Daily Tax Update - January 26, 2016: Treasury Releases Boycott List

Treasury Releases Boycott List:  The Department of the Treasury has released the current list of countries that require or may require participation in, or cooperation with, an international boycott (within the meaning of section 999(b)(3)).  The list, unchanged from the last published list, consists of Iraq, Kuwait, Lebanon, Libya, Qatar, Saudi Arabia, Syria, United Arab Emirates, and Yemen.

IRS and Treasury Issue Proposed Regulations on Governmental Pension Plans:  The IRS and Treasury Department issued proposed regulations that would provide rules relating to the determination of whether 1) the normal retirement age under a governmental plan (within the meaning of section 414(d)) that is a pension plan satisfies the requirements of section 401(a) and 2) the payment of definitely determinable benefits that commence at the plan’s normal retirement age satisfies these requirements.  These regulations would affect sponsors and administrators of governmental pension plans, as well as participants in such plans.