self-assess their estimating systems,...more

U.S. Fish and Wildlife Service Proposes Credit Program for At-Risk Species

The U.S. Fish and Wildlife Service (Service) recently announced a proposed policy establishing credits for voluntary prelisting conservation actions for imperiled species. The policy is intended to establish an additional...more

State and Local Communities Respond to Crude-by-Rail Safety Issue

July 6 marked the one year anniversary of the crude oil derailment in Lac Megantic Quebec, which significantly heightened throughout North America the awareness about safety issues surrounding crude by rail. This heightened...more

New York DFS Proposes First Comprehensive Regulatory Framework for Virtual Currency Businesses

On July 17, the New York State Department of Financial Services (DFS) released the draft “BitLicense,” a proposed regulatory framework to license Virtual Currency Business Activity. The proposed regulations follow DFS...more

DOGGR to Review Well Stimulation Regulations to Ensure Compliance with Safe Drinking Water Act

On Friday, July 18, 2014, the Department of Conservation’s Division of Oil, Gas and Geothermal Resources (“DOGGR”) announced that it will review California’s Underground Injection Control (“UIC”) Program to ensure compliance...more

New Definition of Waters Protected Under the Clean Water Act Proposed

The Environmental Protection Agency (EPA) and the U.S. Army Corps of Engineers (Corps) have proposed a new rule defining the scope of waters protected under the Clean Water Act (CWA)....more

New York DFS Proposes Sweeping Virtual Currency Licensing Scheme

Yesterday, the New York Department of Financial Services (“NYDFS”) issued a proposed rule for public comment setting forth a novel and comprehensive “BitLicense” regulatory scheme for entities engaged in “Virtual Currency...more

Weekly Update Newsletter - July 2014

In this issue: - DoD, GSA, and NASA Issue a Proposed Rule to Amend FAR Review and Justification of Pass-Through Contracts - DoD Issues Proposed Rule to Amend DFARS Business Systems Compliance (DFARS Case...more

Proposed "Buy American" Regulations Complicate Doing Business with the State of Maryland

On July 11, 2014, the Maryland Board of Public Works issued a Notice of Proposed Action that proposed new regulations concerning the preference for American-manufactured goods on most public contracts. The regulations, as...more

HUD Publishes Proposed Rule on Public Housing Agency Consortia

HUD published proposed changes to the rule on forming public housing agency (“PHA”) consortia on July 11 in the Federal Register (the “Proposed Rule”). PHA consortia are two or more PHAs that agree to jointly...more

Capital Thinking: Environment and Natural Resources

REGULATORY ACTIVITY - GREENHOUSE GAS - Pursuant to President Obama’s Climate Action Plan, the Environmental Protection Agency (EPA) will soon propose to prohibit certain chemicals contributing to emissions of...more

Lost Opportunity On US LNG Exports

IN A MOVE THAT COULD SIGNIFICANTLY SHAKE UP THE GLOBAL LNG MARKET, THE US DEPARTMENT OF ENERGY RECENTLY ANNOUNCED SEVERAL DEVELOPMENTS REGARDING NATURAL GAS EXPORTS, INCLUDING A PROPOSED RULE CHANGE FOR REVIEWING APPLICATIONS...more

Medicare's Proposed Home Health Rule for 2015: CMS Suggests Only Limited Relief to the Face-to-Face Encounter Documentation...

On July 7, 2014, the Centers for Medicare & Medicaid Services ("CMS") published proposed changes to the Medicare Home Health Prospective Payment System ("HH PPS") for calendar year 2015 ("Proposed Rule"). The Proposed Rule...more

"European Commission Issues Merger Reform White Paper Regarding Minority Shareholdings and Member State Referrals"

On July 9, 2014, the European Commission published its proposal (White Paper) outlining the approach it intends to adopt with respect to the application of the EU Merger Regulation (EUMR) to the acquisition of minority...more

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