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U.S. Treasury Financial Services Industry Internal Revenue Service

Foodman CPAs & Advisors

AI RFI Issued By U.S. Treasury

On 6/6/24, the U.S. Treasury issued a Request for Information (RFI) for the uses, opportunities, and risks of Artificial Intelligence (AI) in the Financial Services Sector. The AI RFI presents nineteen questions that are...more

WilmerHale

“Decentralized Finance (DeFi),” Fintech, Regtech, and the Financial Services Industry (Ch. 8A)

WilmerHale on

Decentralized Finance (DeFi) is an umbrella term used to describe financial services provided outside of the traditional markets, that rely on blockchain technologies to create innovative products instead of relying on...more

Cadwalader, Wickersham & Taft LLP

A Worthwhile Proposal for Worthless Debt

In December, Treasury and the IRS issued proposed regulations updating the standard for determining when a debt instrument held by certain banks and insurance regulated entities will be conclusively presumed to be worthless...more

A&O Shearman

Historic Penalties For Cryptocurrency Exchange’s AML-Related Violations

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On November 21, 2023, the Cayman Islands registered cryptocurrency exchange, Binance Holdings Limited (the “Company”), pled guilty to criminal violations related to allegedly failing to register as a money transmitting...more

Cadwalader, Wickersham & Taft LLP

Treasury Delivers Mother Lode of Tax Reporting Rules to the Crypto Industry’s Doorstep

On August 29, 2023, the IRS published detailed proposed regulations addressing digital asset broker reporting requirements (the “Proposed Regulations”). The Proposed Regulations elaborate on the 2021 changes to the Internal...more

Troutman Pepper

Troutman Pepper Weekly Consumer Financial Services Newsletter - July 2023 # 4

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To help you keep abreast of relevant activities, below find a breakdown of some of the biggest events at the federal and state levels to impact the Consumer Finance Services industry this past week...more

Paul Hastings LLP

Daily Financial Regulation Update -- Friday, November 4, 2022

Paul Hastings LLP on

November 3, 2022- The U.S. Department of the Treasury and the Internal Revenue Service issued three additional notices requesting public input on key climate and clean energy tax incentives in the Inflation Reduction Act....more

Troutman Pepper

Troutman Pepper Weekly Consumer Financial Services COVID-19 Newsletter - November 2020 #3

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Like most industries today, Consumer Finance Services businesses are being significantly impacted by the novel coronavirus (COVID-19). Troutman Pepper has developed a dedicated COVID-19 Resource Center to guide clients...more

Stinson LLP

IRS Releases Carried Interest Proposed Regulations

Stinson LLP on

On July 31, the IRS issued proposed regulations under Section 1061 of the Internal Revenue Code further clarifying the tax treatment of carried interest and other "applicable partnership interests" (APIs)....more

Morgan Lewis

IRS Issues Proposed Regulations on Carried Interests

Morgan Lewis on

The Internal Revenue Service (IRS) and the US Treasury Department released proposed regulations (REG-107213-18) under Section 1061 on July 31 providing guidance to the holders of certain carried interests. These rules are of...more

Morgan Lewis

IRS Provides Guidance on Moving Away from Interbank Offered Rates

Morgan Lewis on

The Internal Revenue Service (IRS) and the US Treasury Department (Treasury) have issued proposed regulations under Sections 860G, 882, 1001, and 1275 providing rules for taxpayers moving away from interbank offered rates...more

Morgan Lewis

IRS Reissues Donor Disclosure Relief as Proposed Regulations

Morgan Lewis on

The Internal Revenue Service and US Treasury Department have requested comments on proposed rules to enable certain tax-exempt organizations to redact information about donors on their annual information returns. ...more

Morgan Lewis

Proposed Treasury Regulations Address Digital Content Transfers and Cloud Transactions

Morgan Lewis on

The US Treasury Department and Internal Revenue Service focus on the transfer of digital content and cloud transactions in recent proposed regulations. Adding “digital content” to the reach of the current regulations...more

Morgan Lewis

Proposed Regulations Would Tax More Than Just College and University Endowments

Morgan Lewis on

An expansive interpretation of Section 4968 under proposed regulations issued by the US Treasury Department and IRS would tax not only “endowment” income but also any interest, dividends, rent, and royalties a college or...more

Morgan Lewis

Waiting for Guidance from Treasury on Tax Reform or Relying on IRS Rulings? Read This First

Morgan Lewis on

A recent policy statement from the US Department of Treasury provides important information for taxpayers navigating US tax reform and alters the existing tax regulatory landscape in a few meaningful ways. Taxpayers should be...more

Morgan Lewis

Notice 2018-78: Additional Guidance on Section 965 Proposed Regulations

Morgan Lewis on

In a recent notice published by the US Department of Treasury and Internal Revenue Service, the agencies provide additional guidance on the proposed regulations under Internal Revenue Code Section 965, including on stock...more

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