Two Major Stakeholders Seek Financial Institutions’ Exclusion under FATCA Reporting Rules

Two major stakeholders asked the Internal Revenue Service to exclude a wide range of financial institutions from the broad new reporting, disclosure, and withholding requirements in the Foreign Account Tax Compliance Act (FATCA) in…

Large Canadian Bank Seeks Disclosure Exception for Some Foreign Accounts under FATCA

A major Canadian bank Aug. 11 asked the Internal Revenue Service not to require the disclosure of accounts in foreign jurisdictions that already send detailed tax information to the United States, as the…

ANALYSIS: Financial Institutions’ Litigation Exposure Will Be Increased by Reform Law, Practitioners Say

Financial institutions face increased exposure to litigation as a result of landmark financial reform legislation enacted July 21, but because regulations implementing…

Obama Signs Reform Bill To Overhaul Regulation of Financial Markets

President Obama July 21 signed into law the Dodd-Frank Wall Street Reform and Consumer Protection Act, the most sweeping overhaul of…

Senate Sends Financial Regulatory Reform Bill to White House for President’s Signature

The Senate voted 60-39 to approve legislation (H.R. 4173) July 15 that would overhaul regulation of banks and other financial services companies and change…

House Clears Financial Reform Bill Along Party Lines, Senate Action Delayed

The House approved landmark legislation (H.R. 4173) June 30 that would overhaul U.S. financial services regulation with new controls on large and interconnected financial…

IRS Unveils Major Guidance on Ownership Changes Under Section 382, Wins Praise

The Internal Revenue Service June 11 unveiled major guidance on ownership changes under tax code Section 382 that practitioners said…

IRS Hoping to Address Many Issues in First Guidance Under Foreign Account Tax Compliance Act

Internal Revenue Service Associate Chief Counsel Steven Musher June 3 said his agency is planning to include as many issues as it can in the first wave of guidance on legislation requiring broad…

BNA INSIGHTS: When the Other Shoe Falls: IRS Notice 2010-46 Restricts the Application of Notice 97-66 for Cross-Border Securities Loans

Notice 97-66 created an opportunity for non-U.S. financial institutions to participate in the securities lending markets for stocks of U.S. corporations without suffering…

U.S., 14 Other Nations Sign OECD, Council of Europe Agreement on Cooperation in Tax Matters

Fifteen countries, including the United States, May 27 signed an update to a 1988 multilateral pact on administrative cooperation in tax matters that aims to provide a legal framework for…

Next Page »