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Internal Revenue Service Biden Administration Financial Services Industry

The United States Internal Revenue Service is a bureau of the United States Department of the Treasury. The IRS is charged with collecting revenue and enforcing the Internal Revenue Code.  
Vinson & Elkins LLP

Congress Begins Taking Action to Nullify Biden-Era Tax Regulations

Vinson & Elkins LLP on

The opening days of the 119th U.S. Congress have been marked with congressional action under the Congressional Review Act (CRA) to potentially invalidate regulations that were issued by the Internal Revenue Service (IRS) in...more

Fenwick & West LLP

Rollback of DeFi Reporting Regs Advances Through Congress

Fenwick & West LLP on

On March 4, 2025, the U.S. Senate passed joint resolution S.J.Res.3, disapproving the DeFi broker reporting regulations Treasury finalized at the end of the Biden Administration. Senator Ted Cruz (R-TX) introduced the...more

McGlinchey Stafford

Student Loan Borrowers Beware: You May Owe State Tax on the Forgiven Debt Even If You Do Not Receive an IRS Form 1099-C

McGlinchey Stafford on

As reported late last year, the IRS announced in Notice 2022-1 (Notice) that lenders are not required to, and should not, issue IRS Forms 1099-C when certain student loan debts are forgiven. The Notice was in response to...more

Robins Kaplan LLP

Financial Daily Dose 3.18.2021 | Top Story: Fed Commits to Near-Zero Rates Despite Improving Economy

Robins Kaplan LLP on

The latest and greatest from Fed Chair Powell as the Fed’s March Open Markets Committee meeting wrapped yesterday, including a markets-pleasing assurance that better-than-expected economic growth wasn’t enough to push the...more

Hogan Lovells

Coronavirus: The Hill and the Headlines, March 2021 # 12

Hogan Lovells on

In Washington: President Biden on Tuesday began what is expected to be a weeks-long sales pitch to tout the new coronavirus relief package. Biden visited Smith Flooring in Chester, Pennsylvania, a small business that received...more

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