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FDIC

U.S. banks post detailed crisis plans to avoid breakup threat

U.S. banks post detailed crisis plans to avoid breakup threat

WASHINGTON (Reuters) – The largest Wall Street banks on Monday published detailed manuals of how to shut down their business during a crisis without the help of taxpayer money, a crucial step to prevent being broken up by regulators. After the 2007-09 financial crisis, the banks were required to submit the so-called “living wills” each year to […]

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Gross valuation misstatement penalty applied where partnership inflated basis of its chemical plant

Gross valuation misstatement penalty applied where partnership inflated basis of its chemical plant

Chemtech Royalty Associates v. U.S., (DC LA 5/8/2015) 115 AFTR 2d ¶2015-732 On remand from the Court of Appeals for the Fifth Circuit, a district court has held that the 40% gross valuation misstatement penalty applied in respect to a tax shelter transaction that involved overstating the basis of a chemical plant that had, for […]

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FDIC Signs Memorandum of Understanding With the People’s Bank of China

FDIC Signs Memorandum of Understanding With the People’s Bank of China

Beijing, China — The Federal Deposit Insurance Corporation (FDIC) today (October 24,. 2013) announced the signing of a Memorandum of Understanding (MOU) between the agency and the People’s Bank of China (PBOC) designed to extend their effective international working relationship in the areas of deposit insurance and resolution. The purpose of the MOU is to […]

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FDIC Launches Updated Money Smart Podcast Network Website

FDIC Launches Updated Money Smart Podcast Network Website

The Federal Deposit Insurance Corporation (FDIC) launched an updated English version of the Money Smart Podcast Network website. The portable audio (MP3) version of the award-winning Money Smart financial education curriculum is suitable for use with virtually all MP3 players so that consumers of all ages can learn to make informed and prudent financial decisions […]

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FDIC Makes Public September Enforcement Actions; No Administrative Hearings Scheduled for November 2013

FDIC Makes Public September Enforcement Actions;  No Administrative Hearings Scheduled for November 2013

The Federal Deposit Insurance Corporation (FDIC)  released a list of orders of administrative enforcement actions taken against banks and individuals in September. No administrative hearings are scheduled for November 2013. The FDIC issued a total of 46 orders in September. The orders included: three consent orders; eight removal and prohibition orders; one cross guarantee liability; […]

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Federal Regulators Provide Guidance On Qualified Mortgage Fair Lending Risks

Federal Regulators Provide Guidance On Qualified Mortgage Fair Lending Risks

WASHINGTON – Five federal regulatory agencies today issued a statement to address industry questions about fair lending risks associated with offering only Qualified Mortgages. Creditors have asked for clarity regarding whether the disparate impact doctrine of the Equal Credit Opportunity Act (ECOA) and its implementing regulation, Regulation B, allows them to originate only Qualified Mortgages. […]

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Hedge funds score big win bankrolling tax refund case

Hedge funds score big win bankrolling tax refund case

As reported in the news, a group of hedge funds looks set to win an eyewatering return after bankrolling the winning party in a court fight over a $373.8 million tax refund in the bankruptcy of Downey Financial Corp. U.S. Bankruptcy Judge Christopher Sontchi ruled that the disputed tax return belonged to Downey. The Federal […]

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Meet Paul Raymond

Meet Paul Raymond

Mr. Raymond is a sought after speaker in tax controversy law by many attorney, accountant, and business groups and at the request of the Internal Revenue Service, has presented programs at the IRS Nationwide Tax Forum, attended by tax professionals throughout the United States.

Additionally, he continues to be an active member in the Section of Taxation, American Bar Association, where he was the Past Chair of the Employment Taxes Committee.

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Member CA Bar Member Orange County Bar US Tax Court Attorney