|Posted on August 11, 2021 at 11:40 AM|
Introduction. On January 1, 2021, the Corporate Transparency Act of 2020 (“CTA”) was enacted into law as part of H.R. 6395, the National Defense Authorization Act, 2021 (“NDAA”). The CTA added Section 5336 to the Bank Secrecy Act, 31 U.S.C. sections 5311 et seq., originally enacted in 1970 (“BSA”). On April 5, 2021, the United States Department of Treasury (“Treasury”) and Financial Crimes Enforcement ...Read Full Post »
|Posted on July 29, 2021 at 5:40 PM|
|Posted on January 6, 2021 at 4:20 PM|
Introduction. On January 1, 2021, the United States Senate passed H.R. 6395, the National Defense Authorization Act, 2021 (“NDAA”) over the Presidential veto. The NDAA is slated to be enacted. Division F of the NDAA incorporates the Corporate Transparency Act of 2020 (“CTA”). An earlier version of the CTA, H.R. 2513, was passed by the House of Representatives in 2019. The CTA substantially revised and expanded H.R. 2513. The CTA ad...Read Full Post »
Excluding High-Taxed Foreign Income Under Final GILTI HTE Regulations and Proposed Section 954(b)(4) Regulations
|Posted on August 24, 2020 at 4:05 PM|
On July 20, 2020, Treasury and the IRS issued proposed regulations (“Proposed Regulations”) under section (“Section”) 954(b)(4) of the Internal Revenue Code of 1986, as amended (“Code”) conforming the rules for electing into a high-tax exception (“HTE”) for “subpart F” income and a high-tax exclusion from global intangible low-taxed income (“GILTI”) (“GILTI HTE”). As part ...Read Full Post »
|Posted on May 19, 2020 at 1:45 AM|
Employees of foreign affiliate of a small business based in the United States count toward the 500-employee limit under SBA guidance issued on May 18, 2020 (SBA-2020-0030) for loan eligibility under the Paycheck Protection Program (“PPP”), economic assistance for employers affected by COVID-19, authorized in section 1102 of the CARES Act, Pub. L. No. 116-136. SBA published on its website an overview on April 3, 2020, which provided criteria for determining affiliates of an employ...Read Full Post »
LLCs As Private Equity Fund Acquisition Vehicles for Portfolio Companies With Multiemployer Pension Plan Liabilities
|Posted on December 31, 2019 at 6:15 PM|
Journal of Corporate Taxation Article, "Reporting Transfers of Partnership Interests Subject to Section 1446(f)"
|Posted on November 19, 2019 at 1:45 PM|
H.R. 2513, Corporate Transparency Act of 2019 Would Require Beneficial Ownership Disclosure for Corporations and LLCs
|Posted on October 29, 2019 at 5:50 PM|
Introduction. On October 22, 2019, the United States House of Representatives passed H.R. 2513, titled, Corporate Transparency Act of 2019 (the “Act”). The Act, a bi-partisan-sponsored bill, would require certain legal entities to disclose the beneficial owner upon formation under the laws of a U.S. State or Indian Tribe.
Legislative Intent. The Act is intended to prevent domestic and cross-border illicit activities by precluding concealment of ...Read Full Post »
Coordination With FIRPTA on Sale of Partnership Interests Under Proposed Section 1446(f) Regulations
|Posted on October 4, 2019 at 5:20 PM|
Treasury and the IRS published proposed regulations, 84 Fed. Reg. 21,198 (May 13, 2019) (the “Proposed Regulations”) for withholding of tax on gain from sales or exchanges of certain partnership interests held by foreign individuals or corporations under section 1446(f) (“Section 1446(f)”) of the Internal Revenue Code of 1986, as amended (“Code”). The Proposed Regulations raise compliance issues in coordinating the new Sect...Read Full Post »
|Posted on April 4, 2017 at 8:05 AM|
Background: Foreign, Domesticated SMLLCs. Foreign charitable organizations and pension funds (hereafter, “exempts” due to their tax-exempt status under home country, and in some cases, U.S. tax laws) may use separate legal entities as subsidiaries to hold institutional funds or plan assets in foreign and domestic jurisdictions.
Organizational Structure of SMLLCs. These subsidiaries may be organized as single-member limited liability companies (...Read Full Post »