BNA INSIGHTS: U.S. and EU Laws Set to Clash– Again: New Tax Law Requires Foreign Banks to Share Unprecedented Details About Customers Overseas

For years, multi-national companies have grappled with the legal concerns Sarbanes-Oxley Act whistleblower hotlines raised across Europe. More recently, the European Parliament has criticized the collection and sharing of passenger name records with the United States. Now, new…

BNA INSIGHTS: The Regulated Investment Company Modernization Act of 2010: Proposed Legislation Would Update the Tax Rules for RICs

The House Sept. 28 approved H.R. 4337, the Regulated Investment Company Modernization Act of 2010 (the “Bill”), 1 containing provisions that can be grouped into…

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…

Supreme Court Will Not Review Rulings on Work Product, Securities Litigation Uniform Standards Act, Sanctions

The U.S. Supreme Court May 24 declined to review a controversial federal appeals court ruling concerning the scope of work-product protection for accountant work papers sought by…