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IRS Proposes Section 987 Regulations Including CFC Exemption Election to Reduce Compliance Burden

IRS Proposes Section 987 Regulations Including CFC Exemption Election to Reduce Compliance Burden

IRS Proposes Section 987 Regulations Including CFC Exemption Election to Reduce Compliance Burden
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U.S. Department of the Treasury Bureaus Oversee Financial Infrastructure and Enforcement

U.S. Department of the Treasury Bureaus Oversee Financial Infrastructure and Enforcement

The U.S. Department of the Treasury operates a diverse range of bureaus responsible for critical aspects of the nation's financial infrastructure and enforcement. These bureaus include the U.S. Mint, which designs and manufactures coins and manages the nation's silver and gold assets, and the Bureau of Engraving & Printing (BEP), responsible for U.S. currency and securities. The Bureau of the Fiscal Service handles the government's financial integrity, accounting, and payments. The Financial Crimes Enforcement Network (FinCEN) supports law enforcement against financial crimes and provides strategic analyses of financial trends. The Internal Revenue Service (IRS), the largest of Treasury's bureaus, is tasked with determining, assessing, and collecting internal revenue. The Office of the Comptroller of the Currency (OCC) charters, regulates, and supervises national banks to ensure a stable banking system. Additionally, the Alcohol and Tobacco Tax and Trade Bureau (TTB) enforces laws related to alcohol and to...
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Retirement Plan Sponsors Advised to Evaluate Lifetime Income Options for 401(k) Plans

Retirement Plan Sponsors Advised to Evaluate Lifetime Income Options for 401(k) Plans

Retirement Plan Sponsors Advised to Evaluate Lifetime Income Options for 401(k) Plans
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Senators Schiff and Scott's Bipartisan Disaster Tax Relief Bill Signed into Law by President Trump

Senators Schiff and Scott's Bipartisan Disaster Tax Relief Bill Signed into Law by President Trump

Bipartisan legislation, the Doug LaMalfa Federal Disaster Tax Relief Certainty Act, co-sponsored by U.S. Senators Adam Schiff (D-Calif.) and Rick Scott (R-Fla.), has been signed into law by President Trump. This bill aims to provide tax relief to victims of wildfires and other natural disasters, ensuring they have immediate access to such relief for years to come. The legislation also extends the period during which victims can receive tax-deductible payments from wildfire settlements, often occurring many years post-disaster, until January 1, 2027. The bill was renamed last year to honor Congressman Doug LaMalfa, who passed away in January 2026. Senator Schiff emphasized the critical need to support families facing enormous financial burdens after natural disasters, while Senator Scott highlighted the importance of allowing impacted Americans to focus on rebuilding their lives rather than unexpected tax changes. U.S. Representative Greg Steube (R-Fla.-17) led the legislation in the House, alongside Repres...
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PIMCO Seeks VP, Counsel for U.S. Registered Funds in Newport Beach, CA

PIMCO Seeks VP, Counsel for U.S. Registered Funds in Newport Beach, CA

PIMCO Seeks VP, Counsel for U.S. Registered Funds in Newport Beach, CA
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President Trump Signs Doug LaMalfa Federal Disaster Tax Relief Certainty Act into Law

President Trump Signs Doug LaMalfa Federal Disaster Tax Relief Certainty Act into Law

President Trump has signed the Doug LaMalfa Federal Disaster Tax Relief Certainty Act (H.R. 5366) into law. This bipartisan legislation, introduced by Representatives Greg Steube (FL-17), Mike Thompson (CA-04), and Jimmy Panetta (CA-19), aims to provide fairer tax treatment for Americans rebuilding after various disasters, including wildfires, hurricanes, and floods. The bill is named in honor of the late Representative Doug LaMalfa (CA-01), who was a strong advocate for disaster tax relief. Previously, taxpayers affected by federally declared disasters could only deduct personal casualty losses if they itemized and if those losses exceeded 10 percent of their adjusted gross income. The new law allows disaster victims to deduct qualified losses exceeding $500 per disaster without itemizing and removes the 10 percent adjusted gross income threshold. It also extends an exclusion from gross income for wildfire relief payments, ensuring survivors are not taxed on compensation intended for rebuilding. The legis...
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U.S. Citizens Abroad Face Complex Tax Obligations, Warn Experts

