News Release 2020-98 | July 22, 2020 Share This Page: WASHINGTON—The Office of the Comptroller of the Currency (OCC) today published a letter clarifying national banks’ and federal savings associations’ authority to provide cryptocurrency custody services for customers. National and state banks and thrifts have long provided safekeeping and custody services, including both physical objects and […]
Monthly Archives: July 2020
IRS reminds businesses filing cash transaction reports about e-file option; batch filing now available
IR-2020-168, July 22, 2020 WASHINGTON — The Internal Revenue Service reminds businesses required to file reports of large cash transactions that e-filing is a fast, easy and secure option for filing their reports. Now, businesses can batch file their reports, which is especially helpful to those required to file many forms. Although businesses have the […]
FTC and Missouri Attorney General Warn Hearing Aid Sellers About Deceptive Stimulus Payment Claims
The Federal Trade Commission and Missouri Attorney General have sent warning letters to two companies that sent mailers to consumers that suggested that they could provide government stimulus money to customers to purchase their hearing aids. The letters highlight claims included in the mailers that implied that consumers were eligible for a government stimulus benefit specifically […]
FTC Testifies Before Congress on Efforts to Combat COVID-19-related Scams
The Federal Trade Commission testified today before the Senate Commerce Committee Subcommittee on Manufacturing, Trade, and Consumer Protection on its efforts to combat scams and other consumer problems related to the ongoing COVID-19 pandemic. The testimony, delivered by Bureau of Consumer Protection Director Andrew Smith, outlined the FTC’s efforts to protect consumers from scammers seeking […]
IRS creates new Enterprise Digitalization and Case Management office; Smith, Abold-LaBreche to serve as co-directors
IR-2020-166, July 21, 2020 WASHINGTON — The Internal Revenue Service announced today the creation of the new Enterprise Digitalization and Case Management office, which will spearhead IRS efforts to empower taxpayers and IRS employees to rapidly resolve issues in a simplified digital environment. The office’s efforts will support overall IRS modernization and implementation of long-term […]
Working Virtually: Protect tax data at home and at work with the “Security Six;” Part 1 of Security Summit tips for tax professionals
IR-2020-167, July 21, 2020 WASHINGTON — With cyberthieves active during COVID-19, the Internal Revenue Service and the Security Summit partners today urged tax professionals to review critical security steps to ensure they are fully protecting client data whether working in the office or a remote location. Many tax professionals have expanded telework options this year […]
Office of the Comptroller of the Currency Issues Proposed True Lender Rule
News Release 2020-97 | July 20, 2020 Share This Page: WASHINGTON—The Office of the Comptroller of the Currency (OCC) today proposed a rule that would determine when a national bank or federal savings association (bank) makes a loan and is the “true lender” in the context of a partnership between a bank and a third party. […]
Keynote Remarks by Assistant Secretary Feddo at the American Conference Institute’s Sixth National Conference on CFIUS
As prepared for delivery: July 15, 2020 Washington, DC INTRODUCTION Good morning. Thank you for your introduction and for inviting me to the event. I appreciate the importance, especially now, of coming together in creative ways, such as this conference, to exchange views, hear different perspectives, and understand priorities and realities in government and industry. […]
Treasury, IRS issue final and proposed regulations on income subject to a high rate of foreign tax
IR-2020-165, July 20, 2020 WASHINGTON — The Department of the Treasury and the Internal Revenue Service today issued a final regulation (PDF) addressing the treatment of income earned by certain foreign corporations that is subject to a high rate of foreign tax. The final regulations allow taxpayers to exclude certain high-taxed income of a controlled foreign […]
Court Rules in FTC’s Favor Against Student Debt Relief Scammers
The U.S. District Court for the Central District of California has ruled in favor of the Federal Trade Commission in a case against the operators of a student loan debt relief scheme. The defendants are banned from telemarketing or providing debt relief services. The court found that the operators, doing business as Federal Direct Group, Mission […]