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Finance & Banking Privacy Tax

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Brussels Regulatory Brief: October

by K&L Gates LLP on

On 6 September 2017, the Court of Justice, the European Union (“EU”)’s highest court, issued its much awaited decision in a case of abuse of dominance by a US microchip manufacturer using exclusivity or loyalty rebates, i.e....more

Another Bumpy Week for Equifax: Virus Hits Website, IRS Suspends Contract and Hacked UK Residents Notified

It was another chaotic week for Equifax Inc., still scrambling to stem the torrent of bad news after its massive data breach last month that has potentially affected more than half of the U.S.’s adult population....more

Equifax Breach: What Can the Hackers Do with Your Information and How Can You Protect Yourself?

by Bowditch & Dewey on

The Equifax breach is not the biggest in terms of the number of people affected (the 2016 Yahoo breach compromised data associated with over 500 million user accounts compared to the 143 million people affected by the Equifax...more

FAFSA Data Retrieval Tool Remains Down Over Security Concerns

Last week, the Internal Revenue Service (IRS) and Federal Student Aid (FSA) announced that the Data Retrieval Tool (DRT) on fafsa.gov and StudentLoans.gov will be unavailable until extra security protections could be added....more

Bitcoin and the IRS - The Battle Continues

Dispute is heating up over IRS’s attempts to get personal information about users of Bitcoin and other virtual currencies. Last November, the Internal Revenue Service (“IRS”) filed a petition in the United States...more

Of Course You Should Trust the IRS with Your Financial Information

by Charles (Chuck) Rubin on

The income tax provides justification for massive government intrusion into the financial privacy of its taxpayers. Its information gathering capacity and demands run wide and deep, and expand with almost every piece of...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

Federal regulators unveiled a proposal yesterday that would push the country’s biggest banks and other “critical financial companies” to shore up cybersecurity protocols, to prevent hacks, and to have a recovery plan at the...more

IRS Issues New Requirements for IVES Participants

by Foley & Lardner LLP on

On June 23rd, the IRS dropped a bombshell on the lending industry. As of Midnight on July 1, 2016, many lenders will no longer be able to verify directly borrower income except through snail mail. If the IRS sticks to its...more

BREXIT: The UK Has Chosen To Leave The EU. What Next?

by McGuireWoods LLP on

On 23 June 2016, the UK held a referendum in which the British people voted for the UK to leave the European Union. But what does this mean in practical terms? Who will BREXIT affect? Any business or financial...more

A Guide to Doing Business in Italy

by K&L Gates LLP on

Italy is renowned for its rich art, cuisine, history, fashion, and culture; its beautiful coastline and beaches; its mountains; and priceless ancient monuments. In fact, Italy is a top tourist destination and has more World...more

FDIC reports five “major” data incidents to Congress

The Federal Deposit Insurance Corporation (FDIC) reported on Monday, May 16, 2016, that it had experienced five “major incidents” involving the disclosure of taxpayers’ personal information since the last incident we reported...more

Georgia couple prosecuted for filing fraudulent tax records

The filing of fraudulent tax returns continues to be a serious problem in this country. Last year alone, the IRS has admitted that up to 720,000 taxpayers were victims. Last week, a Georgia couple pled guilty to filing...more

Corporate E-Note - April 2016

by Burr & Forman on

In an article published by the Birmingham Business Journal in the April 1 print edition, India Vincent provides insights on a series of questions related to cybersecurity, including some best practices to help monitor for and...more

Panama law firm Mossack Fonseca faces leak of 11 million documents exposing thousands of clients

In late 2014, an anonymous source secretly leaked to a German newspaper reporter nearly four decades of confidential and proprietary data about shell companies registered by the multinational Panamian based law firm Mossack...more

FCC Chairman Previews Proposed Regulations for Implementing New TCPA Exemptions

by Ballard Spahr LLP on

A recent letter from Federal Communications Commission (FCC) Chairman Tom Wheeler describes the regulations being considered by the FCC for implementing new Telephone Consumer Protection Act (TCPA) exemptions for calls made...more

IRS Releases Guidance on Taxability of Identity Protection Services

As companies and governmental entities increasingly do business and store sensitive information in online or cloud-based environments, the risk of improper disclosure continues to grow. The unprecedented breach of the United...more

FinCEN Announces Another Geographic Targeting Order

by Blank Rome LLP on

South Florida check cashers will soon be required to obtain additional identifying information about customers cashing federal tax refund checks over $1,000. The Financial Crimes Enforcement Network issued another Geographic...more

Insurance Topics We Will Be Watching in 2015

With the first month of the year behind us, this report outlines major insurance topics that we will be watching throughout 2015. Forces, trends and events that we believe will affect regulation, transactions and...more

As Swiss Banking Becomes More Transparent, Americans with Undeclared Swiss Accounts Are Warned

by Holland & Knight LLP on

In a move that was likely celebrated by United States governmental officials, Swiss banking secrecy eroded even further on Thursday, March 6, 2014. This is the day that parliament voted to provide foreign tax authorities with...more

Fourth Circuit Court of Appeals Holds that Required Records Exception Trumps Fifth Amendment

by Williams Mullen on

On December 13, 2013, the Fourth Circuit Court of Appeals in United States v. Under Seal, 2013 U.S. App. LEXIS 24785 (4th Cir. Va. Dec. 13, 2013), held that the required records doctrine applies when the government subpoenas...more

Employment Law Commentary -- Volume 25, Issue 10 -- October 2013: California Legislative Update – It’s That Time of Year Again

by Morrison & Foerster LLP on

While the federal government ground to a halt, the California Governor and Legislature have been busy voting on and signing a flurry of new legislation at the end of this year’s legislative session. The following is a survey...more

How Is The Canadian Government Doing On Protecting Personal Information In Its Operations?

by Dentons on

In the last two weeks, the out-going Privacy Commissioner of Canada, Jennifer Stoddart, has released three reports that provide insight on the current state of Canada’s federal government’s protection of personal information...more

Washington Insight - August 2013

by King & Spalding on

In This Issue: - Tax Reform: An Insider's View - A Deep Divide Over Corporate Tax Reform - The Current Economic State: An Insider's View - K&S Thought Leadership Event on the 3rd Anniverary of Dodd-Frank -...more

New IRS reporting rules raise privacy concerns

by Bilzin Sumberg on

Originally published in the Daily Business Review on October 16, 2012. New IRS regulations that require banks to report non-U.S. taxpayers' bank deposit interest, which could then be shared with their home countries,...more

Will The IRS Report Non-U.S. Taxpayers’ Bank Deposit Interest To Foreign Governments?

by Bilzin Sumberg on

Banks’ Reporting Requirements Raise Privacy Concerns - Effective January 1, 2013, U.S. financial institutions will be required to annually report bank deposit interest earned by non-U.S. residents to the IRS. Currently,...more

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