Posts by Maria Dadonova

LEGISLATIVE DEVELOPMENTS Inflation Reduction Act of 2022 On August 16 President Biden signed the Inflation Reduction Act of 2022 into law. The new law is expected to raise approximately $472 billion to pay for deficit reduction, clean energy and climate investments. It includes $369 billion for investments in climate and energy policies and $64 billion…

LEGISLATIVE DEVELOPMENTS Inflation Reduction Act of 2022 On July 27 Senate Majority Leader, Charles Schumer (D-NY) announced a deal with Senator Joe Manchin (D-WV) to pursue legislation through the Budget Reconciliation process that was established in 2021. The new effort (smaller than the prior Build Back Better legislation) is now being referred to as the…

TAX DEVELOPMENTS Biden Tax Policy Update News reports on June 29 indicate that Senate Majority Leader, Chuck Schumer (D-NY), and Senator Joe Manchin (D-WV) have made progress in private negotiations to revive aspects of the Biden Administration’s Build Back Better legislation. According to a Bloomberg article, the two are close to agreeing on an overall…

ACCOUNTING DEVELOPMENT Mortality Tables for Determining Present Value Under Defined Benefit Pension Plans On April 28 the IRS published a Proposed Rule related to prescribed mortality tables to be used for defined benefit pension plans. The tables are used to calculate the present value of expected future benefit payments for purposes of determining the minimum…

JUDICIAL DEVELOPMENTS Athene v. American General, et al. – COLI SVP Product Dispute On April 18 the Delaware Superior Court granted an order to stay discovery and all other pending deadlines because the parties have agreed in principle to a settlement that would resolve the proceedings. To briefly recap this dispute: Terms of the pending…

TAX DEVELOPMENTS Biden Administration Releases Fiscal Year 2023 Budget Proposal On March 28 the Biden Administration released its Fiscal Year 2023 budget proposal. Primary tax policy proposals include a new 20% minimum tax on households with more than $100 million in wealth and an increase in the corporate tax rate to 28%. The summary table…

REGULATORY DEVELOPMENTS SEC Proposes Cybersecurity Rules for Investment Advisers Noting concerns that it has encountered during examinations of advisers and funds, the SEC is proposing rules targeted at improving cybersecurity programs for registered investment advisers and investment companies. The proposed rules, released February 9, include requirements to report significant cybersecurity incidents to the SEC and…

TAX DEVELOPMENTS IRS Final Guidance on Transition from LIBOR to Other Reference Rates On January 4 Final Regulations from the IRS were published in the Federal Register providing guidance on the tax consequences of the transition away from LIBOR in debt instruments, derivative contracts, and other contracts. The Final Regulations supersede the previous Proposed Regulations…

LEGISLATIVE DEVELOPMENTS Build Back Better Act Update On December 19 Senator Joe Manchin (D-WV) announced in a Sunday morning news interview that he would not vote in support of the Build Back Better Act. This decision effectively stalled the legislation, as the Senate Democrats needed unanimous support within the party to pass the legislation. White…