Washington – Today, in a coordinated action with the U.S. Department of Justice and the U.S. Department of Homeland Security, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned two Russian nationals for their involvement in a sophisticated phishing campaign in 2017 and 2018 that targeted customers of two U.S.-based and […]
Monthly Archives: September 2020
IRS reminds taxpayers and practitioners of expedited letter ruling procedures
IR-2020-212, September 16, 2020 WASHINGTON — The Internal Revenue Service continues to look for ways to assist taxpayers affected by the COVID-19 pandemic. As part of that effort, the IRS reminds taxpayers and tax practitioners of the procedures for requesting expedited handling of requests for letter rulings under Rev. Proc. 2020-1, 2020-1 I.R.B. 1 (January […]
IRS reminds taxpayers who filed an extension that the Oct. 15 due date approaches
File and pay electronically, request direct deposit for refunds IR-2020-213, September 16, 2020 WASHINGTON – The Internal Revenue Service today reminds taxpayers who filed an extension that the October 15 due date to file 2019 tax returns is approaching. Taxpayers should complete their tax returns and file on or before the October 15 deadline. Convenient […]
IRS updates LB&I examination directive on credit for increasing research activities
IR-2020-211, September 15, 2020 WASHINGTON — The IRS has revised guidance for examiners in the Large Business & International division (LB&I) reviewing the amounts claimed for the tax credit for increasing research activities. The guidance to auditors issued today modifies a directive issued in 2017. The credit for increasing research activities (Internal Revenue Code § […]
FTC Settlement Requires Online Trading Academy to Forgive Consumer Debt, and Principals to Turn Over Millions in Cash and Assets
Online Trading Academy will be required to offer debt forgiveness to thousands of consumers who purchased its “training programs,” while the company’s founder and other individuals will together pay between $5 and $9.1 million and turn over assets under the terms of a settlement with the Federal Trade Commission that is expected to result in […]
TSX Delisting Review – Zargon Oil & Gas Ltd (ZAR)
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IRS issues final regulations for the rehabilitation credit
IR-2020-210, September 15, 2020 WASHINGTON — The Internal Revenue Service today issued final regulations (PDF) for taxpayers who claim the rehabilitation credit. The Tax Cuts and Jobs Act (TJCA) amended the rehabilitation credit so that taxpayers now claim the rehabilitation credit over a five-year period. The TCJA amendments generally apply to a taxpayer’s qualified rehabilitation […]
Treasury Targets Support to Designated Corrupt Actors
Washington – Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) designated Zineb Souma Yahya Jammeh (Zineb) and Nabah LTD (Nabah) for their roles in providing support to persons previously designated for their own corrupt behavior. OFAC designated these persons pursuant to Executive Order (E.O.) 13818, which builds upon and implements […]
Treasury Targets Support to Designated Corrupt Actors
Washington – Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) designated Zineb Souma Yahya Jammeh (Zineb) and Nabah LTD (Nabah) for their roles in providing support to persons previously designated for their own corrupt behavior. OFAC designated these persons pursuant to Executive Order (E.O.) 13818, which builds upon and implements […]
Treasury Sanctions Chinese Entity in Cambodia Under Global Magnitsky Authority
WASHINGTON – Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) designated one Chinese state-owned entity, Union Development Group Co., Ltd. (UDG), for seizure and demolition of local Cambodians’ land for the construction of the Dara Sakor development project. OFAC designated this People’s Republic of China (PRC) state-owned entity pursuant to Executive […]