Tax

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2011 Year-End German Law Update

While the members of the Eurozone are still struggling to find an adequate answer to the sovereign debt crisis and the stock markets are on a roller-coaster ride, the German economy is still doing remarkably well and continues to attract foreign investors from all over the world, notably China.  At the same time, German lawmakers have not remained idle and have enacted a long-expected reform of the insolvency laws to facilitate corporate restructuring and debt-equity swaps.

Client Alert | January 10, 2012

De la nouvelle réforme des règles de lutte contre la sous-capitalisation

Paris partners Jérôme Delaurière and Ariel Harroch are the authors of "De la nouvelle réforme des règles de lutte contre la sous-capitalisation" [PDF] published on January 9, 2012 in La Lettre Capital Finance, issue 1044, page 12 (www.capitalfinance.eu).

Client Alert | January 9, 2012

News Analysis: New Criteria Relevant to French Thin Cap Rules

Paris partner Jérôme Delaurière is the author of "News Analysis: New Criteria Relevant to French Thin Cap Rules" [PDF] published in Tax Notes International, January 2, 2012, page 25.

Client Alert | January 2, 2012

French Thin Cap Reform — As of January 1, 2012, French Holding Companies Will Have to Demonstrate That Their Decisions Are Made in France

According to a reform applicable as of January 1, 2012, the right to deduct interest due with respect to the purchase of shares in French target companies will be denied, unless the French acquiring company demonstrates -- by any means -- that (i) the decisions relating to such shares and (ii) the control over the target companies are effectively made by it or by a related party established in France.For the purpose of this reform, a related party can be a controlling company or an entity controlled by or under common control with the acquiring company.  This new rule targets the purchase of shareholdings that are eligible for the French long-term participation exemption regime, i.e.

Client Alert | December 22, 2011

IRS Proposes Regulations to Ease Tax Burdens on Government Investment Funds

On November 3, 2011, the IRS published new proposed Treasury Regulations providing guidance relating to the taxation of income of foreign governments from investments in the United States under Section 892 of the Internal Revenue Code of 1986, as amended (the "Code").  The proposals update regulations that were first issued in 1988, and are welcome additions to an area of U.S.

Client Alert | November 4, 2011

Qualified Plan Limitations Updated for 2012

On October 20, 2011, the IRS released the inflation-adjusted limitations applicable to tax-qualified retirement plans for 2012.  Unlike for 2011, most of the limits are increasing.  In addition to the impact of these limitations on tax-qualified retirement plans, the compensation limit under section 401(a)(17) of the Internal Revenue Code also affects the amount of severance pay that may be excludable from coverage under section 409A of the Code in certain circumstances.

Client Alert | October 20, 2011

Federal Agencies Propose Comprehensive Volcker Rule Implementation

On Tuesday, October 11, 2011, the Federal Reserve Board ("Fed") and the Office of the Comptroller of the Currency ("OCC") released for public comment and the Federal Deposit Insurance Corporation (the "FDIC") met in open session and unanimously approved and released proposed rules implementing the Volcker Rule, Section 619 of the Dodd-Frank Consumer Protection Act of 2010 ("Dodd-Frank").  The Securities and Exchange Commission ("SEC") voted unanimously to approve the proposed rule on Wednesday, October 12.

Client Alert | October 12, 2011

IRS Notices Extend Date for Implementation of FATCA Provisions of the HIRE Act and Provide Additional Guidance

The Hiring Incentives to Restore Employment Act (the HIRE Act), in an effort to reduce the evasion of U.S.

Client Alert | August 9, 2011

Guaranteed Payments for Capital: Interest or Distributive Share?

Los Angeles associate Andrew Kreisberg is the author of "Guaranteed Payments for Capital: Interest or Distributive Share?" [PDF] published in the July 4, 2001 issue of Tax Analysts.

Article | July 4, 2011

News Analysis: French Tax Authorities Lose Battle on Stolen Data

Paris partner Jérôme Delaurière and associate Charlotte Prest are the authors of "News Analysis: French Tax Authorities Lose Battle on Stolen Data" published by Tax Notes International (page 176) on April 18, 2011.

Client Alert | April 18, 2011

New Law Imposes Excise Tax on U.S. Government Payments to Foreign Entities

On January 2, 2011, the United States imposed a two-percent excise tax on payments received by foreign entities for the sale of goods or services to the U.S.

Client Alert | March 30, 2011

U.S. Debt Push-Down in a French Subsidiary — The Good and the Bad

Paris partner Jérôme Delaurière is the author of "News Analysis: U.S. Debt Push-Down in a French Subsidiary -- The Good and the Bad" [PDF] published in Tax Notes International on March 9, 2011.

Client Alert | March 9, 2011

2010 Year-End German Law Update

The improvements in the German economy in 2010 have eased some of the restructuring pain, but have not prevented lawmakers from responding to certain deficiencies that are widely believed to have caused the financial crisis.

