Accounting
Trump picks Atkins, ex-SEC commissioner, to succeed Gensler
Paul Atkins is President-elect Donald Trump’s choice to lead the Securities and Exchange Commission, suggesting four years of relaxed policy and enforcement for crypto firms to hedge funds.
Trump selected Atkins to replace outgoing Chair Gary Gensler, whose ambitious plans focusing on climate-risk disclosures, crypto crackdowns and stock-trading regulations drew resistance from Wall Street. Gensler has said he plans to depart on Jan. 20.
“Paul is a proven leader for common sense regulations. He believes in the promise of robust, innovative capital markets that are responsive to the needs of Investors, & that provide capital to make our Economy the best in the World,” Trump said in the statement posted on Truth Social on Wednesday.
By selecting the former Republican SEC commissioner, Trump is tapping one of the most influential GOP financial regulation insiders to oversee Wall Street. If confirmed, Atkins is expected to focus on whittling away at regulations and levying lower penalties for violations. Critics are already sounding alarms.
He is an “industry cheerleader who, as a commissioner at the SEC from 2002-2008, supported deregulation that contributed to the devastating 2008 crash,” Dennis Kelleher, co-founder of Better Markets, a financial policy think tank, said in a statement.
Atkins has been a strong proponent of digital assets and his selection to head the agency comes after Trump embraced cryptocurrency during his campaign.
Robinhood Markets Inc. legal chief Dan Gallagher said at the firm’s investor day in New York City on Wednesday that Atkins is “the perfect pick for SEC chair.”
Gallagher previously worked for Atkins at the SEC and at Patomak Global Partners, a consulting firm founded by Atkins with major financial industry clients. Patomak has since risen to become one of the most prominent sounding boards for banks, trading firms, fintechs and others seeking guidance on how to influence and respond to Washington’s
Atkins’ history
At the SEC and in the private sector, Atkins has been involved in some of the biggest and most contentious policy issues in finance, such as the influence of proxy advisers on corporate boards and the
As an SEC commissioner, Atkins spoke out against high penalties levied on companies, saying they ultimately hurt shareholders. He also called out the SEC’s mandate to not only protect investors but to increase competition and efficiency in the markets. The regulator “must not price those very investors out of our markets through burdensome regulations or eat up the fruits of their investments through nonsensical mandates,” Atkins said in a
He also criticized parts of the sweeping reforms contained in the Dodd-Frank legislation that was enacted in the wake of the 2008 financial crisis. He testified before a congressional committee about problems with certain big banks getting designated as systemically important financial institutions and the “grab bag” of public company disclosure provisions contained in the law.
Atkins’ leadership would likely be in sharp contrast with Gensler, who rolled out one of the most aggressive SEC agendas in recent memory. Some of Gensler’s marquee rule-makings, however, got
The SEC under Gensler also levied big fines for regulatory missteps, with record penalties for financial firms using unofficial communication devices to conduct business. Business groups, especially the crypto industry, often complained the SEC under Gensler enacted regulation by enforcement instead of first creating clear rules of the road.
“I think the nomination of Atkins would signal and would be understood as a return to the status quo before Gensler. Back to business as usual for the SEC,” said Alex Platt, a professor at the University of Kansas School of Law.
Easing restrictions, sharpening personal attention and clarifying denials are among the aims of
The programs focus on “fast track settlement,” which allows IRS Appeals to mediate disputes between a taxpayer and the IRS while the case is still within the jurisdiction of the examination function, and post-appeals mediation, in which a mediator is introduced to help foster a settlement between Appeals and the taxpayer.
The IRS has been revitalizing existing ADR programs as part of transformation efforts of the agency’s new strategic plan, said Elizabeth Askey, chief of the IRS Independent Office of Appeals.
“By increasing awareness, changing and revitalizing existing programs and piloting new approaches, we hope to make our ADR programs, such as fast-track settlement and post-appeals mediation, more attractive and accessible for all eligible parties,” said Michael Baillif, director of Appeals’ ADR Program Management Office.
Among other improvements, the pilots:
- Align the Large Business and International, Small Business and Self-Employed and Tax Exempt and Government Entities divisions in offering FTS issue by issue. Previously, if a taxpayer had one issue ineligible for FTS, the entire case was ineligible.
- Provide that requests to participate in FTS and PAM will not be denied without the approval of a first-line executive.
- Clarify that taxpayers receive an explanation when requests for FTS or PAM are denied.
Another pilot, Last Chance FTS, is a limited scope SB/SE pilot in which Appeals will call taxpayers or their representatives after a protest is filed in response to a 30-day or equivalent letter to inform taxpayers about the potential application of FTS. This pilot will not impact eligibility for FTS but will simply test the awareness of taxpayers regarding the availability of FTS.
A final pilot removes the limitation that participation in FTS would preclude eligibility for PAM.
The traditional appeals process remains available for all taxpayers.
Inquiries can be addressed to the ADR Program Management Office at
The Internal Revenue Service has updated and added new guidance for taxpayers claiming the Energy Efficient Home Improvement Credit and the Residential Clean Energy Property Credit.
The updated
New sections have been added on how long a taxpayer has to claim the tax credits, guidance for condominium and co-op owners, whether taxpayers who did not previously claim the credit can file an amended return to claim it, and a series of questions on qualified manufacturers and product identification numbers. Other material has been added on how to claim the credits, what kind of records a taxpayer has to keep for claiming the credit, and for how long, and whether taxpayers can include financing costs such as interest payments in determining the amount of the credit.
The IRS states that “financing costs such as interest, as well as other miscellaneous costs such as origination fees and the cost of an extended warranty, are not eligible expenditures for purposes of the credit.”
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