The U.S. Treasury finalized regulations to address "earnings stripping" by enhancing tax rules distinguishing debt and equity.
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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.
A hotel and resort company delayed the planned acquisition of a vacation ownership business as a result of new understandings of the tax consequences of the deal under the Foreign Investment in Real Property Tax Act.
Eighteen former officials of the Treasury Department urged the Treasury Secretary to reconsider the imposition of temporary and proposed anti-inversion regulations. Instead, they recommended lowering tax rates and establishing a "territorial system."