Daily Tax Update - March 15, 2016: Joint Committee on Taxation Releases 2016 'Blue Book'

Joint Committee on Taxation Releases 2016 'Blue Book':  Yesterday, the Joint Committee on Taxation released its 2016 "Blue Book," a general explanation of the tax legislation enacted during the prior year.  The report, prepared at the close of each Congress, follows the chronological order of the tax legislation (as signed into law) and includes a description of present law, explanation of the enacted provision, and effective date.

Treasury Announces Significant Revisions to Cuba Sanctions Regulations:  Today, the Department of the Treasury’s Office of Foreign Asset Control announced significant amendments to the Cuban Assets Control Regulations (CACR) and Export Administration Regulations (EAR).  The revised regulations significantly expand the access of Cuba and Cuban nationals’ to US financial institutions and authorize additional business and physical presence in Cuba, among other changes.