Client Alert | January 14, 2011

New Law Extends U.S. Income Tax Rates Through 2012

On December 17, 2010, President Obama signed into law the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 (the Act). The Act extends the existing individual income tax rates and a number of expiring credits and other benefits, provides a few new temporary tax incentives, and establishes new gift and estate tax rates and exemptions.Extension of Expiring Tax ProvisionsThe Act extends the current income rates (which reach a maximum marginal rate of 35%) through the end of 2012 for all taxpayers.

Client Alert | December 20, 2010

French Finance Bill for 2011 — Thin Capitalization Rules Reform Bill

During the course of the ongoing debates on the Finance Bill for 2011, the French Senate has recently adopted a new provision, resulting from two amendments adopted on November 18 and 19, 2010 respectively, which significantly extends the scope of the French thin capitalization rules. The new provision is presented as an anti-abuse provision with a view to preventing companies of the same group from circumventing the thin capitalization rules by securing bank loans via guarantees provided by a related company of the group.

Client Alert | December 7, 2010

U.S. Labor Department Proposes to Expand ERISA “Fiduciary” Coverage of Providers of Investment-Related Services to Employee Benefit Plans and IRAs

The United States Labor Department has proposed an important amendment to its regulations defining fiduciary status under the Employee Retirement Income Security Act of 1974, as amended ("ERISA").  If the amendment is finalized in its proposed form, it will substantially expand the classes of service providers subject to ERISA's fiduciary duty and prohibited transaction rules.

Client Alert | November 1, 2010

Qualified Plan Limitations Unchanged for 2011

On October 28, 2010, the IRS released the inflation-adjusted limitations applicable to tax-qualified retirement plans for 2011.  Due to low inflation, the limitations have not changed from those applicable for 2010.  In addition to the impact of these limitations on tax-qualified retirement plans, the compensation limit under section 401(a)(17) of the Internal Revenue Code also affects the amount of severance pay that may be excludable from coverage under section 409A of the Code in certain circumstances.

Client Alert | November 1, 2010

IRS Issues Guidance on New FATCA Withholding Obligations

The Hiring Incentives to Restore Employment Act (the HIRE Act), in an effort to reduce the evasion of U.S. tax obligations through the establishment of accounts at foreign financial institutions (FFIs) or by holding assets through other, nonfinancial foreign entities (NFFEs), included provisions commonly referred to as FATCA.

Client Alert | October 7, 2010

De la conformite du droit d’enquete TVA avec la Convention EDH

Paris partner Jérôme Délaurière and associate Charlotte Prest are the authors of "De la conformité du droit d'enquête TVA avec la Convention EDH" [PDF]  published in the October 2010 issue of the Revue du Droit Fiscal.   For the full article please refer to issue number 40 of the Revue du Droit Fiscal.

Client Alert | October 7, 2010

A Tax by Any Other Name: Constitutional Challenges to Revenue-Raising Measures

As the State of California, and county and municipal governments, impose new and increased "fees" on companies and organizations, the question arises why aren't these illegal taxes?  The bottom line is that, in many cases, they are.  Governments have been engaged in attempts to circumvent legal prohibitions against the imposition of these so-called "fees" in order to attempt to plug budget deficits.  Left unchallenged, they amount to hundreds of millions of dollars annually.

Client Alert | August 18, 2010

The Effect of Transfer Restrictions on Continuity of Interest

Los Angeles associate Andrew L. Kreisberg is the author of "The Effect of Transfer Restrictions on Continuity of Interest" [PDF] published by Tax Analysts on August 2, 2010.

Article | August 2, 2010

The Final “Volcker Rule” under the Dodd-Frank U.S. Financial Regulatory Reform Bill

This alert covers the Dodd-Frank Wall Street Reform and Consumer Protection Act and its "Volcker Rule" provisions, prior to its passage in 2010.

Client Alert | July 12, 2010

Tauschgeschäfte bei Immobiliengesellschaften

Munich partner Hans Martin Schmid is the author of "Tauschgeschäfte bei Immobiliengesellschaften (Debt/Equity Swaps with Real Estate Holding Companies" [PDF] published in the July 8, 2010 issue of Immobilienmanager.

Client Alert | July 7, 2010

Carried Interest Tax Legislation Passed by House, But Senate Prospects Uncertain

The American Jobs and Closing Tax Loopholes Act of 2010 (the "Bill") was passed by the House on May 28, 2010, and includes a provision that generally will tax a portion of the income and gains associated with "carried interests" as ordinary income.  While the carried interest provisions of the Bill are substantially similar to legislation proposed last year, there are several important differences.  The Senate is expected to take up the Bill during the week of June 7, after the Memorial Day recess.

Client Alert | May 28, 2010

The Impact of U.S. Health Care Reform on Employers

On March 23, 2010, President Obama signed into law the Patient Protection and Affordable Care Act (the "Act").  The Act fundamentally alters the U.S.

Client Alert | April 2, 2010

Financial Regulatory Reform: Chairman Dodd Releases New Legislation to Reform Financial Services Industry Regulation and Enhance Consumer Protection

Gibson Dunn is closely tracking government responses to the recent turmoil that has catalyzed a dramatic and rapid reshaping of our capital and credit markets.

