Readout from a Treasury Spokesperson on Secretary Mnuchin’s meeting with Japanese Deputy Prime Minister and Finance Minister Taro Aso Riyadh – U.S. Treasury Secretary Steven T. Mnuchin met with Japanese Deputy Prime Minister and Finance Minister Taro Aso. Secretary Mnuchin and Deputy Prime Minister Aso reaffirmed the importance of the economic relationship between the U.S. […]
Monthly Archives: February 2020
IRS updates guidance on business expense deductions for meals and entertainment
IR-2020-39, February 24, 2020 WASHINGTON — The Internal Revenue Service issued proposed regulations on the business expense deduction for meals and entertainment following changes made by the Tax Cuts and Jobs Act (TCJA). The 2017 TCJA eliminated the deduction for any expenses related to activities generally considered entertainment, amusement or recreation. It also limited the […]
Readouts from Secretary Mnuchin’s Bilateral Meetings on Saturday, February 22, 2020
Readout from a Treasury Spokesperson on Secretary Mnuchin’s meeting with European Central Bank President Christine Lagarde Riyadh – U.S. Treasury Secretary Steven T. Mnuchin met with European Central Bank (ECB) President Christine Lagarde at the G20 Finance Ministers and Central Bank Governors Meeting in Riyadh. Secretary Mnuchin and ECB President Lagarde reaffirmed the strength […]
Federal Banking Agencies Host the 2020 National Interagency Community Reinvestment Conference
News Release 2020-21 | February 21, 2020 Share This Page: Joint Release Board of Governors of the Federal Reserve SystemFederal Deposit Insurance CorporationOffice of Comptroller of the Currency The 2020 National Interagency Community Reinvestment Conference takes place in Denver from March 9 to 12. The conference is hosted by the three federal banking agencies, the Board […]
Financial Action Task Force (FATF) Calls for Countermeasures on Iran, Evaluates U.S. AML Framework, Releases Digital Identity Guidance
Paris – Today the Financial Action Task Force (FATF) concluded its 31st plenary meeting with a public statement calling for countermeasures on Iran. The FATF also released guidance on digital identity for customer identification and verification, and evaluated Treasury’s Customer Due Diligence rule for compliance with the FATF standards. “Iran claimed it was finally ready to implement basic […]
Treasury, IRS issue guidance to farmers on uniform capitalization rules
IR-2020-38, February 21, 2020 WASHINGTON – The Treasury Department and Internal Revenue Service today issued Revenue Procedure 2020-13 (PDF) providing procedures for farmers who have elected out of certain capitalization rules and want to apply the small business taxpayer exemption in the same taxable year. The Tax Cuts and Jobs Act (TCJA) added a provision […]
FTC Requires Polyurethane Foam Producers FXI Holdings, Inc. and Innocor, Inc. To Divest Assets in Three Regional Markets
Polyurethane foam producers FXI Holdings, Inc. and Innocor, Inc. have agreed to divest polyurethane foam pouring plants in three regional markets to Future Foam, Inc., to settle Federal Trade Commission charges that FXI’s proposed $850 million acquisition of Innocor would violate federal antitrust law. The FTC alleges that the combination of FXI and Innocor would substantially lessen […]
Rent-to-Own Operators Settle Charges that They Restrained Competition through Reciprocal Purchase Agreements
Rent-to-own operators Aaron’s Inc., Buddy’s Newco, LLC, and Rent-A-Center, Inc. have agreed to settle FTC charges that they negotiated and executed reciprocal purchase agreements in violation of federal antitrust law. The complaints allege that from June 2015 to May 2018, Aaron’s, Buddy’s, and Rent-A-Center each entered into anticompetitive reciprocal agreements with each other and other […]
Extension of Comment Period for Notice of Proposed Rulemaking on Revisions to the Community Reinvestment Act Regulations
FIL-13-2020 February 20, 2020 Extension of Comment Period for Notice of Proposed Rulemaking on Revisions to the Community Reinvestment Act Regulations Printable Format: FIL-13-2020 – PDF (PDF Help) Summary: The Federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency (OCC) are extending until April 8, 2020, the comment period for […]
Many farmers, fishermen face March 2 tax deadline; IRS encourages convenience of IRS Direct Pay
IR-2020-37, February 20, 2020 WASHINGTON — The Internal Revenue Service reminds farmers and fishermen who chose to forgo making quarterly estimated tax payments that they must file their 2019 Form 1040 along with a payment for all taxes owed by Monday, March 2, 2020. This special rule normally applies to taxpayers whose farming or fishing […]