Happy Fourth of July!
Unused ITINs will expire after five years
An IRS news
release has announced that individual taxpayer identification numbers
(ITINs) will expire if not used on a federal income tax return for five
consecutive years. The new policy applies to any ITIN regardless of when it was
issued. To allow for an adjustment period, ITINs will not be deactivated until
2016. Under the old policy, ITINs issued after January 1, 2013, would
have automatically expired after five years, even if used properly and
regularly by taxpayers.
OFAC Transnational Criminal Organizations designations
has announced actions against four already designated transnational
criminal organizations (TCOs): the Camorra, the Yakuza, the Brothers' Circle,
and Mara Salvatrucha (MS-13). Today’s action freezes any assets the designated
persons may have within the jurisdiction of the United States and generally
prohibits any transactions with them by U.S. persons. These designations were imposed under
Executive Order (E.O.) 13581, "Blocking Property of Transnational Criminal
Organizations," which targets significant TCOs and individuals or entities
determined to have provided material support to, or to be owned or controlled
by, or to have acted or purported to act for or on behalf of, such
Student loans and closed schools
on the CFPB Blog offers advice on what to do if a college has unexpectedly shut its doors. The article discusses the impact on federal and private student loans.
It also addresses "teach-out" arrangements.