Client Alert | March 17, 2010

FinCEN Proposes Rule to Clarify Which Persons Will Be Required to File FBARs and Which Accounts Will Be Reportable

On February 26, 2010, the Financial Crimes Enforcement Network (FinCEN) proposed revising the regulations implementing the Bank Secrecy Act to clarify which persons will be required to file Reports of Foreign Bank and Financial Accounts ("FBARs") and which accounts will be reportable.  IRS Announcement 2010-16, 2010-11 IRB 1; IRS Notice 2010-23, 2010-11 IRB 1.  The proposed rule would include a definition of United States persons and definitions of bank, securities, and other financial accounts in a foreign country.  In addition, the proposed rule would exempt certain persons with signature or other authority from filing the FBAR.  Finally, it would clarify that private equity funds and hedge funds are not "commingled funds" for which an FBAR filing

Client Alert | March 2, 2010

Obama Administration 2011 Budget Tax Proposals

On February 1, 2010, the Obama Administration released the fiscal year 2011 Budget of the United States.  This update summarizes the principal tax provisions identified in the Budget.  The prospects for passage of these proposals is uncertain and depends in large part on the priorities of Congress and the Administration and the need for specific revenue offsets.  Moreover, the inclusion of a proposal in the Budget does not necessarily provide a clear path to enactment.  We invite your questions about specific details of these and any other tax-related provisions of the Budget.

Client Alert | February 3, 2010

2009 Year-End German Law Update

As the German economy continues to suffer heavily from the consequences of the global financial crisis, 2009 saw the introduction of many changes in the fields of corporate, securities and banking law.

Client Alert | January 20, 2010

La TVA sur marge des marchands de biens est-elle conforme au droit communautaire?

Paris partner Jérôme Delaurière is the author of "La TVA sur marge des marchands de biens est-elle conforme au droit communautaire?" [PDF] published in the January 18, 2010 issue of Option Finance (n°1060).

Client Alert | January 18, 2010

France Revises Transfer Tax Rules for Foreign Companies With French Real Estate Holdings

Paris partner Jérôme Delaurière is the author of "France Revises Transfer Tax Rules for Foreign Companies With French Real Estate Holdings" [PDF] published in January 8, 2010 edition of the Worldwide Tax Daily/Tax Analysts.

Client Alert | January 8, 2010

Congress Extends and Expands COBRA “Subsidy”

On December 21, 2009, President Obama signed the 2010 Defense Appropriations Act.  Among other things, the Act extends the eligibility period for the COBRA premium subsidy from December 31, 2009 to February 28, 2010 and expands the maximum duration of the subsidy from 9 to 15 months.  The longer subsidy period applies retroactively and will require plan administrators to provide a supplemental notice to affected individuals.BackgroundThe COBRA subsidy initially was included in The American Recovery and Reinvestment Act of 2009 (commonly known as the stimulus bill) and provided a temporary COBRA premium subsidy for employees who lost health plan coverage between September 1, 2008 and December 31, 2009 due to involuntary terminations of employment.  Our February 24, 2009 

Client Alert | December 22, 2009

House Moving Quickly on Tax Extenders Bill That Would Tax Carried Interests as Ordinary Income and Crack Down on Foreign Tax Evasion

Gibson, Dunn & Crutcher is closely tracking key legislative matters as the first session of the 111th Congress draws to a close. This update focuses on H.R.

Client Alert | December 8, 2009

Steuerliche Entwicklungen in Gesetzgebung, Verwaltung und Rechtsprechung zu Mitarbeiter- und Managementbeteiligungen in 2008

Munich of counsel Christian Schmidt is the author of "Steuerliche Entwicklungen in Gesetzgebung, Verwaltung und Rechtsprechung zu Mitarbeiter- und Managementbeteiligungen in 2008" [PDF] published in the November 2011 issue of DStR.

Client Alert | November 17, 2009

President Obama Signs Legislation Expanding Net Operating Loss Carryback

On November 6, President Obama signed into law the Worker, Homeownership, and Business Assistance Act of 2009 (the "Act").  Among other things, the Act extends the net operating loss ("NOL") carryback period from two years to as much as five years for tax years beginning in or ending in 2008 or 2009.  To pay for the extension of the NOL carryback period, the Act delays until 2018 the implementation of changes in interest expense allocations that were expected to increase the foreign tax credits that could be claimed by U.S.

Client Alert | November 10, 2009

IRS Qualified Plan Limitations Unchanged for 2010

On October 15, 2009, the IRS released the inflation-adjusted limitations applicable to tax-qualified retirement plans for 2010.  Due to low inflation, the limitations have not changed from 2009.  In addition to the impact of these limitations on tax-qualified retirement plans, the compensation limit under section 401(a)(17) of the Code also affects the amount of severance pay that may be excludable from coverage under section 409A of the Code in certain circumstances.

Client Alert | October 21, 2009

Financial Regulatory Reform: Derivatives Legislation Moves Forward in House

The Gibson, Dunn & Crutcher Financial Markets Crisis Group is closely tracking government responses to the turmoil that has catalyzed a dramatic and rapid reshaping of our capital and credit markets.

