Overview
JCT Releases Report on Qualified Nonprofit Health Issuers: The Joint Committee on Taxation (JCT) released a report providing background and a description of present law relating to the tax treatment of qualified nonprofit health insurance issues (sometimes referred to as “healthcare co-ops”) established pursuant to section 1322 of the Patient Protection and Affordable Care Act. The report was released in advance of a public hearing on such organizations scheduled for tomorrow by the Senate Finance Committee.
FinCEN Releases Advisory on FATF-Identified Jurisdictions With AML/CFT Deficiencies: FinCEN released an advisory yesterday concerning changes made on October 23, 2015 to the list of jurisdictions identified by the Financial Action Task Force (FATF) as having strategic anti-money laundering and counter-terrorist financing (AML/CFT) deficiencies. The advisory provides guidance for financial institutions engaging in transactions with the listed jurisdictions, and notes that financial institutions should consider the changes to the list when reviewing their enhanced due diligence obligations and risk-based policies, procedures, and practices with respect to the listed jurisdictions.
Federal Contractor Tax Delinquencies and Felony Convictions Addressed in New Interim Rule Regarding Debarment and Suspension: On December 4, 2015, the Department of Defense, the General Services Administration, and the National Aeronautics and Space Administration issued an interim rule amending the Federal Acquisition Regulation to implement sections of the Consolidated and Further Continuing Appropriations Act, 2015, to prohibit the federal government from entering into a contract with any corporation having an unpaid federal tax liability or a felony conviction under any federal law in the prior 24 months, unless the agency has considered suspension or debarment of the corporation and has made a determination that this further action is not necessary to protect the interests of the government. From a tax perspective, the rule raises many significant concerns and unanswered questions about the rule's applications. The rule is effective on February 26, 2016. Public comments are due by February 2, 2016. Click here to read more.