Overview
OECD Publishes Comments on Amendments to Transfer Pricing Guidelines: In July, the Organization for Economic Cooperation and Development (OECD) sought public review of conforming amendments to Chapter IX (“Transfer Pricing Aspects of Business Restructurings”) of the OECD Transfer Pricing Guidelines prompted by the changes to the guidelines set out in the 2015 base erosion and profit shifting (BEPS) reports. The OECD has now published the comments that it received.
FinCen Proposes Rules Extending Anti-Money Laundering Requirements to Banks Without a Federal Regulator: The Treasury Department’s Financial Crimes Enforcement Network (FinCEN) proposed regulations to remove the anti-money laundering program exemption for banks that lack a federal functional regulator, including, but not limited to, private banks, non-federally insured credit unions, and certain trust companies. The proposed regulations would require banks that lack a federal functional regulator to implement anti-money laundering programs and would extend customer identification program requirements and beneficial ownership requirements to those banks not already subject to these requirements.
IRS Issues Guidance on Retirement Plan and IRA Rollover Requirement Waivers: Rev. Proc. 2016-47 provides for a self-certification procedure (subject to verification on audit) that may be used by a taxpayer claiming eligibility for a waiver of the 60-day rollover requirement contained in sections 402(c)(3) or 408(d)(3) with respect to a rollover into a retirement plan or individual retirement arrangement.