Client Alert | October 15, 2009

Financial Crisis Inquiry Commission to Begin Investigations Next Month

The Gibson, Dunn & Crutcher Financial Markets Crisis Group is closely tracking government responses to the turmoil that has catalyzed a dramatic and rapid reshaping of our capital and credit markets.

Client Alert | September 17, 2009

Treasury Issues New Rules to Encourage CMBS Workouts

On September 16, 2009, the Internal Revenue Service released final regulations governing the U.S. federal income tax treatment of collateralized mortgaged-backed securities ("CMBS") held in a real estate mortgage investment conduit ("REMIC") vehicle.

Client Alert | September 17, 2009

IRS Further Extends FBAR Filing Deadline to June 30, 2010 for Certain U.S. Persons

On August 7, 2009, the Internal Revenue Service ("IRS") announced that it was further extending the deadline for filing Reports of Foreign Bank and Financial Accounts ("FBARs") for calendar year 2008 and prior years for certain U.S. persons.

Client Alert | August 7, 2009

Financial Crisis Inquiry Commission: Commissioners Appointed; Commission Likely to Begin Investigations in September

The Gibson, Dunn & Crutcher Financial Markets Crisis Group is closely tracking government responses to the turmoil that has catalyzed a dramatic and rapid reshaping of our capital and credit markets.

Client Alert | July 15, 2009

IRS Confirms That Investors in Foreign Hedge Funds and Private Equity Funds Must File Reports of Foreign Financial Accounts; Filing Deadline Extended to 9/23/09 for Certain Taxpayers

On June 24, 2009, the Internal Revenue Service ("IRS") announced that it was extending the June 30, 2009 deadline for filing Reports of Foreign Bank and Financial Accounts ("FBAR"), TD F 90-22.1, to September 23, 2009, for certain taxpayers, i.e., taxpayers that properly report and pay tax on 2008 income, but that only recently learned that they have FBAR filing obligations and do not have sufficient time to gather the information necessary to complete the form.  The extension follows remarks made in mid-June by IRS representatives and confirmed on Friday, June 26, by an IRS spokesperson that, based on the instructions to the revised FBAR form that was issued in October 2008, foreign hedge funds and private equity funds are included in the definition of forei

Client Alert | June 29, 2009

Financial Markets in Crisis: Administration Releases “White Paper” on Reforming the Financial Regulatory System

The Gibson, Dunn & Crutcher Financial Markets Crisis Group is tracking closely government responses to the turmoil that has catalyzed dramatic and rapid reshaping of our capital and credit markets.

Client Alert | June 17, 2009

Recent GAO Report on Sovereign Wealth Funds

Government investment funds, often referred to as "sovereign wealth funds," have become increasingly visible investors in the United States, a trend that has not escaped the attention of Congress.

Client Alert | May 29, 2009

A 9/11-Style Independent Commission for Financial Regulatory Reform Looms on the Horizon

This May 2009 alert focuses on Congress' expected creation of an independent commission to examine the domestic and global causes of the U.S. financial and economic crisis. 

Client Alert | May 13, 2009

President Obama’s International Tax Proposals

On Monday, President Obama released the details of his Administration's plan to reform the tax treatment of offshore earnings and combat tax havens.  Crediting House Ways and Means Chairman Charles Rangel, Senate Finance Committee Chairman Max Baucus, Senator Carl Levin and Congressman Lloyd Doggett, the President announced a plan that would make several major substantive tax law changes, including reforming the deferral of income earned overseas, taxing certain foreign subsidiaries as corporations, and limiting the application of the foreign tax credit.  The plan also includes several efforts to improve international tax compliance, such as strengthening certain information reporting requirements and increasing the IRS' enforcement tools.  The Administration anticipates tha

Client Alert | May 6, 2009

Legislation Reintroduced to Tax Carried Interests as Ordinary Income

Congressman Sander Levin (D-Mich.) recently reintroduced legislation in the House that would tax income and gains associated with "carried interests" as ordinary income.

Client Alert | April 7, 2009

Financial Markets in Crisis: Public-Private Investment Funds for Distressed Bank Assets — Open Questions and Opportunity to Comment

Last week, the Department of the Treasury and the FDIC announced their Public-Private Investment Fund (PPIF) concept, intended to remove troubled assets from banks.  Significant details of the proposal remain undefined, and public comment is sought.As announced, private investors and the Treasury will invest side-by-side in PPIFs, and will share in both profits and losses.  Treasury financing also will be available.  Additionally, PPIFs may issue FDIC-guaranteed debt.  Details of the capitalization of PPIFs, the terms of the potential investments and financing, the accounting and regulatory implications for banks that sell assets to PPIFs and related matters have not been finalized.  Similarly, while officials have stated that compensation limits will not apply to

Client Alert | March 30, 2009

Details of Public-Private Investment Fund Released; Executive Compensation Restrictions Will Not Apply to Private Participants

The Gibson, Dunn & Crutcher Financial Markets Crisis Group is closely tracking government responses to the turmoil that has catalyzed a dramatic and rapid reshaping of our capital and credit markets.

Client Alert | March 23, 2009

The Papillon Decision: Upcoming French Tax Group Reform

Paris associate Jérôme Delaurière is the author of "The Papillon Decision: Upcoming French Tax Group Reform" [PDF] published in the March 9, 2009  issue of  Tax Analysts's Tax Notes International (pg.903).

