News & Analysis as of

Amended Regulation U.S. Treasury

McDermott Will & Emery

Welcome (But Last Minute) Relief for Prescription Drug Reporting Originally Due December 27

McDermott Will & Emery on

Section 204 of Title II of Division BB of the Consolidated Appropriations Act, 2021 amended the Internal Revenue Code, the Employee Retirement Income Security Act of 1974 and the Public Health Service Act to add rules...more

Eversheds Sutherland (US) LLP

Two steps closer – FDIC and OCC approve Volcker Rule changes

On August 20, 2019, the Federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency (OCC) approved amendments to the regulations implementing Section 13 of the Bank Holding Company Act,...more

Kramer Levin Naftalis & Frankel LLP

Income Inclusions From a Controlled Foreign Corporation or Passive Foreign Investment Company are “Good” Income for a Regulated...

Recently-finalized, regulations provide that, in determining whether a corporation is a regulated investment company (RIC), amounts the corporation is required to include in income as a result of its investment in foreign...more

Holland & Knight LLP

U.S. Treasury Releases Revised FAQs Clarifying Upcoming Changes to U.S.-Cuba Sanctions Regulations

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On July 25, 2017, the U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) issued a revised set of frequently asked questions (FAQs) further clarifying the scope and implementation process for the...more

Clark Hill PLC

Changes in U.S. - Cuba Regulations

Clark Hill PLC on

On March 15, 2016, the U.S. Department of the Treasury and the U.S. Department of Commerce issued new amendments to regulations governing travel, trade, and financial transactions with Cuba....more

McDermott Will & Emery

Focus on Tax Strategies & Developments - October 2015

McDermott Will & Emery on

Regulatory Developments Under § 367 Affecting Transfers of Appreciated Property to Foreign Corporations - Introduction: On September 14, the U.S. Department of the Treasury (Treasury) and the Internal Revenue...more

Mintz - Employment, Labor & Benefits...

The Affordable Care Act’s Reporting Requirements for Carriers and Employers (Part 11 of 24): Reporting 2015 Coverage of “MV-Lite”...

In Notice 2014-69, the Treasury Department and the IRS clarified that a group health plan that fails to provide substantial coverage for in-patient hospitalization and physician services will not be treated as providing...more

Morgan Lewis

Treasury, IRS Extend Certain FATCA Transitional Rules

Morgan Lewis on

IRS Notice postpones several key deadlines and provides other relief. On September 18, the US Internal Revenue Service (IRS) released Notice 2015-66 (the Notice) announcing that the US Department of the Treasury and the...more

Ogletree, Deakins, Nash, Smoak & Stewart,...

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

K&L Gates LLP

U.S. Government Implements Cuba Policy Changes

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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

Blank Rome LLP

Major Changes to Cuban Assets Control and Export Regulations Create New Opportunities for Trade

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Action Item: On January 16, 2015, the U.S. Department of the Treasury’s Office of Foreign Assets Control and the U.S. Department of Commerce amended the Cuban Assets Control Regulations and the Export Administration...more

King & Spalding

The Obama Administration Revises the Cuba Sanctions Regulations to Expand Trade Opportunities While Certain Law Makers Question...

King & Spalding on

On January 15, the U.S. Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) released important updates to the Cuban Assets Control Regulations (“CACR”). The U.S. Department of Commerce’s Bureau of Industry...more

Foley & Lardner LLP

Treasury Department Eases Cuba Sanctions

Foley & Lardner LLP on

New Rules Open Opportunities for Exports, Financial Services, and Travel- On January 16, 2014, the U.S. Treasury Department issued new sanctions regulations easing the 54-year old Cuban embargo. Coming in the wake of...more

BakerHostetler

Where the Rubber Meets the Road: Obama Administration Announces Regulatory Amendments to U.S. Cuba Sanctions

BakerHostetler on

On January 16, 2015, the U.S. Department of the Treasury (“Treasury”) amended the Cuban Assets Control Regulations, 31 C.F.R. Part 515 (“CACR”), and the U.S. Department of Commerce amended the Export Administration...more

Morgan Lewis

Partial Relaxation of Cuban Sanctions: New Regulations Issued

Morgan Lewis on

The U.S. Department of the Treasury and the U.S. Department of Commerce have released new regulations that loosen restrictions on trade and travel with Cuba....more

Blank Rome LLP

FATCA Update: Treasury Clarifies Obligations of Participating FFIs to Report Pre-Existing Accounts

Blank Rome LLP on

Earlier today, Treasury and the IRS issued yet another correcting amendment to the previously-issued regulations implementing the Foreign Account Tax Compliance Act (FATCA). FATCA become effective on July 1, 2014, and...more

Ballard Spahr LLP

Treasury Extends FATCA Compliance Date, Announces Other Amendments Affecting Foreign Banks

Ballard Spahr LLP on

The Internal Revenue Service (IRS) recently announced in Notice 2014-33 that 2014 and 2015 will be transitional years from an administrative and enforcement perspective regarding the implementation of the Foreign Account Tax...more

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