Drug overdose deaths in the U.S. are projected have reached 59,000–65,000 in 2016, a figure exceeding the peak number of automobile related fatalities (54,589) and the AIDS epidemic (50,877).1 Drug overdose deaths are now the fourth leading cause of death among Americans aged 15–65 — the prime years of life — after cancer, heart disease and unintentional injuries.3 Prescription opioids such as hydrocodone (Vicodin) and oxycodone (Percocet) account for 40–50 percent of the total.4

在中国设立的金融机构需要履行尽职调查流程，以识别非居民持有的特定金融账户，并将
所识别出的非居民特定金融账户信息报送至中国税务机关

Financial institutions established in China are now required to perform due diligence procedures on non-Chinese residents who hold financial accounts with the institutions, as well as to collect and submit requested financial account information to the Chinese authorities.

The U.K. Criminal Finances Act (“CFA”) received Royal Assent on 27 April 2017. The CFA contains two new criminal offences aimed at corporates – the failure to prevent the facilitation of U.K. tax evasion, and the failure to prevent the facilitation of foreign tax evasion – it is expected that these provisions will become effective later this year.

On July 21, 2016, the Department of Labor (“DOL”), Internal Revenue Service (“IRS”), and Pension Benefit Guaranty Corporation (“PBGC”) (collectively the “Agencies”) proposed major revisions to Form 5500.

As record profits in mortgage warehouse lending attract lenders and investors, concern is mounting through the lending community regarding new entrants that lack warehouse lending experience.

Each year, hundreds of billions of illicit dollars are laundered through various Trade Based Money Laundering (TBML) schemes which has led to increased regulation and lost revenue.

Until recently, the concept of permanent immediate deductibility of capital expenditures was relatively unheard of. But just like butter and coffee, some things we might not envision in combination can indeed go together – and may offer a unique set of benefits. It may seem surprising to hear that an aspect of proposed tax reform has garnered some modicum of unified support.

When it comes to acquisitions and tax, there is nothing buyers love more than a good step-up. Check that — a great step-up. A step-up in the tax basis of the acquired assets allows the buyer to amortize the resulting identifiable intangibles and goodwill/going concern over a 15-year period.

Leading global professional services firm Alvarez & Marsal (A&M)’s today released its second UAE Banking Pulse, which compares the quarterly data of the 11 largest listed UAE banks in the first quarter of 2017 (Q1 2017) against the last quarter of 2016 (Q4 2016), as well as identifying prevailing trends throughout the intervening period.

This edition of Tax Advisor Weekly discusses some practical aspects related to the introduction of country-by-country (CbC) reporting by the Internal Revenue Service and the audit risks large and mid-sized companies may face following the submission of their CbC reports.

As we near the midpoint of the year, those keeping a watchful eye on the mixed signals from Capitol Hill on tax reform may be growing skeptical at the prospect of any plan making it through both chambers of Congress by the end of the year.

In this issue of Raising the Bar, we provide information to help identify and mitigate some of the most critical underlying working capital issues before a dispute arises.