Treasury

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Cybersecurity Issues in the Financial Services Industry: Fasten your cyber belts, it's going to be a bumpy night

Few topics are as hot as cybersecurity. Recent high-profile data breaches at national retailers have made cybersecurity a frequent topic on Capitol Hill and an issue of growing concern to average Americans. Not surprisingly,...more

Treasury releases its submission to the inquiry

The Department of Treasury has released its submission to the Financial Systems Inquiry. The 90 page submission concludes that the financial system has performed well since the Wallis inquiry but there is room for the system...more

IRS Revises Historic Tax Credit Revenue Procedure

Revenue Procedure 2014-12 provides a safe harbor for historic tax credit (i.e., the Section 47 rehabilitation tax credit) partnership transactions. On January 8, the IRS issued a revised version of it that provides a...more

Australian Treasury Considers Controversial Reforms To Extend Sales Tax To Overseas Online Purchases

In recent months, the Australian federal Treasury has come under intense pressure from local retailers and state treasures to extend the Australian goods and services tax (GST) to overseas-purchased goods and services. On 27...more

A New Tax Law May Help Families Avoid Uncapping on Certain Inter-Family Real Property Transfers

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

UK Treasury Announces Policy on New Payment Systems Regulator

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. ...more

UK Implementation of AIFMD: FCA Notification Forms

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

Right to Compute Tax Pursuant to Multistate Tax Compact Under Review in Michigan

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

Affordable Care Act: Implementation of Reporting Requirements and Penalties Delayed One Year

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

Employers Have An Additional Year To Comply With Key Provision Of The Affordable Care Act

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

Treasury And IRS Issue Final And Temporary Type III Supporting Organization Regulations

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

Financial Services Legislative And Regulatory Update -- January 14, 2013

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

Proposed Regulations Would Promote Growth of Wellness Programs

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

Obamacare – Will the New Taxes Impact Me?

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

Treasury Reports Improvements in Residential Mortgage Servicing

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

Regulatory Developments: Treasury Publishes Final Determination Exempting Foreign Exchange Swaps and Forwards from Regulation as...

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

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