Status of Key Financial Services Legislation in Congress

The following chart summarizes the status of key issues as to which significant legislative activity is occurring in Congress. The first column provides a synopsis of…

IRS Seeks Comments on Implementing New Foreign Account Tax Compliance Act; Stakeholders Weigh in

The Internal Revenue Service April 7 asked the tax community for comments on how best to implement provisions of the Foreign Account Tax Compliance Act, recently signed…

Regulators Acknowledge Oversight Lapses, Call for Uniform Federal Mortgage Standards

Comptroller of the Currency John Dugan told the Financial Crisis Inquiry Commission April 8 that regulators should have done a better job overseeing mortgage underwriting among…

New Jersey Man Pleads Guilty to Failing to Disclose $1 Million in UBS Account

An Oradell, N.J., man pleaded guilty April 12 to failing to file a report of foreign bank or financial accounts (FBAR) disclosing his accounts with UBS AG in Switzerland and to concealing more than…

IRS Corporate Audits Declining, Research Group Says; Agency Disagrees with Analysis

The Internal Revenue Service’s audit efforts aimed at the nation’s largest corporate taxpayers have declined since 2005 and are now “at an all-time low,” according to…

IRS Commissioner Promises More Guidance to Aid Uncertain Tax Position Reporting

The Internal Revenue Service plans to issue more guidance in its pursuit of more transparency on uncertain tax positions, Commissioner Douglas Shulman said…