Client Alert | March 9, 2009

Congressional Investigation, Bill Focus on Offshore Tax Havens

A key Senate investigative body this week continued its series of investigative hearings on offshore tax havens and tax abuse, focusing on the strict secrecy in which U.S.

Client Alert | March 6, 2009

Financial Markets in Crisis: TALF Launched; Executive Compensation Restrictions Will Not Apply

The Gibson, Dunn & Crutcher Financial Markets Crisis Group is closely tracking government responses to the turmoil that has catalyzed a dramatic and rapid reshaping of our capital and credit markets.

Client Alert | March 4, 2009

Cession d’une filiale intégrée et procédure collective

Paris partner Jérôme Délaurière and associate Charlotte Prest are the authors of "Cession d’une filiale intégrée et procédure collective" [PDF] published in the March 2, 2009 issue of Option Finance.

Client Alert | March 2, 2009

Financial Markets in Crisis: Stimulus Act Provides More than $100 Billion to Fund Infrastructure

The Gibson, Dunn & Crutcher Financial Markets Crisis Group is closely tracking government responses to the turmoil that has catalyzed a dramatic and rapid reshaping of our capital and credit markets.

Client Alert | February 25, 2009

Financial Markets in Crisis: The Capital Assistance Program Unveiled

The Gibson, Dunn & Crutcher Financial Markets Crisis Group is closely tracking government responses to the turmoil that has catalyzed a dramatic and rapid reshaping of our capital and credit markets.We are providing updates on key regulatory and legislative issues, as well as information on legal issues that we believe could prove useful as firms and other entities navigate these challenging times.

Client Alert | February 25, 2009

Stimulus Bill Tax Provisions

The American Recovery and Reinvestment Act of 2009 (the "Stimulus Act") is expected to be signed into law by President Obama today. The approximately 11oo pages of the Stimulus Act include a number of tax provisions.

Client Alert | February 17, 2009

Financial Markets in Crisis: Stimulus Act Enhances Executive Compensation Standards; TALF Expanded

The Gibson, Dunn & Crutcher Financial Markets Crisis Group is closely tracking government responses to the turmoil that has catalyzed a dramatic and rapid reshaping of our capital and credit markets.

Client Alert | February 17, 2009

Financial Markets in Crisis: TARP II – Treasury’s New Financial Stability Plan

The Gibson, Dunn & Crutcher Financial Markets Crisis Group is tracking closely government responses to the turmoil that has catalyzed dramatic and rapid reshaping of our capital and credit markets.

Client Alert | February 10, 2009

Financial Markets in Crisis: Executive Compensation Limits Tightened; Lobbyists’ TARP Access Restricted

The Gibson, Dunn & Crutcher Financial Markets Crisis Group is tracking closely government responses to the turmoil that has catalyzed dramatic and rapid reshaping of our capital and credit markets.

Client Alert | February 4, 2009

Amending Debt Terms – Important Tax Considerations

Recent instability in the debt markets has increased the tax risks associated with amending loan terms.  Proposed amendments to any loan should be examined to determine whether the amendment will result in a deemed exchange of the unmodified debt obligation for the modified debt obligation for U.S.

Client Alert | January 23, 2009

Financial Markets in Crisis: Summary Table of Federal Rescue Programs

The Gibson, Dunn & Crutcher Financial Markets Crisis Group is tracking closely government responses to the turmoil that has catalyzed dramatic and rapid reshaping of our capital and credit markets.

Client Alert | January 15, 2009

Financial Markets in Crisis: Congressman Frank’s TARP Reform Bill

The Gibson, Dunn & Crutcher Financial Markets Crisis Group is tracking closely government responses to the turmoil that has catalyzed dramatic and rapid reshaping of our capital and credit markets.

Client Alert | January 13, 2009

Fifteen Years of Antichurning: It’s Time to Make Butter

New York partner Romina Weiss is the author of "Fifteen Years of Antichurning: It's Time to Make Butter" [PDF] published in the January 12, 2009 issue of Tax Analysts.

Client Alert | January 12, 2009

Financial Markets in Crisis: Details of Federal Reserve MBS Purchase Program

The Gibson, Dunn & Crutcher Financial Markets Crisis Group is tracking closely government responses to the turmoil that has catalyzed dramatic and rapid reshaping of our capital and credit markets.We are providing updates on key regulatory and legislative issues, as well as information on legal issues that we believe could prove useful as firms and other entities navigate these challenging times.This update focuses on the Federal Reserve Board's announcement that it expects to begin purchasing mortgage-backed securities (MBS) in early January 2009.On November 25, 2008, the Federal Reserve announced three major new initiatives as follows: The Term Asset-Backed Securities Loan Facility (TALF) -- under which the Federal Reserve Bank of New York, with Treasury credit protection in

Client Alert | January 5, 2009

Financial Markets in Crisis: TARP Covers Automakers; More TALF Details Announced

The Gibson, Dunn & Crutcher Financial Markets Crisis Group is tracking closely government responses to the turmoil that has catalyzed dramatic and rapid reshaping of our capital and credit markets.

