Government Provides Targeted Guidance, Proposes Rules on Report of Foreign Bank Account Requirements

The Internal Revenue Service Feb. 26 unveiled targeted guidance that practitioners said would provide significant relief for taxpayers required to…

SPECIAL REPORT: Enforcement Actions Against Banks Exceeded 1,000 for First Time in 2009

The recent financial crisis that has caused the greatest economic pain throughout the country since the Great Depression has inevitably led to retribution in the form of…

Regulatory Reform Effort Creeps Ahead as Senators Dodd, Shelby Trade Proposals

Senate Banking Committee Chairman Dodd and ranking Republican Richard Shelby have traded competing proposals on consumer protection in a complex…

Key Senate Democrats Introduce Bill to Extend Tax Benefits for Biofuels, Energy Efficiency

Top Senate Democrats March 1 introduced wide-ranging legislation that would extend a number of expiring tax benefits, including tax credits designed to…

Payments of U.S.-Source Income to Foreign Persons Skyrocketed Between 2005, 2007

Payments of U.S.-source income to foreign persons skyrocketed more than 70 percent between 2005 and 2007, with the vast majority of the payments going…

House Could Act on Lightly Modified Obama Health Plan in Latest Reform Effort

A lightly modified version of President Obama’s proposed health care reform legislation is likely to be reintroduced in the coming days in a last-ditch effort to…

Senate Extenders Bill Includes ‘Black Liquor,’ Economic Substance Provisions as Offsets

Senate Finance Committee Chairman Max Baucus (D-Mont.) in a March 1 statement said that legislation (H.R. 4213) to extend $31 billion in expired tax cuts…

BNA INTERVIEW: Massachusetts Official Discusses Unique New Data Security Rules, Encryption

Massachusetts data security regulations, which are unlike any other state requirements, took effect March 1. The rules impose specific requirements for…