U.S. Treasury

News & Analysis as of

Treasury Departments State Small Business Credit Initiative Releases Quarterly Report

On March 19, the U.S. Treasury Department’s State Small Business Credit Initiative (SSBCI) released a new Quarterly Report detailing how the program continues to help small businesses grow and create jobs. More than $1.1...more

Orrick's Financial Industry Week in Review

European Commission Unveils Tax Transparency Package - The European Commission has laid out its plans in a new Tax Transparency Package to clamp down on tax deals made between EU governments and multi-national...more

IRS Green Lights Section 529A ABLE Disability Programs

Pi Day comes but once a century, on 3/14/15. The Internal Revenue Service receives praise approximately as frequently. But the IRS deserves applause for its Notice 2015-18, released March 10, 2015, giving the green light to...more

FinCEN Issues Notice of Proposed Rulemaking on Andorran Bank as “Primary Money Laundering Concern”

On March 10, 2015, the Treasury Department’s Financial Crimes Enforcement Network (FinCEN) named Banca Privada d’Andorra (BPA) a foreign financial institution of “primary money laundering concern,” a measure that will...more

Africa Update - March 2015

In This Issue: - Leading the News - United States – Africa Relations - North Africa - East Africa - West Africa - Sub - Saharan Africa - General Africa News - Excerpt from Leading the...more

Transfer pricing: US readies adoption of OECD's country-by-country reporting requirement – implications for US taxpayers

The US Treasury Department has announced plans to implement a country-by-country (CbC) reporting requirement starting for fiscal years beginning in 2016 as set out in the guidance issued by the Organisation for Economic...more

White House Announces Nominations for Treasury, Justice Tax Division

On February 24, the White House released a number of intended nominations for key Administration posts. Among the anticipated nominations were (i) Amias Gerety as Assistant Secretary for Financial Institutions, Department of...more

Federal Office Of Insurance Requests Comments For TRIA Certification Study

Section 107 of the Terrorism Risk Insurance Program Reauthorization Act of 2015 (the “Reauthorization Act”) requires the Secretary of the Treasury (“Secretary”) to conduct a study of the certification process required under...more

CMS Made Payments to Providers with Delinquent Medicare Debts

The OIG has issued a report on its findings that Medicare in some cases continued to make payments to physicians who have delinquent Medicare debts that have been referred to Treasury for collection. ...more

Interim TRIA Guidance Issued By Department Of Treasury

As previously reported, the Terrorism Risk Insurance Act (“TRIA” or the “Program”) was re-authorized and signed into law on January 12, 2015 (the “Reauthorization Act”). On February 4, 2015, the Department of Treasury...more

IRS Releases First Private Letter Ruling on Small Redemption Limitation

On October 21, 2013, the U.S. Department of the Treasury and the Internal Revenue Service (IRS) issued Final Treasury Regulations to provide relief under Section 382 for small redemptions. These regulations provide taxpayer...more

Client Alert: IRS Announcement on February 9, 2015, Requires Review of Charter Schools Tax Status

On November 8, 2011, the IRS and Treasury Department published an Advance Notice of Proposed Rulemaking (“2011 Advance Notice”) that posed a threat to charter school participation in public pension plan systems. The 2011...more

The Financial Report -Volume 4, No. 4 • February 2015 (Global)

US Judicial Developments - Receiver can be subject to arbitration. The court-appointed receiver for hedge funds used as part of a Ponzi scheme sued the scheme’s “net winners” in an effort to claw back their gains....more

Recent Developments in Acquisition Finance

Recent legal and regulatory developments have raised issues for those considering a loan-to-own acquisition strategy, and have continued to impact both the structure of highly leveraged financings and the makeup of those...more

More Tough Talk on Cracking Down on Offshore Activity

In what is becoming a popular refrain, we are continuing to hear tough talk by government officials on cracking down on offshore activity. The most recent target is once again corporate inversions. ...more

The President’s Groundhog’s Day Budget Casts a Shadow on Some but Offers Sunshine for Others

On February 2nd, President Obama released his Fiscal Year (FY) 2016 budget request to Congress. Along with the budget, the Department of the Treasury (Treasury) released a volume called “General Explanations of the...more

US Sanctions as Diplomacy Tools and Political Weapons: Complexities and Opportunities for the Business Community

Sanctions: Why So Hot Now? - In response to a number of foreign policy crises encountered over the past few years, the Obama Administration has sought a new and more aggressive approach to using sanctions to advance US...more

Court Sustains Treasury’s 2/3 Reduction of Cash Grant for Cogen Open-Loop Biomass Plant

The United States Court of Federal Claims on January 12 rendered an opinion in W.E. Partners II, LLC v. U.S. sustaining the Treasury Department’s reduction by approximately two-thirds of a Cash Grant for a cogeneration...more

Final Rule Sets Out Detailed Requirements for Charitable Hospitals

On December 31, 2014, the Treasury Department and the Internal Revenue Service (“IRS”) published a final rule (the “Final Rule”) implementing the requirements in Internal Revenue Code Section 501(r) for tax-exempt hospitals...more

New Opportunities in Cuba for U.S. Travel and Medical Companies – Cigars but not Commerce

After President Obama's announcement that his Administration will pursue a policy aimed at improving U.S.-Cuba diplomatic relations and ultimately eliminating the economic embargo on Cuba, the U.S. Treasury and Commerce...more

"Challenging the IRS Anti-Inversion Notice: A Hollow Threat"

On September 22, 2014, Treasury and the IRS issued Notice 2014-52, 2014-42 I.R.B. 712 (the Notice), announcing their intention to issue regulations aimed at blunting certain of the benefits from so-called inversion...more

Softening of Cuba Sanctions Opens the Way for Some Travel and Trade

As part of a broader, ongoing effort to forge closer relations with Cuba, the Obama administration has enacted a new set of regulations intended to facilitate certain forms of authorized travel to Cuba. The regulations, which...more

New Proposed Rules Streamline ACA Summary of Benefits and Coverage (SBC) Disclosure Requirement

In a very welcome development for health insurance issuers and employers who sponsor self-funded group health plans, the Departments of Treasury, Labor, and HHS have issued joint new proposed regulations that will streamline...more

U.S. Government Implements Cuba Policy Changes

On January 16, 2015, the Office of Foreign Assets Control, U.S. Department of the Treasury (“OFAC”), and the Bureau of Industry and Security, U.S. Department of Commerce (“BIS”), each published regulations implementing the...more

OFAC Issues Cuban Asset Control Regulations Focused on the U.S. Financial Sector

On January 15, 2015, the Department of Treasury’s Office of Foreign Assets Control (OFAC) amended the Cuban Assets Control Regulations to implement changes in U.S. policy toward Cuba announced by President Obama on December...more

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