Category: Treasury

Treasury

“Treasury Sanctions Militia and Its Leader in Connection with Serious Human Rights Abuse in Libya”

Washington –the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) took action against Mohamed al-Kani (al-Kani) and the Kaniyat militia, which is responsible for the murder of civilians recently discovered in numerous mass graves in Tarhouna, as well as torture, forced disappearances, and displacement of civilians. Al-Kani and…
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Treasury

“The Treasury Department and IRS issue final regulations regarding like-kind exchanges of real property”

WASHINGTON –  the Treasury Department and Internal Revenue Service issued final regulations PDF relating to section 1031 like-kind exchanges. These final regulations address the definition of real property under section 1031 and also provide a rule addressing the receipt of personal property that is incidental to real property received in a like-kind…
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Treasury

“Treasury Sanctions Entities Involved in Exporting Workers from North Korea”

WASHINGTON – Today, the U.S. Department of the Treasury imposed sanctions on two entities involved in the exportation of forced labor from North Korea. These actions were taken pursuant to Executive Order (E.O.) 13722 of March 15, 2016, “Blocking Property of the Government of North Korea and the Workers’ Party of…
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Treasury

“Statement on ByteDance and TikTok by Treasury Spokesperson Monica Crowley”

WASHINGTON, D.C.---The President’s August 14 Order requires ByteDance and TikTok Inc. to undertake specific divestments and other measures to address the national security risk arising from ByteDance’s acquisition of Musical.ly.  Consistent with the Order, the Committee on Foreign Investment in the United States (CFIUS) has granted ByteDance a 15-day extension of…
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Treasury

“Regulations Clarifying that Businesses Structured as Pass Through Entities May Deduct Certain State and Local Income Taxes Similar to C Corporations”

  WASHINGTON – Today the U.S. Treasury Department and Internal Revenue Service (IRS) released a notice regarding proposed regulations that will clarify that State and local income taxes imposed on and paid by a pass-through entity are allowed as a deduction by the pass-through entity in computing its non-separately stated taxable…
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Treasury

“Treasury Imposes Sanctions on Petroleum Network, Senior Syrian Officials, and Syrian Entities

Washington – Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) took action against Syrian military officials, members of the Syrian Parliament, Government of Syria entities, and Syrian and Lebanese persons attempting to revive Syria’s deteriorating petroleum industry. Specifically, OFAC added seven individuals and 10 entities to…
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Economy

Pelosi and Mnuchin Continue On The Stimulus Roller Coaster

WASHINGTON, D.C.---House Speaker Nancy Pelosi continues to deny the American people a second stimulus.  Pelosi sent a letter to Treasury Secretary Mnuchin reiterating her demands for the Trump Administration’s response on multiple outstanding items in COVID relief negotiations, that includes a bailout for America's badly managed liberal cities.   Pelosi focused…
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Treasury

“Treasury Prohibits Cuban Military from Processing Remittance-Related Transactions”

WASHINGTON, D.C. – Today, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) amended the Cuban Assets Control Regulations (CACR) to remove Cuba’s military-run entities from the remittance process. Specifically, OFAC is amending the CACR to remove from the scope of certain remittance-related general authorizations any transactions relating…
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Treasury

“Treasury Sanctions Key Actors in Iran’s Oil Sector for Supporting Islamic Revolutionary Guard Corps-Qods Force”

Washington, D.C. – today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) is designating the Iranian Ministry of Petroleum, the National Iranian Oil Company (NIOC), and the National Iranian Tanker Company (NITC) pursuant to E.O. 13224, as amended, a counterterrorism authority, for their financial support to…
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