Heartland Systems Agrees to Pay $60 Million to End Visa-Issuing Bank Data Breach Claims

Heartland Payment Systems Inc. has agreed to pay a maximum of $60 million to Visa Inc. and Visa card-issuing banks to settle claims arising out of a massive…

White House Council to Release Draft Guidance on Considering Climate Change in Impact Assessments

WASHINGTON, D.C.—The White House Council on Environmental Quality is nearing completion of draft guidance that will determine how federal agencies are to consider greenhouse gas emissions and climate change concerns when…

Alleged Source of Inside Information in Galleon Hedge Funds Case Pleads Guilty

Anil Kumar, until recently a senior partner and director at global management consulting firm McKinsey & Co., pleaded…

IRS Rules Conversion of Foreign Subsidiary, Transfer of Assets Will Be ‘F’ Reorganization

The Internal Revenue Service ruled in Private Letter Ruling 201001002, released Jan. 8, that a corporate reorganization transaction proposed by the parent of a consolidated return group involving the conversion of a foreign subsidiary to a new entity and transfer of its assets to a new corporation will qualify as…

ANALYSIS: Proposed Check-the-Box Modifications for Foreign Entities: Potential Impact in the Context of Foreign Base Company Sales Income

Since 1997, taxpayers have been permitted to make entity classification elections for eligible business entities, including certain foreign entities. These elections became known as “check-the-box” elections and…