Daily Report for Executives Index-Summary

FBAR REPORTING

See INFORMATION REPORTING

FEDERAL AVIATION ADMINISTRATION (FAA)

– Extension of FAA, aviation taxes

See LEGISLATION, FEDERAL, HR 3607*

FEDERAL BUDGET

See FY2010 BUDGET

FEDERAL ENERGY REGULATORY COMMISSION (FERC)

– Nominee Norris approves by Senate Energy and Natural Resources Comm., 194:A–18 (10/9/09)

FEDERAL RESERVE

– Minneapolis FRBank names Kocherlakota president and CEO, 188:EE–5 (10/1/09)

FEDERAL TAX REFORM

See TAX POLICY AND REFORM

FEDERAL TRADE COMMISSION (FTC)

– Strategic plan for next 5 years approved, 190:A–10 (10/5/09)

FERC

See FEDERAL ENERGY REGULATORY COMMISSION (FERC)

FILM INDUSTRY

See MOTION PICTURES

FINAL IRS REGULATIONS

– Estate expenses, claims against it, rules on deductions under §2053 issued, limited exception provided, 199:GG–1 (10/19/09); text of TD 9468, 199:L–1 (10/19/09)
– Gift tax, rules for valuation disputes, exhaustion of remedies corrected, 205:G–9 (10/27/09); correcting amendment, 205:TaxCore (10/27/09); correction to TD 9460, 205:TaxCore (10/27/09)
– Pension funding, benefit restriction, IRS releases hefty rules package, 193:GG–1 (10/8/09); text of TD 9467, 193:Text Supp (10/8/09)
– S corporations with COI income, attribute reduction, 208:G–1 (10/30/09); text of TD 9469, 208:L–1 (10/30/09)
– Single-owner disregarded entities, IRS corrects rules on treatment as corporations for excise and employment tax purposes, 196:G–6 (10/14/09); correction to TD 9462, 196:TaxCore (10/14/09)

FINANCIAL INDUSTRY STABILIZATION

– American Intl. Group compensation decisions, Treasury Dep't should work more closely with N.Y. FRBank, TARP Special IG Barofsky says in report, 197:EE–8 (10/15/09)
– Bank of America's acquisition of Merrill Lynch

– – Documents released to House Oversight Comm., 200:EE–9 (10/20/09)
– – Rejection of SEC's proposed $33M settlement will not change way agency resolves its cases, Enforcement Dir. Khuzami says, 189:EE–15 (10/2/09); SEC's amended complaint repeats allegations, adds one new claim, 204:EE–6 (10/26/09)
– – Retirement of BofA CEO Lewis will not affect investigation, N.Y. Atty. Gen. Cuomo says, 188:EE–19 (10/1/09); BofA agrees to waive attorney privilege, disclose Merrill data to Cuomo and regulators, 196:EE–10 (10/14/09)

– Citigroup Global Markets agrees to FINRA fine for tax-related strategy, 196:G–3 (10/14/09)
– TARP program

See TROUBLED ASSET RELIEF PROGRAM (TARP)

– Tax consequences of Treasury actions unknown, IRS officials say, 198:G–3 (10/16/09)
– Tobin tax on currency transactions would do little to stabilize financial markets, IMF's Strauss-Kahn says, 190:I–2 (10/5/09)

FINLAND

– Manufacturing investments, European Comm'n approves tax incentive that boosts depreciation, 197:I–1 (10/15/09)

FIREARMS

– Exports, Treasury asks OMB to review ATF form, 199:G–10 (10/19/09)

FLORIDA

– Corporate-owned life insurance policies, ruling on estates of 2 Wal-Mart employees seeks to determine if Fla. law retroactive (11th Cir.), 199:EE–16 (10/19/09)
– Oil and gas offshore drilling, Aronberg (D-Fla) and Deutch (D-Fla) to push legislation to create panel of experts to examine impact of drilling off state's east and west coasts, 193:A–12 (10/8/09)

FOIA

See FREEDOM OF INFORMATION ACT (FOIA)

FOOD SAFETY

– Imports, CBP, FDA and USDA need to address gaps in enforcement and communication to improve safety, GAO report, 199:A–4 (10/19/09)
– Senate not expected to take up issue until 2010, DeLauro (D-Conn) says, 197:A–10 (10/15/09)

FOREIGN TAX CREDIT

– AMT statute takes precedence over U.S.-Canada tax treaty (D.C. Cir.), 199:K–1 (10/19/09); decision text, 199:TaxCore (10/19/09)

FORESTS

See also LUMBER INDUSTRY
– Cal., U.S. Forest Service ordered to change management plan covering 4 national forests in Southern Cal. (N.D. Cal.), 190:A–26 (10/5/09)
– Climate change, broad coalition seeks 50 percent cut in tropical deforestation within decade, 193:A–15 (10/8/09)
– Wyo. pro-development roadless rule, Or. governor and attorney general urge DOJ and USDA to appeal, 192:A–25 (10/7/09)

