Effective December 31, 2013, a parent can transfer residential real estate located in Michigan to his or her child without uncapping the taxable value of the property if the child continues to use the property for residential...more
On October 9, the UK Treasury (HM Treasury) published its response to feedback on its March 2013 consultation paper on opening up UK payments, announcing the details of the new Payment Systems Regulator.
With the Alternative Investment Fund Managers Directive (the “AIFMD”) implementation deadline of July 22, 2013 fast approaching, the UK Financial Conduct Authority (the “FCA”) and UK’s HM Treasury have been ramping up their...more
Can a multistate corporation elect to use the Multistate Tax Compact’s apportionment reporting method in place of the Michigan Business Tax Act’s mandated formula without the Department of Treasury’s permission? The Michigan...more
The Department of Treasury announced on July 2 that it will provide transition relief of one additional year for the mandatory employer and insurer reporting requirements under the Patient Protection and Affordable Care Act...more
A key provision of the Affordable Care Act has been delayed: The U.S. Department of Treasury announced on Tuesday that employers will have an additional year (until 2015) to comply with the requirement to provide health...more
On December 21, 2012, the Department of Treasury and Internal Revenue Service issued final and temporary regulations regarding the requirements to qualify as a Type III supporting organization, which is one that is operated...more
In This Issue:
Leading the Past Week; Legislative Branch; Executive Branch; Miscellaneous; and International.
Excerpt from Leading the Past Week -
As was widely anticipated, President Obama announced that he...more
Five federal agencies have collectively proposed regulations to implement elements of the Affordable Care Act ("ACA") healthcare reform legislation designed to encourage employers to sponsor employee wellness programs. The...more
Political debate for the past two years has focused on the future of the Patient Protection and Affordable Care Act, more recently called “Obamacare,” and the taxes enacted by Congress to help pay for it. With the national...more
The U.S. Department of Treasury (Treasury) recently issued a report that reviewed the implementation of Treasury guidelines for streamlining distressed homeowners’ communications with mortgage lenders. The Treasury...more
On November 16, 2012, the Department of the Treasury issued a final determination exempting both foreign exchange swaps ("FX swaps") and foreign exchange forwards ("FX forwards") from regulation as "swaps" under the Commodity...more