News & Analysis as of

Treasury

Michigan Grants Needed Tax Relief to Victims of Hurricanes Harvey and Irma

by Varnum LLP on

The Michigan Department of Treasury has announced that it will join taxing authorities across the country by allowing taxpayers affected by Hurricanes Harvey and Irma an extension of time in which to file state tax returns...more

Financial Assurance Reform in Queensland

by DLA Piper on

Findings and recommendations by the Queensland Treasury Corporation in its Review of Queensland's Financial Assurance Framework report (April 2017) (QTC Paper) have manifested in substantial proposed reforms to Queensland's...more

Get ready for open data

by Dentons on

When the House of Representatives Standing Committee on Economics issued a report on the four major banks in November 2016, it sent a clear message in favour of open data. In fact, the Committee went so far as to recommend a...more

Decision on Unitary Group Stands after Michigan Supreme Court Chooses Not to Review

by Varnum LLP on

On January 24, 2017, the Michigan Supreme Court denied the application filed by the Michigan Department of Treasury (the "Department") for leave to appeal the Court of Appeals' published decision in LaBelle Management v...more

Foreign Security Ownership Reporting on Form SHC and Changes to BEA Reporting

TIC Form SHC - The Department of the Treasury is conducting its mandatory (every five years) survey of foreign securities ownership by U.S. residents as of December 31, 2016, on its Treasury International Capital System...more

National security reviews: A global perspective — France

by White & Case LLP on

Following the Montebourg Decree in 2014, the scope of activities covered by national security reviews has been significantly extended to several key industries. The Bureau Multicom 2, which is located within the Ministry...more

Senior Management Regime and Certification Regime to apply to all FSMA authorised firms from 2018

by DLA Piper on

The Senior Management Regime (SMR) and Certification Regime (CR) is to apply to all FSMA-authorised firms from 2018. HM Treasury forecasts that the proposed extension of the SMR will bring 42,000 consumer credit firms, 17,200...more

What Can Be Done With Returned or Uncashed Distribution Checks?

by Ervin Cohen & Jessup LLP on

Question: I have seen various instances where receivers have requested that funds from returned or uncashed checks from a distribution be redistributed to other claimants or used to pay administrative fees or costs. Is this...more

New IRS Audit Rules: Is Your Healthcare LLC Ready?

by Dickinson Wright on

The Bipartisan Budget Act of 2015 (the “BBA”), which was signed into law in November 2015, contains significant changes to the way the IRS will audit partnerships beginning in 2018. These changes will also have far ranging...more

UK Treasury Committee Requests Regulators to Consider Risks and Opportunities of Crowdfunding

by Shearman & Sterling LLP on

The Treasury Committee of the UK Parliament announced that Andrew Tyrie MP, Chairman of the Treasury Committee, had written to Financial Conduct Authority and the Prudential Regulation Authority requesting further information...more

The New Partnership Audit Regime Will Be Here Soon – Are You Ready?

by Garvey Schubert Barer on

On November 2, 2015, the Bipartisan Budget Act (“Act”) was signed into law by President Barack Obama. One of the many provisions of the Act significantly impacts: (i) the manner in which entities taxed as partnerships will be...more

UK Financial Regulatory Developments - May 2016 #18

by Dentons on

OFSI gives guidance on dealings in North Korea - OFSI has published guidance for credit and financial institutions regarding the new measures in article 5a of the amended Regulation concerning restrictive measures...more

Brazil: Municipal Service Tax changes will impact dissemination, delivery of advertising and publicity in São Paulo City

by DLA Piper on

This month, the Treasury Department of the City of São Paulo released Normative Ruling SF No. 1/2016 about the Tax on Services (ISS) on the dissemination, provision and insertion of advertising and publicity. ...more

"Congress Overhauls Partnership Audit and Litigation Procedures"

On November 2, 2015, President Barack Obama signed into law the Bipartisan Budget Act of 2015 (the Act). The Act overhauls the partnership audit and litigation rules in the Internal Revenue Code, repealing both the provisions...more

Scudder Appointed Acting Treasurer of New Jersey Has Tax and Economics Backgrounds

by Morrison & Foerster LLP on

Mr. Scudder’s leadership is scheduled to commence on November 9, 2015. Mr. Scudder returns to his native New Jersey from his dual roles as Chief Operating Officer of economic research and consulting firm Laffer...more

Refunds for Improperly Collected Taxes Due to “Computer Glitch” Will Take Weeks: Michigan Dept. of Treasury

by Varnum LLP on

In testimony before the House Oversight and Ethics Committee yesterday Michigan Department of Treasury officials told lawmakers that refunds for taxes improperly collected on 76,000+ accounts due to a "computer glitch" would...more

Virtual Currencies: International Actions and Regulations

by Perkins Coie on

This chart is provided by Perkins Coie LLP’s Decentralized Virtual Currency industry practice group for informational purposes only and is not legal advice. This information is not intended to create, and receipt of it does...more

Treasury Committee takes evidence on BoE Bill

by Dentons on

The House of Commons Treasury Select Committee has held an evidence session as part of its inquiry into the Bank of England Bill (BoE Bill), currently intended to be brought forward in autumn 2015. Among other things...more

Altera: Tax Court Invalidates Section 482 Regulation on Administrative Law Grounds

by McDermott Will & Emery on

In Altera, the U.S. Tax Court invalidated regulations under Section 482 requiring participants in qualified cost-sharing agreements to include stock-based compensation costs in the cost pool to comply with the arm’s-length...more

IRS Announces Intent to Tax Transfers to Partnerships

On August 6, 2015, the IRS issued Notice 2015-54 (the "Notice"),[1] which states that the IRS and Treasury Department intend to issue regulations under section 721(c) of the Internal Revenue Code of 1986 (the "Code") to...more

The IRS Takes Aim at De-Risking of Defined Benefit Plans

by Snell & Wilmer on

Many defined benefit plan sponsors are looking for ways to reduce the on-going liability and the volatility of the annually required contributions to their defined benefit plans, which is sometimes referred to as...more

A Sea Change for Waive-rs? - Proposed Regulations Address Tax Treatment of Management Fee Waivers

by Dechert LLP on

The U.S. Treasury Department (“Treasury”) and the Internal Revenue Service (the “IRS”) have issued proposed regulations under Section 707(a)(2)(A) of the Internal Revenue Code of 1986, as amended (the “Code”), covering the...more

Treasury Imposes Toll Charge on Some Transfers of Assets by U.S. Taxpayers to Partnerships with Their Foreign Affiliates

On August 6, 2015, the Treasury and the IRS issued Notice 2015-54, which implements a Clinton-era tax provision intended to prevent U.S. taxpayers from using the partnership provisions of the Code to shift built-in gain on...more

The “Cadillac Tax”: A Tankful of Issues: McGuireWoods Healthcare Reform Guide: Installment No. 52

by McGuireWoods LLP on

This is the 52nd in a series of WorkCite articles concerning the Patient Protection and Affordable Care Act and its companion statute, the Health Care and Education Reconciliation Act of 2010 (referred to collectively as the...more

Treasury Consultation Paper – Another Step Towards Crowd-Sourced Equity Funding

by K&L Gates LLP on

On 4 August 2015, the Treasury of the Australian Government released a consultation paper, facilitating crowd-sourced equity funding and reducing compliance costs (Consultation Paper). This follows the previous discussion...more

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