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Tax Finance & Banking

Read need-to-know updates, commentary, and analysis on Tax issues written by leading professionals.

U.S. Senate Passes Its Version of the Tax Cuts and Jobs Act (H.R. 1); Descriptions of the Bills Passed in the House and Senate and...

by Proskauer - Tax Talks on

In the early hours of Saturday morning, the U.S. Senate passed the Tax Cuts and Jobs Act (H.R. 1) (the “Senate bill”), just over two weeks after the U.S. House of Representatives passed its own version of the same legislation...more

Cryptocurrency Exchanges - the New Front of the IRS War on Tax Evasion?

by Morrison & Foerster LLP on

On November 29, 2017, the U.S. District Court for the Northern District of California dealt a partial blow to the U.S. Department of Justice and the IRS in connection with their collective efforts to enforce an expansive and...more

IRS Signals Intent to Aggressively Pursue Undisclosed Offshore Accounts

by Varnum LLP on

At the recent National Institute on Criminal Tax Fraud and Tax Controversy, senior IRS and Department of Justice (Tax) officials sounded the proverbial warning alarm to taxpayers with undisclosed or offshore financial...more

EU “Black Lists” Bahrain and UAE as Non - Cooperative Jurisdiction for Tax Purposes

by King & Spalding on

On 5 December 2017, the Economic and Financial Affairs Council (ECOFIN) determined a list of 17 non-cooperative jurisdictions, which included Bahrain and the United Arab Emirates (UAE). This list was established based on...more

Tax Reform Passes The Next Hurdle -- The Senate

by Seyfarth Shaw LLP on

This is the second issue in a planned series of alerts for employers on selected topics on tax reform. The series of Tax Reform Management Alerts is designed to provide an in-depth analysis of executive compensation and...more

Retirement Plan Sponsors Can’t Afford To Be Cheap

by Ary Rosenbaum on

There is nothing wrong with being thrifty. You should never pay full price for something that you can get on a discount. Being thrifty is different from being cheap. Being cheap is about not wanting to pay for something just...more

U.S. v. Coinbase: Virtual Currency Holders Not Outside the IRS’s Reach

by Dechert LLP on

The U.S. District Court for the Northern District of California, on November 28, 2017, ordered the international digital currency broker, Coinbase, Inc., to produce to the Internal Revenue Service (IRS) the records of...more

France Announces Its First Deferred Prosecution Agreement

In a move that could signal a new phase of government enforcement in France, on November 27, 2017, French authorities published a Convention judiciaire d’intérêt public (CJIP) with HSBC Private Bank Suisse SA (HSBC PB), the...more

SLGS Window Closing; Tax Reform Continues to Threaten Public Finance

by Bracewell LLP on

On December 6, 2017, the U.S. Department of the Treasury announced the suspension of sales of United States Treasury Obligations – State and Local Government Series (i.e., SLGS), effective 12:00 noon Eastern Time, Friday,...more

DOJ Announces Major New Shift in Criminal Sentencing in Offshore Tax Matters

At the 34th Annual National Institute on Criminal Tax Fraud in Las Vegas yesterday afternoon, Mark Daly, DOJ Tax Division Senior Litigation Counsel announced a major new shift in how the Department of Justice plans to argue...more

Sleeper Issue? Deferred Tax Assets under a Trump Administration

by Bass, Berry & Sims PLC on

Update as of December 6, 2017: Congress and the President are nearing the finish line for significant tax reform with the likelihood of passing by the end of the year. Since it has the potential to significantly change the...more

Income, from Whatever Exchange, Mine, or Fork Derived: The Basics of U.S. Cryptocurrency Taxation

by Proskauer - Tax Talks on

In this first of (we hope) many posts on the interesting and myriad tax issues arising in the world of cryptocurrency and blockchain technology, we focus on the very basic U.S. federal income tax consequences of...more

Court Enforces — Partially — IRS “John Doe” Summons Served on Virtual Currency Exchanger

by Ballard Spahr LLP on

Last week, a federal magistrate judge in the Northern District of California granted in part and denied in part a motion by the IRS to enforce a “John Doe” summons served on Coinbase, Inc., which operates a virtual currency...more

Advisors Advantage - December 2017

by Ary Rosenbaum on

How A Plan Provider Should Handle Employees. Some tips from a former plan provider disgruntled employee. I always say that the main reason that I don't want to have employees is that I was an employee once too. An...more

IRS Notice Provides Guidance on Use of Donor Advised Funds for Pledges and Charity Events

by Ropes & Gray LLP on

On December 4, 2017, the IRS released a notice that describes proposed guidance the IRS and Treasury are considering with respect to donor advised funds (DAFs). The comprehensive rules governing DAFs enacted in 2006 gave rise...more

Oregon Client Alert Urgent Action Needed to Preserve Private Activity Bonds

Maintaining the existing authority under the Code for private activity bonds (PABs) is vital to continuing public and private investments in infrastructure that support the economy and essential public services. Such...more

Recent Developments in Transfer Pricing and the Taxation of Multinational Companies in Australia

by Jones Day on

As part of a wide-ranging crackdown on multinational tax avoidance, the Australian Federal Government and the Australian Tax Office have introduced significant reforms to the country’s transfer pricing regulations. The...more

The Rosenbaum Law Firm Review - December 2017

by Ary Rosenbaum on

Plan Features And Services Aren't A Fit For Every Plan Sponsor. There is nothing out there that is a fit for everything. Did you ever buy a car and the dealer was trying to sell you things you didn't really need like...more

Simple IRA Retirement-saving Solution

by Ruder Ware on

Originally published on Badger Common'Tater - November 2017 Workplace retirement programs play an important role in attracting and retaining employees, helping workers (and owners!) save, and provide significant tax...more

Employee Benefits Developments - November 2017

by Hodgson Russ LLP on

The Employee Benefits practice group is pleased to present the Benefits Developments Newsletter for the month of November 2017. Minimum Required Distributions – IRS Guidance for Handling Missing Participants - Missing...more

Tax reform update: H.R. 1 proposes significant limits on municipal bonds

by Bricker & Eckler LLP on

UPDATE: In the early morning hours of Saturday, December 2, 2017, the United States Senate, by a vote of 51-49, approved its version of H.R. 1, the Tax Cuts and Jobs Act of 2017, commonly referred to as the Senate’s tax bill....more

U.S. Court Orders Coinbase to Share Information about Account Holders with the IRS but Limits to Transactions over $20,000

A U.S. federal district court judge on Tuesday, November 29 ordered Coinbase Inc., the largest cryptocurrency exchange and storage platform in the world, to provide information about certain of its account holders to the U.S....more

New Connecticut Mandatory Income Tax Withholding Requirements for Pension and Annuity Payments

by Robinson & Cole LLP on

New legislation, effective January 1, 2018, will require certain payors of pensions and annuities to withhold Connecticut state income tax from distributions made from an employer pension, annuity, profit-sharing plan, stock...more

Final Senate Tax Bill: Outlook for Tax-Exempt Organizations

by McDermott Will & Emery on

The Senate’s final tax reform bill contains several troubling provisions for tax-exempt organizations but represents an improvement over last month’s proposed legislation, which caused concern across the nonprofit sector. ...more

Senate Passes Bill Including Comprehensive Business Tax Reform Measures

by McDermott Will & Emery on

The Senate has passed its version of the Tax Cuts and Jobs Act, which includes substantial changes to the corporate and international business taxation rules. Senate passage was probably the most significant political and...more

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