Wednesday, August 20, 2014

Senate Passes U.S.$871 Billion Health Care Bill With New Taxes On Insurers, Families, Firms

December 29, 2009 in Daily Tax Report · Leave a Comment 

The Senate Dec. 24 passed, 60-39, an $871 billion health care overhaul bill that would expand health care coverage to 94 percent of Americans in exchange for an array of…

IRS Extends Tax Relief For Controlled Foreign Corporations’ Loans To U.S. Operations

December 29, 2009 in Daily Tax Report · Leave a Comment 

The Internal Revenue Service Dec. 28 extended, until the end of 2010, relief giving controlled foreign corporations a longer window to lend money to their U.S. operations tax-free under tax code Section 956…

Obama Says Disappointment Regarding Copenhagen Talks ‘Justified’; Shifts Focus To Spur Action In U.S.

December 24, 2009 in World Climate Change Report · Leave a Comment 

WASHINGTON, D.C.—President Obama Dec. 23 said “people are justified in being disappointed about the outcome” of the U.N. climate talks in Copenhagen, but added that the negotiations were not a failure…

EPA Sends Draft Of Final Rule To Implement Renewable Fuels Standard To White House For Review

December 23, 2009 in · Leave a Comment 

WASHINGTON, D.C.—The Environmental Protection Agency Dec. 22 sent to the White House Office of Management and Budget for review…

Supreme Court To Review ‘Foreign-Cubed’ Case Despite SEC, Solicitor General Objections

December 18, 2009 in World Securities Law Report · Leave a Comment 

The U.S. Supreme Court November 30, 2009, agreed to review a lower court decision dismissing a “foreign-cubed” case that raises critical questions about the reach of U.S. federal courts and the U.S. securities fraud laws with respect to…

House Financial Reform Measures Rolled Into Single Bill For Floor Action

December 18, 2009 in World Securities Law Report · Leave a Comment 

The House Financial Services Committee December 2, 2009, approved legislation that would establish tough new federal controls on systemically important financial firms, clearing the way for…

Bill To Expand SEC’s Subpoena Power Clears House

December 18, 2009 in World Securities Law Report · Leave a Comment 

The House December 2, 2009, approved by voice vote a bill that would strengthen the Securities and Exchange Commission’s enforcement program by allowing the agency to subpoena witnesses in…

Proposed Foreign Account Tax Compliance Act: Impact On Non-U.S. Financial Institutions, Intermediaries, And Investment Vehicles

December 18, 2009 in World Securities Law Report · Leave a Comment 

On October 27, 2009, proposed U.S. tax legislation entitled the “Foreign Account Tax Compliance Act of 2009” (the “Bill”) was introduced in both houses of the U.S. legislature and endorsed by the Obama administration[...] If enacted in its current form…

Proposed Foreign Account Tax Compliance Act: Impact On Bearer Debt Instruments

December 18, 2009 in World Securities Law Report · Leave a Comment 

Bearer debt instruments, when issued in definitive form, allow holders to invest anonymously. Recognising the potential for U.S. investors to take advantage of bearer debt instruments to avoid U.S. taxes, President Ronald Reagan and the U.S. Congress took a number of steps in 1982 to eliminate bearer debt instruments from the U.S. markets. Congress passed the Tax Equity and Fiscal Responsibility Act (“TEFRA”), legislation…

Proposed Foreign Account Tax Compliance Act: Impact On Hedge Funds

December 18, 2009 in World Securities Law Report · Leave a Comment 

On October 27, 2009, the House Ways and Means and Senate Finance Committees’ Democratic members introduced the Foreign Account Tax Compliance Act of 2009 (H.R. 3933 and S. 1934), a joint legislative proposal on offshore taxation (see WSLR, November 2009, page 3)…

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