Trump Foundation Sued for Illegal Conduct Including Self-Dealing: Today, New York sued The Donald J. Trump Foundation (Foundation), along with its directors--the President and his children Eric Trump, Donald Trump Jr., and Ivanka Trump. The complaint alleges violations of state and federal laws including “improper and extensive political activity, repeated and willful self-dealing transactions, and failure to follow basic fiduciary obligations or to implement even elementary corporate formalities required by law.” The lawsuit seeks to dissolve the Foundation and demands restitution in the amount of $2.8 million plus additional penalties. New York also seeks to ban the President from serving as a director of a New York nonprofit for ten years and seeks a similar ban for one year for each of the three other directors.
Treasury, IRS Issue Updated Weighted Average Interest Rates, Yield Curves, and Segment Rates: Today, the Treasury and the IRS issued Notice 2018-56 providing guidance on the corporate bond monthly yield curve, the corresponding spot segment rates used under § 417(e)(3), and the 24-month average segment rates under § 430(h)(2). The notice also provides guidance as to the interest rate on 30-year Treasury securities under § 417(e)(3)(A)(ii)(II) as in effect for plan years beginning before 2008 and the 30-year Treasury weighted average rate under § 431(c)(6)(e)(ii)(I).