FDIC Board in Split Vote Proposes Permanent Securitizations Safe Harbor Rule

The Federal Deposit Insurance Corporation’s board of directors May 11 approved a notice of proposed rulemaking on safe harbor conditions for securities originated by failed banks…

IRS Withdraws Guidance Implementing Cross-Border Securities Transaction Rules

The Internal Revenue Service May 20 issued Notice 2010-46, withdrawing 1997 guidance that generally limited the aggregate U.S. gross basis tax on a series of securities lending…

Manhattan District Attorney Announces Three Cases on Assets Hidden in Swiss Bank Accounts

Criminal charges have been filed against three New York City residents for falsifying personal income tax by hiding assets in secret Swiss bank accounts held at…

Securities Industry Group Seeks Swift Guidance on Treatment of New Equity Swaps Under HIRE Act Provision

The Securities Industry and Financial Markets Association May 11 asked the government for swift guidance on a newly enacted provision that would impose withholding tax on…

American Institute of Certified Public Accountants Offers Comments to Treasury, IRS on Foreign Bank Account Report Guidance

The American Institute of Certified Public Accountants May 17 unveiled comments on requirements for taxpayers required to file the Report of Foreign Bank Account (FBAR) …

Developed Country Banks, Offshore Financial Centers Holding Illicit Funds, Group Says

Banks in more than a dozen developed countries absorbed from 46 percent to 67 percent of “illicit financial flows” from developing countries from 2002 to 2006, while at least 10 offshore financial centers absorbed…

BNA INSIGHTS: The Home Affordable Mortgage Program and Related Tax Issues

The Home Affordable Mortgage Program (HAMP) is a government program designed to slow the increasing rate of mortgage foreclosures in the United States; the Treasury Department…

House Ways and Means Chair Levin Unveils Amendment to Stop Banks from Impeding U.S. Tax Enforcement Efforts

Sen. Carl Levin (D-Mich.) May 11 introduced an amendment to the Senate financial regulatory reform bill (S. 3217) that would provide the Treasury Department broad new authority to…

Significant Number of Offshore Asset Cases to be Done by End of Year, IRS Officials Say

The Internal Revenue Service has assigned cases to agents for nearly all of the 15,000 taxpayers who came in under the special program to allow voluntary disclosures of offshore assets that…

Congress Aware of Issues That Surround Statute of Limitations Provision, Aide Says

Members of Congress are aware of the issues surrounding a controversial provision on the statute of limitations in legislation to require broad new reporting by foreign banks, a lawyer on…

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