Client Alert | December 24, 2008

Financial Markets in Crisis: Oversight of Federal Rescue Efforts Ramps Up

The Gibson, Dunn & Crutcher Financial Markets Crisis Group is tracking closely government responses to the turmoil that has catalyzed dramatic and rapid reshaping of our capital and credit markets.

Client Alert | December 16, 2008

Financial Markets in Crisis: Housing and Credit Markets Get TARP Boost

The Gibson, Dunn & Crutcher Financial Markets Crisis Group is tracking closely government responses to the turmoil that has catalyzed dramatic and rapid reshaping of our capital and credit markets.

Client Alert | November 25, 2008

Financial Markets in Crisis: Final TLGP Rule

The Gibson, Dunn & Crutcher Financial Markets Crisis Group is tracking closely government responses to the turmoil that has catalyzed dramatic and rapid reshaping of our capital and credit markets.We are providing updates on key regulatory and legislative issues, as well as information on legal issues that we believe could prove useful as firms and other entities navigate these challenging times.This update focuses on the final rule issued today by the Federal Deposit Insurance Corporation (the "FDIC") governing its Temporary Liquidity Guarantee Program (the "TLGP").On October 13, 2008, the FDIC adopted the TLGP, which guarantees newly issued senior unsecured debt of banks, thrifts, and most holding companies of federally insured depository institutions (the &quo

Client Alert | November 21, 2008

Financial Markets in Crisis: The Waxman Hearings; TARP Update

The Gibson, Dunn & Crutcher Financial Markets Crisis Group is tracking closely government responses to the turmoil that has catalyzed dramatic and rapid reshaping of our capital and credit markets.We are providing updates on key regulatory and legislative issues, as well as information on legal issues that we believe could prove useful as firms and other entities navigate these challenging times.This update focuses on a series of hearings which are being conducted by Congressman Henry Waxman, chair of the House Committee on Oversight and Government Reform, and, in particular, the recent hearing on hedge funds' role in the financial crisis.BackgroundOn Thursday, October 2, 2008, Representative Waxman announced that the House Committee on Oversight and Government Reform would hold a seri

Client Alert | November 19, 2008

Unprecedented Challenges for Executive Compensation Require Immediate Planning

In the past few months, executive compensation practices have received unprecedented attention.  In the recent "bailout" legislation for the financial services industry, for the first time Congress has imposed substantive limitations on executive compensation.  In this  case, the restrictions are imposed on executives of financial institutions that accept federal assistance under the Troubled Assets Relief Program ("TARP").  It is widely anticipated that Congress will expand some of the limitations under TARP to cover other publicly-traded companies.  In addition, Congress may enact "say on pay" legislation in the next Congress.  Even if it does not, it can be expected that compensation-related shareholder proposals, perhaps model

Client Alert | November 14, 2008

Financial Markets in Crisis: TARP Roadmap Revised

The Gibson, Dunn & Crutcher Financial Markets Crisis Group is tracking closely government responses to the turmoil that has catalyzed dramatic and rapid reshaping of our capital and credit markets.

Client Alert | November 13, 2008

Financial Markets in Crisis: Expanding Authorities to Promote Liquidity and Protect Homeowners

The Gibson, Dunn & Crutcher Financial Markets Crisis Group is tracking closely government responses to the turmoil that has catalyzed dramatic and rapid reshaping of our capital and credit markets.

Client Alert | November 7, 2008

Code Section 457A: Ending Deferral of Compensation for Managers of Offshore Hedge Funds

The Emergency Economic Stabilization Act was signed into law by President Bush on October 3, 2008.  Included in the Act is new Internal Revenue Code Section 457A, which is intended to end the deferral of compensation payable to managers of offshore hedge funds under a nonqualified deferred compensation plan.

Client Alert | October 30, 2008

IRS Releases Updated Qualified Plan Limitations for 2009

On October 16, 2008, the IRS released the inflation-adjusted limitations applicable to tax-qualified retirement plans for 2009.  The increases are pursuant to inflation adjustment factors included in the applicable sections of the Internal Revenue Code.

Client Alert | October 23, 2008

Financial Markets in Crisis: Regulation of Credit Default Swaps

The Gibson, Dunn & Crutcher Financial Markets Crisis Group is tracking closely government responses to the turmoil that has catalyzed dramatic and rapid reshaping of our capital and credit markets.

Client Alert | October 23, 2008

Financial Markets in Crisis: Congress Takes a Closer Look; FDIC Issues Interim Rule

The Gibson, Dunn & Crutcher Financial Markets Crisis Group is tracking closely government responses to the turmoil that has catalyzed dramatic and rapid reshaping of our capital and credit markets.

Client Alert | October 23, 2008

Financial Markets in Crisis: Fed Announces a Third Funding Facility Designed to Increase Market Liquidity

The Gibson, Dunn & Crutcher Financial Markets Crisis Group is tracking closely government responses to the turmoil that has catalyzed dramatic and rapid reshaping of our capital and credit markets.

