Firm News
Susan Bernstein Appointed to IRS Advisory Committee on Tax Exempt and Government Entities
June 2015
SRZ special counsel Susan E. Bernstein was appointed to the Internal Revenue Service’s Advisory Committee on Tax Exempt and Government Entities (ACT). The ACT, established in 2001, includes external stakeholders and representatives who deal with employee retirement plans, tax-exempt organizations, tax-exempt bonds, and federal, state, local and Indian tribal governments. Susan is one of seven new members, appointed on May 27 for a two-year term, by the Secretary of the U.S. Department of the Treasury, upon recommendation of the Commissioner of the Internal Revenue Service. Based on Susan’s expertise in working with defined benefit, defined contribution, non-qualified and welfare benefit plans, she will serve on the ACT’s Employee Plans panel, which is responsible for advising the IRS on operational policy matters from the private sector perspective.
Susan calls the ACT a “working committee,” which tackles long-term projects and affords an opportunity to provide practical recommendations to the IRS on concerns that face clients and practitioners and enables the IRS to improve administrative processes and procedures based on the experts’ feedback. The IRS selected Susan through a rigorous application and interview process. She will assume her duties at the public meeting held on June 17 in Washington, D.C.
To read the IRS announcement, click here.
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On Feb. 16, 2024, the Financial Crimes Enforcement Network (“FinCEN”), a bureau of the United States Department of the Treasury (“Treasury”), issued a notice of proposed rulemaking (“Proposed Rule”)[1] continuing the process of implementing regulations to combat illicit finance risks posed by abuse by some in the real estate market. The Proposed Rule would require certain persons involved in residential real estate closings and settlements to submit reports (“Real Estate Reports”) and keep accurate records of certain non-financed transfers of US residential real property. The reasoning behind the Proposed Rule is explained extensively in FinCEN’s December 2021 Anti-Money Laundering Regulations for Real Estate Transactions Advanced Notice of Proposed Rulemaking, which discusses “the opacity of shell companies or other legal entity structures to mask true beneficial ownership of a property and their involvement in real estate transactions.”[2]
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On Feb. 16, 2024, the Financial Crimes Enforcement Network (“FinCEN”), a bureau of the United States Department of the Treasury (“Treasury”), issued a notice of proposed rulemaking (“Proposed Rule”)[1] continuing the process of implementing regulations to combat illicit finance risks posed by abuse by some in the real estate market. The Proposed Rule would require certain persons involved in residential real estate closings and settlements to submit reports (“Real Estate Reports”) and keep accurate records of certain non-financed transfers of US residential real property. The reasoning behind the Proposed Rule is explained extensively in FinCEN’s December 2021 Anti-Money Laundering Regulations for Real Estate Transactions Advanced Notice of Proposed Rulemaking, which discusses “the opacity of shell companies or other legal entity structures to mask true beneficial ownership of a property and their involvement in real estate transactions.”[2]