An IRS and U.S. Treasury Department notice of proposed rulemaking relating to the new Opportunity Zone tax incentive was published in the Federal Register. Comments on the proposal must be submitted by December 28, 2018.
The U.S. Department of the Treasury issued temporary regulations to implement the Foreign Investment Risk Review Modernization Act including a pilot program to protect American technology and intellectual property.
The Investment Company Institute urged the Federal Trade Commission and other authorities not to restrict common ownership by institutional investors or remove the shareholder rights of the clients of investment advisors.
The Internal Revenue Service withdrew and re-proposed certain portions of centralized partnership regime regulations that have not been finalized to reflect the changes in the 2018 Technical Corrections Act.
Cadwalader attorneys examined the newest final and temporary Internal Revenue Code regulations intended to prevent the shifting of debt and interest from the U.S. operations of multinational companies to U.S. subsidiaries.
The Federal Trade Commission Premerger Notification Office has revised its position with respect to applying the size of transaction test in the leveraged buyout ("LBO") context by establishing that "new debt used to finance an LBO transaction, whether taken on by the buyer or the target, is to be included in the size of transaction."
The IRS reminded taxpayers who have one or more bank or financial accounts located outside of the United States, or taxpayers who have signature authority over such accounts, that they might be required to file an FBAR by June 30, 2016.
The Financial Crimes Enforcement Network reminded U.S. persons, and those with signatory authority over foreign financial accounts the aggregate value of which exceeds $10,000 at any time during a calendar year, to file their required reports on Foreign Bank and Financial Accounts (commonly known as "FBARs") by June 30, 2016.
FINRA responded to ten commonly asked questions about required minimum distributions – the smallest amount that can be withdrawn each year from a traditional retirement savings plan once the mandatory age for making withdrawals is reached.
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