FORMS

See TAX FORMS

401(k) PLANS

– Compliance questionnaire, IRS plans to send out in FY2010 second quarter, 202:G–6 (10/22/09)
– Embezzlement from plan, Lunde Electric owners convicted (W.D. Wash.), 202:EE–11 (10/22/09)
– Employer hardship, IRS is reviewing requests for relief for employers stopping plan contributions, 188:G–12 (10/1/09)
– Fee transparency

See LEGISLATION, FEDERAL, HR 2989

– Required minimum distributions, practitioners raise questions about RMDs, 2009 waiver at IRS phone forum, 208:G–8 (10/30/09)
– Target date funds to be main focus of hearing by Senate Special Comm. on Aging, 205:EE–6 (10/27/09); DOL and SEC initiate regulatory actions focused on disclosure, 207:EE–16 (10/29/09)

403(b) PLANS

– Form 5500 electronic filing, DOL sponsors webcast on changes, 206:EE–6 (10/28/09)

FRANCE

– Bank profits, parliament to vote on amendment to impose one-time tax, 201:I–1 (10/21/09); Natl. Assembly rejects bank, local business taxes in budget bill, 208:I–2 (10/30/09)
– Budget plan would reduce business taxes, assess carbon tax on households and firms, 189:I–1 (10/2/09); government minister defends business tax proposal at parliamentary hearing, 193:I–2 (10/8/09); parliamentary panel trims government plan, 203:I–1 (10/23/09); Natl. Assembly approves most of government's plan, 205:I–2 (10/27/09); Natl. Assembly rejects bank, local business taxes in budget bill, 208:I–2 (10/30/09)
– Climate change, Natl. Assembly approves carbon tax in budget bill, 208:I–2 (10/30/09)
– Environmental initiatives, French Senate approves wide-ranging ill to implement, 197:A–3 (10/15/09)
– Internet, Constitutional Council approves law giving special judicial authority power to cut of access of illegal downloaders of copyrighted works and to issue fines after 2 unheeded warnings, 204:A–6 (10/26/09)
– Port security costs, Senate bill would tax commercial traffic, 201:I–4 (10/21/09)
– Securities, French market authority and FINRA agree to share surveillance information, 208:EE–3 (10/30/09)
– Tax havens

– – Banks required to report operations in uncooperative tax havens, 195:I–1 (10/13/09)
– – Parliamentary report recommends measures for fighting tax fraud, 193:I–1 (10/8/09)

– Trademark moves to low-tax nations, France conducts transfer pricing audits, 197:I–2 (10/15/09)

FRAUD

See ACCOUNTING; TAX FRAUD

FREEDOM OF INFORMATION ACT (FOIA)

– Criminal tax case, IRS ordered to supplement “Vaughn” index (W.D. Wash.), 203:K–1 (10/23/09); decision text, 203:TaxCore (10/23/09)
– Letter summaries released, 192:G–3 (10/7/09); 196:G–1 (10/14/09); 201:G–3 (10/21/09); 206:G–2 (10/28/09)
– Reforms adopted by agencies slowly, witnesses tell Senate Judiciary Comm., 188:A–1 (10/1/09)

FUEL TAXES

– Aviation fuel

See LEGISLATION, FEDERAL, HR 3607*

FUTURES TRADING

– Agriculture commodity markets' convergence problems, CFTC panel recommends that CME Group adopt variable storage rate mechanism for soft red winter wheat contract, 208:EE–7 (10/30/09)
– Derivatives

See DERIVATIVES

– Energy markets, CFTC Chrm. Gensler reiterates that he favors considering position limits, but no date set for proposal, 206:EE–6 (10/28/09)
– Intercontinental Exchange, CFTC targets 17 contracts offered for trading for inquiry into price discovery functions, 193:EE–3 (10/8/09); CFTC reviewing 6 more ICE contracts, 203:EE–9 (10/23/09); CFTC reviewing 5 more contracts, 205:EE–10 (10/27/09)
– Unregulated energy contracts, CFTC launches reviews to determine if more oversight warranted, 202:EE–6 (10/22/09)

FY2010 BUDGET

– Congress focuses on appropriations bills, 190:N–1 (10/5/09); 195:N–1 (10/13/09); measures move on floors of both chambers and in conference committees, 193:A–20 (10/8/09); Senate continues work on moving more bills, 195:A–7 (10/13/09); action slows, Dec. legislative session looms, 197:N–1 (10/15/09); leaders expected to begin crafting second CR, 199:A–7 (10/19/09); second continuing resolution likely, 204:N–1 (10/26/09); Reid (D-Nev) says Senate to work on 2 spending bills, but CR needed to maintain funding, 205:N–1 (10/27/09)
– Continuing resolutions

– – Dem leaders to move bill that would cover spending through Dec. 18, 206:A–25 (10/28/09); House and Senate prepare to pass, 207:A–18 (10/29/09); further action, see LEGISLATION, FEDERAL, HR 2996*
– – Legislative branch appropriations

See LEGISLATION, FEDERAL, HR 2918*