Treasury Designates Key ISIS Financial Facilitators in the Middle East

Washington – Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) designated two Islamic State of Iraq and Syria (ISIS) financial facilitators located respectively in Syria and Turkey for providing financial support to ISIS. This action coincides with the thirteenth meeting of the Counter ISIS Finance Group (CIFG), which includes over […]

IRS issues final regulations and other guidance on business interest expense deduction limitation

IR-2020-171, July 28, 2020 WASHINGTON — The Internal Revenue Service issued final regulations (PDF) regarding the provision of the Tax Cuts and Jobs Act that limits the deduction for business interest expense, including basic statutory amendments made by the CARES Act. For tax years beginning after December 31, 2017, business interest expense deductions are generally […]

Statement from Secretary Steven T. Mnuchin on the Extension of Facilities Authorized Under Section 13(3) of the Federal Reserve Act

WASHINGTON – U.S. Treasury Secretary Steven T. Mnuchin issued the following statement on the extension of emergency lending facilities authorized under section 13(3) of the Federal Reserve Act: “I have sent a letter to Federal Reserve Board Chairman Jerome Powell approving a three month extension of the Primary Dealer Credit Facility, Money Market Mutual Fund […]

Working Virtually: Use multi-factor authentication to protect accounts; Part 2 of Security Summit tips for tax professionals

IR-2020-170, July 28, 2020 WASHINGTON — With heightened threats during COVID-19, the Internal Revenue Service and Security Summit partners today called on tax professionals to select multi-factor authentication options whenever possible to prevent identity thieves from gaining access to client accounts. Starting in 2021, all tax software providers will be required to offer multi-factor authentication […]

In Final Court Summary, FTC Reports Volkswagen Repaid More Than $9.5 Billion To Car Buyers Who Were Deceived by “Clean Diesel” Ad Campaign

In a final summary filed in federal court today, the Federal Trade Commission reported that Volkswagen and Porsche repaid a total of more than $9.5 billion since 2016 to car buyers under the FTC’s orders stemming from the companies’ deceptive “clean diesel” advertising of VWs and Audis fitted with illegal emission defeat devices. Given a […]

FTC Alleges California Purveyor of Background Reports Misled Consumers To Think its Reports on Individuals Might Contain Criminal and Other Records

The Department of Justice on behalf of the Federal Trade Commission sued a California-based purveyor of background reports, alleging that the company has deceived consumers with “teaser background reports” that often falsely claimed to include information about arrest, criminal, and sex offender records, and also engaged in misleading billing and marketing practices. According to a […]

IRS provides guidance on recapturing excess employment tax credits

IR-2020-169, July 27, 2020 WASHINGTON — The Internal Revenue Service issued a temporary regulation and a proposed regulation to reconcile advance payments of refundable employment tax credits and recapture the benefit of these credits when necessary. The regulations authorize the assessment of erroneous refunds of the credits paid under both the Families First Coronavirus Response […]

Indivior, Inc. to Pay $10 Million to Consumers, Settling FTC Charges that the Company Illegally Maintained a Monopoly over the Opioid Addiction Treatment Suboxone

Indivior, Inc. has agreed to pay $10 million to settle Federal Trade Commission charges that it violated antitrust laws through a deceptive scheme to thwart lower priced generic competition with its branded opioid replacement therapy drug Suboxone. The proposed stipulated order for a permanent injunction and equitable monetary relief also bars Indivior from similar future conduct. […]

Scammers Who Used Robocalls to Target Cash-Strapped Consumers Banned from Selling Debt Relief Services and Telemarketing

The operators of a Florida-based company that allegedly defrauded financially-distressed and often older-adult consumers with deceptive robocalls claiming they could save them money by reducing the interest rates on their credit cards has settled Federal Trade Commission charges that their conduct was both deceptive and illegal. The proposed court order resolving the FTC’s allegations bans […]

Treasury Targets Individuals Supporting Illegitimate Maduro Regime’s Corruption

Washington – Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) designated brothers Santiago Jose Moron Hernandez (Santiago) and Ricardo Jose Moron Hernandez (Ricardo) for, respectively, providing support for Nicolas Ernesto Maduro Guerra (Maduro Guerra) and the corrupt activities of members of the illegitimate regime of his father, Nicolas Maduro Moros […]