Client Alert | October 21, 2008

Financial Markets in Crisis: Critical Issues in the Current Environment

Many of our clients have been facing unprecedented new challenges as a result of the dramatic economic events that have occurred over the last month.  The financial markets continue to evolve in Washington on a real-time basis and the daily volatile gyrations in the stock markets around the world have led to uncertainty, anxiety and issues of first impression for many of our clients.  We believe that the events that occur in the coming months will shape not only the financial futures of many of our clients and their competitors, but also the world economy.

Client Alert | October 20, 2008

Financial Markets in Crisis: The Capital Purchase Program Takes Shape

The Gibson, Dunn & Crutcher Financial Markets Crisis Group is tracking closely government responses to the turmoil that has catalyzed dramatic and rapid reshaping of our capital and credit markets.

Client Alert | October 20, 2008

Financial Markets in Crisis: TARP Takes Shape: President Announces Additional Measures

The Gibson, Dunn & Crutcher Financial Markets Crisis Group is tracking closely government responses to the turmoil that has catalyzed dramatic and rapid reshaping of our capital and credit markets.

Client Alert | October 14, 2008

Financial Markets in Crisis: Applications Are In

The Gibson, Dunn & Crutcher Financial Markets Crisis Group is tracking closely government responses to the turmoil that has catalyzed dramatic and rapid reshaping of our capital and credit markets.

Client Alert | October 9, 2008

Financial Markets in Crisis: Treasury Moves to Implement TARP

With the Emergency Economic Stabilization Act (EESA) now law, Treasury is moving quickly to choose advisers, issue regulations, and hire companies to serve as asset managers for the Troubled Asset Relief Program (TARP).Today, Secretary Paulson announced that he has selected Neel Kashkari to be the interim head of the new Office of Financial Stability, which will implement the Troubled Asset Relief Program.  Kashkari is currently Assistant Secretary for International Economics and Development and has been a key adviser to Secretary Paulson.  It is our understanding that Secretary Paulson intends to hire a small staff with expertise in asset management, accounting, and legal issues to commence the Troubled Asset Relief Program.

Client Alert | October 6, 2008

Financial Markets in Crisis: Rescue Bill Reaches Finish Line

The Gibson, Dunn & Crutcher Financial Markets Crisis Group is tracking closely government responses to the turmoil that has catalyzed dramatic and rapid reshaping of our capital and credit markets.

Client Alert | October 3, 2008

Financial Markets in Crisis: Section-By-Section Analysis of the Emergency Economic Stabilization Act of 2008

We are pleased to provide our clients and friends with a section-by-section analysis of the Emergency Economic Stabilization Act of 2008 (hereinafter, the "Act") as passed by the Senate, by a vote of 74-25, on October 2, 2008.

Client Alert | October 2, 2008

Double Taxation of Profits from a Hybrid US LLC

Munich partner Hans Martin Schmid and of counsel Christian Schmidt are the authors of "Double Taxation of Profits from a Hybrid US LLC" [PDF] published in the October 2008 issue of Practical European Tax Strategies.

Client Alert | October 1, 2008

Financial Markets in Crisis: Overview of FDIC’s Authority with Respect to Bank Failures

The Gibson, Dunn & Crutcher Financial Markets Crisis Group is tracking closely government responses to the turmoil that has catalyzed dramatic and rapid reshaping of our capital and credit markets.

Client Alert | September 30, 2008

Financial Markets in Crisis: Rescue Bill Fails in House

The Gibson, Dunn & Crutcher Financial Markets Crisis Group is tracking closely government responses to the turmoil that has catalyzed dramatic and rapid reshaping of our capital and credit markets.What follows is our latest in a series of updates on key regulatory and legislative issues.Bipartisan RejectionLawmakers labored over the weekend to craft a financial package that would be palatable to both Democrats and Republicans, as well as to constituents back home.  Draft legislation was circulated and tinkered with all weekend until the House Rules Committee, at 12:01 a.m.

Client Alert | September 29, 2008

Financial Markets Crisis: Issues for Hedge Funds and Private Equity Funds

The Gibson, Dunn & Crutcher Financial Markets Crisis Group is tracking government responses to the turmoil that has reshaped our capital and credit markets.  The following is an update on key regulatory and legislative issues that are of particular interest to and are likely to affect hedge funds and private equity funds.Federal Reserve Board Enhances Passive Investment Framework for Minority Investors in Bank Holding Companies and BanksIn connection with its various efforts to increase the capital and liquidity available to the banking industry, on September 22, 2008 the Federal Reserve Board (the "Fed") issued a new policy statement providing additional guidance on making equity investments in a bank or bank holding company ("BHC").  Importantly, the iss

Client Alert | September 26, 2008

Financial Markets in Crisis: Deal on Rescue Bill Appears Likely, but What Will It Contain?

The Gibson, Dunn & Crutcher Financial Markets Crisis Group is tracking closely government responses to the turmoil that has catalyzed dramatic and rapid reshaping of our capital and credit markets.