U.S. Citizens Abroad Face Complex Tax Obligations, Warn Experts

U.S. citizens residing abroad are still subject to U.S. tax laws, requiring them to report worldwide income to the IRS, even if they live and work in another country. This obligation can lead to significant challenges, as highlighted by Erin Collins, who leads the Taxpayer Advocate Service. Collins stated in her latest annual report to Congress that these challenges are among the 'most serious problems' confronting American taxpayers. While living abroad does not automatically mean double taxation, Americans must navigate filing requirements in both the U.S. and their country of residence. For instance, a single U.S. taxpayer living abroad must generally file a separate form with the IRS to report specified foreign financial assets exceeding $200,000 on the last day of the tax year, or more than $300,000 at any time during the year. Additionally, foreign bank accounts with combined balances exceeding $10,000 can trigger a separate reporting requirement known as FBAR (Report of Foreign Bank and Financial Ac...
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International Organization of Securities Commissions Endorses ISSB Standards, Urges Global Adoption

International Organization of Securities Commissions Endorses ISSB Standards, Urges Global Adoption

International Organization of Securities Commissions Endorses ISSB Standards, Urges Global Adoption
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Fidelity Investments Seeks Senior Legal Counsel for Workplace Investing Team

Fidelity Investments Seeks Senior Legal Counsel for Workplace Investing Team

Fidelity Investments Seeks Senior Legal Counsel for Workplace Investing Team
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FinCEN Finalizes Narrowing of Corporate Transparency Act Reporting Requirements for US Companies and Persons

FinCEN Finalizes Narrowing of Corporate Transparency Act Reporting Requirements for US Companies and Persons

The Financial Crimes Enforcement Network (FinCEN) has finalized a significant narrowing of the Corporate Transparency Act’s (CTA) beneficial ownership information (BOI) reporting requirements. Effective August 14, 2026, entities formed in the United States are no longer considered “reporting companies” under FinCEN’s regulations and are therefore not required to file BOI reports. This final rule makes permanent the changes initially adopted on an interim basis in March 2025. Additionally, the relief extends to US persons, who are now exempt from providing BOI for international entities subject to the CTA, and those who previously obtained FinCEN identifiers are no longer required to update or correct associated information. The CTA’s reporting regime now primarily applies to certain international entities registered to do business in the United States, requiring reporting on their non-US beneficial owners and company applicants. FinCEN has also announced its intention to delete previously submitted BOI rel...
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House Unanimously Passes Representative Claudia Tenney's 'End Tax Penalties on American Hostages Act'

House Unanimously Passes Representative Claudia Tenney's 'End Tax Penalties on American Hostages Act'

The House of Representatives has unanimously passed Representative Claudia Tenney’s (R-N.Y.) 'End Tax Penalties on American Hostages Act' (H.R. 9496). This bipartisan measure aims to protect Americans who are held hostage or wrongly detained abroad from incurring IRS penalties due to missed tax deadlines. The bill proposes to pause certain federal tax deadlines during the period of captivity, extend these protections to the spouses of those detained, and mandate that the State and Justice departments work to identify eligible individuals for the IRS. Additionally, the legislation allows for the retroactive refunding of certain penalties and interest, with claims potentially reaching back to January 1, 2021. This initiative seeks to alleviate financial burdens on individuals and families already facing the immense stress of a loved one's detention overseas.
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IRS Disallows White River Tribal Tax Credits, Prompting Investor Investigations

IRS Disallows White River Tribal Tax Credits, Prompting Investor Investigations

IRS Disallows White River Tribal Tax Credits, Prompting Investor Investigations