President Trump's threatened Executive Order "banning" social media application TikTok prompted Microsoft to announce that it would "continue discussions to explore a purchase of TikTok in the United States."
The DOJ filed charges against the owner of two companies in Florida that provide Medicare services for submitting false and fraudulent claims in order to receive (i) reimbursement from Medicare and (ii) loans from the Paycheck Protection Program.
The DOL proposed a new class exemption for investment advice fiduciaries from certain prohibited transaction rules under ERISA and the Internal Revenue Code.
The Treasury Department issued an interim final rule that "establishes a fee for parties filing a formal written notice of a transaction for review by the Committee on Foreign Investment in the United States.”
President Trump issued an Executive Order establishing the Committee for the Assessment of Foreign Participation in the United States Telecommunications Services Sector.
CFIUS proposed a filing fee for parties submitting for review voluntary notices of transactions. Comments on the proposal must be submitted by April 8, 2020.
The Congressional Research Service provided an overview of the current authority of the Committee on Foreign Investment in the United States following the recent implementation of the Foreign Investment Risk Review Modernization Act.
The Government Accountability Office made several recommendations to the IRS on its guidance to improve compliance with virtual currency transaction reporting.
The IRS delayed implementing certain rules that are intended to prevent non-U.S. persons from using derivative instruments to avoid U.S. withholding tax on U.S. equities.
The IRS finalized requirements related to certain financial products that provide for "payments contingent upon, or determined by, reference to U.S. source dividend payments."
The IRS issued final regulations removing "minimum documentation requirements that ordinarily must be satisfied in order for certain related-party interests in a corporation to be treated as indebtedness for Federal tax purposes."
Cadwalader attorneys reviewed recently proposed IRS regulations confirming that transitions from LIBOR and other interbank offered rates to alternative reference rates in debt instruments and derivatives will not be taxable events.
The IRS proposal amending certain regulations to address the transition from interbank offered rates to other reference rates for debt instruments and non-debt contracts was published in the Federal Register.
The IRS proposed amending certain tax income regulations to provide guidance on the transition from interbank offered rates to other reference rates for debt instruments and non-debt contracts.
An investment fund challenged an IRS determination that various contracts entered into between the fund and an investment bank resulted in the fund having effective ownership of the positions that were the subject of the contracts.
U.S. Treasury Deputy Secretary Justin Muzinich highlighted developments in housing finance reform, Committee on Foreign Investment in the United States reform, digital taxation, and cryptocurrency policy.
The Treasury Department proposed regulations to implement the Foreign Investment Risk Review Modernization Act and broaden the authority of the Committee on Foreign Investment in the United States.
Cadwalader attorneys analyzed the national security implications of corporate deals involving foreign investors under the Foreign Investment Risk Review Modernization Act of 2018.
The North American Securities Administrators Association advised market participants of the risks and potential tax benefits associated with investments in "opportunity zones."
