(Published August 26, 2016) On August 24, 2016 the Internal Revenue Service issued Revenue Procedure 2016-47 which provides for a self-certification procedure (subject to verification on IRS audit) that may be used by a taxpayer claiming eligibility for a waiver under Internal Revenue Code Sections 402(c)(3)(B) or 408(d)(3)(I) with respect to a rollover into a plan or individual retirement arrangement. The guidelines defined in this Revenue Procedure are effective immediately.
(Published August 25, 2016) The AnaCredit project started in 2011 to form a core set of low level and harmonized data on credit granted by euro area financial institutions. On the 18 May 2016, The European System of Central Banks (ESCB) settled plans for stage one of its Analytical Credit Dataset (AnaCredit). The purpose is to enable the work of the Single Supervisory Mechanism (SSM) by providing a full, true and up-to-date view of Eurozone credit data. This article explains what is new, what has changed in the final rules, and as a result, the work that banks now have to start in order to comply in time with the new deadline.