Client Alert | September 25, 2008

Financial Markets Crisis: Congress and Administration Lurch Toward a Rescue Plan; Federal Reserve Relaxes Restrictions on Investments in Banks

The Gibson, Dunn & Crutcher Financial Markets Crisis Group is tracking closely government responses to the turmoil that has catalyzed dramatic and rapid reshaping of our capital and credit markets.What follows is our latest in a series of updates on key regulatory and legislative issues.Congressional HearingsToday, Treasury Secretary Henry Paulson and Federal Reserve Board Chairman Ben Bernanke testified before the House Financial Services Committee.  Both Secretary Paulson and Chairman Bernanke reiterated the message they conveyed to the Senate Banking Committee yesterday, urging Congress to pass legislation quickly and warning of dire economic consequences if the federal government does not intervene soon.  Tomorrow, the House Financial Services Committee will hear testimon

Client Alert | September 24, 2008

Congressional and Administrative Status Update Regarding Economic Bailout

The Gibson, Dunn & Crutcher Financial Markets Crisis Group is tracking closely government responses to the turmoil that has catalyzed dramatic and rapid reshaping of our capital and credit markets.What follows is our latest in a series of updates on key regulatory and legislative issues.Senate Banking Committee HearingThe Senate Banking Committee met today to hear testimony from Treasury Secretary Henry Paulson, Federal Reserve Chairman Ben Bernanke, Securities and Exchange Commission Chair Chris Cox, and Federal Housing Finance Agency Director James Lockhart.Treasury Secretary Paulson continued to advocate for a narrowly tailored bill without additional corporate governance provisions which could slow down approval of the legislation.  Though he maintained that approval of the le

Client Alert | September 23, 2008

Recent Senate Hearing Targets Dividend Tax Avoidance by Large Financial Firms with Offshore Entities

A key Senate investigative body has issued its latest findings in its investigation of alleged abusive tax practices, which is now in its seventh year.  The investigation has examined alleged offshore tax havens, the way tax shelters are promoted, how assets are "hidden" offshore, and, most recently, dividend tax abuse.  While it is not clear where the investigation will focus next, it is highly likely that it will continue.

Client Alert | September 22, 2008

Capital Markets in Crisis: The Government Formulates a Response

Gibson, Dunn & Crutcher Deploys a Team of ExpertsMany of our clients are facing new challenges because of the dramatic economic events that have occurred over the last two weeks and as a result of changes that in their scope and reach we have not seen since the Depression.  Financial markets are literally being reshaped in Washington on a real-time basis.  As the Administration and Congress move forward to address the liquidity crisis and related problems, we are positioned to keep our clients apprised of key developments and to ensure that their voices are heard in the debate about how to repair our financial infrastructure.To that end, Gibson, Dunn has assembled a team of attorneys with a broad range of experience in the securities, financial, corporate, real estate, tax, b

Client Alert | September 22, 2008

French Taxation of Real Property Capital Gains

Paris associates Jerome Delaurière and Charlotte Prest are authors of "French Taxation of Real Property Capital Gains" [PDF].  This article first appeared in Tax Notes International on August 25, 2008, p.661.

Client Alert | August 25, 2008

Why Is Denmark Terminating Tax Treaties?

Partner Wendy Singer and Associate Jérôme Delaurière are authors of "Why Is Denmark Terminating Tax Treaties?" [PDF] which appeared in the July 7, 2008 issue of Tax Notes International.

Article | July 8, 2008

Final Section 409A Amendment Deadline and End of Transition Period Rapidly Approaching; Immediate Action Required

The "good faith" transition period for compliance with Section 409A of the Internal Revenue Code expires on December 31, 2008, and the final Section 409A regulations become fully effective on January 1, 2009.

Client Alert | June 26, 2008

IRS Provides Transition Relief on Controversial Section 162(m) Issue

In reliance on the IRS's view as expressed in private letter rulings in 1999 and 2006, many public companies have taken the position that amounts can qualify as “performance-based compensation” under section 162(m) of the Internal Revenue Code if the amounts are payable in connection with an executive’s termination of employment without “cause” or for “good reason” regardless of whether the performance goals have been satisfied.  However, in a controversial private letter ruling issued in late January, the IRS reversed its longstanding position that such provisions are permissible in performance-based arrangements, thereby calling into question deductions that many companies have taken in prior years and the attendant financial reporting, as well as the deductibility of

Client Alert | February 22, 2008

IRS Issues Voluntary Correction Program for Section 409A Operational Violations

On December 3 the Internal Revenue Service issued Notice 2007-100, which provides a limited voluntary correction program for certain operational violations of Section 409A of the Internal Revenue Code.

Client Alert | December 5, 2007

2007 Employee Benefits Deadlines Require Immediate Attention

As another year comes to a close, employers must take a number of actions to (i) address Section 409A of the Internal Revenue Code for deferred compensation plans, (ii) comply with the Labor Department's "qualified default investment alternative" ("QDIA") fiduciary safe harbor for defined contribution retirement plans, and (iii) begin operating their qualified retirement plans in compliance with new rules that become effective on January 1, 2008.

Client Alert | December 4, 2007

Labor Department Issues Final Qualified Default Investment Alternative Regulations

On October 23, the Labor Department issued final regulations setting forth the standards applicable to qualified default investment alternatives ("QDIAs").

Client Alert | October 24, 2007