Government Readies for Regulatory Push to Implement Rules on Foreign Financial Institution Reporting

The government is preparing for a major regulatory effort to implement broad new requirements for foreign financial institutions to report and disclose U.S. owners of assets and accounts, with…

Fed Officials, Banking Groups Press for Central Bank to Keep Oversight Functions

The Federal Reserve and banking industry groups have stepped up their lobbying campaign in recent days to persuade Senate lawmakers to keep and…

FASB Issues Rules Tightening Bank-Friendly Exception on Credit Derivatives

Many banks will have to start applying new accounting rules in July aimed at tightening use of a business-friendly derivatives reporting…

IRS Guidance on Series LLCs Expected to Be Issued Soon, Official Says

Guidance on series limited liability companies is expected to be out very soon and at least before…

FASB Issues Rules Tightening Bank-Friendly Exception on Embedded Credit Derivatives

Many banks will have to start applying new accounting rules in July aimed at tightening use of a business-friendly derivatives reporting exception…

IRS Offers Guidance to Emigrating Canadians Who Elect to Pay U.S. Income Tax on Gains

The Internal Revenue Service March 8 offered guidance in Revenue Procedure 2010-19 for individuals who emigrate from Canada and want to make an election for…

New 50 Percent Executive Bonus Tax Being Considered in Senate Tax Extenders Bill

The Senate will consider the addition of a new 50 percent tax on executive bonuses in excess of $400,000 as part of the tax extenders legislation (H.R. 4213) set for a final vote March 9…

Energy Efficiency Tax Benefits Would Be Broadened under Tax Extenders Bill Amendments Approved by Senate

The Senate agreed March 5 to adopt a series of minor amendments to the tax extenders legislation (H.R. 4213), including provisions affecting purchase of energy-efficient windows and…

EPA Administrator Jackson Says Delay in EPA Efforts on Climate Change Would Cost Jobs

Denying the Environmental Protection Agency the ability to limit greenhouse gas emissions would cost jobs, not save them, EPA Administrator Lisa Jackson said March…