The Financial Crimes Enforcement Network (FinCEN) finalized a rule on August 28, 2024 that creates new reporting requirements for certain transfers of residential real estate. Under the new rule, transfers of residential real estate not already subject to the Anti-Money Laundering and Countering the Financing of Terrorism regulatory regime will be required to submit a Real Estate Report.
After receiving complaints that disregarded entities required to file Beneficial Ownership Information (BOI) Reports could not do so using their parent’s Employer Identification Number (EIN), the Financial Crimes Enforcement Network (FinCEN) has corrected the issue.
On May 3, 2024, the Treasury Department finalized regulations for the extension of time to make certain elections pertaining to the Generation Skipping Tax (GST) including elections for exemption allocations under section 2642(g).
Since Treasury Regulation Section 301.6109-1(h)(2)(i) took effect in 1997, the Internal Revenue Service (IRS) has permitted disregard entities, including single member limited liability companies to use the Employee Identification Number (EIN) of its owner (unless the disregarded entity has employees). Unfortunately, and without any regulatory authority, the Financial Crimes Enforcement Network (FinCEN) is not permitting disregarded entities to use their owner’s EIN for purposes of beneficial ownership reporting.
On March 22, 2024, the Treasury Department published a proposed regulation relating to certain transactions involving Charitable Remainder Annuity Trusts (“CRATs”) investing in single premium immediate annuities (“SPIAs”). The rule would designate transactions seeking to exclude from income SPIA payments from a CRAT under Section 72(b)(2) of the Internal Revenue Code (the “Code”).
The U.S. Department of Labor (“DOL”) has published its new final rule regarding whether workers are properly classified as employees, who are subject to the overtime and minimum wage protections of the Fair Labor Standards Act (“FLSA”), or independent contractors, who are not.
The U.S. Department of Labor today issued a proposed rule raising the minimum salary an employee must receive to be considered exempt from overtime under the Fair Labor Standards Act.
The State of Texas recently adopted its first comprehensive data privacy law, bringing the State in line with nine other States that have adopted data privacy laws generally following the European Union’s General Data Protection Regulation. In this blog post we highlight some of the key protections Texas consumers are now entitled to and correspondingly, key obligations of business with respect to those consumers.
The United States Department of Justice (DOJ) recently announced a nationwide policy that gives credits for companies that make “voluntary self-disclosures” for corporate misconduct. The policy builds on changes to DOJ’s Corporate Enforcement Policy that was announced in January.
The U.S. Attorneys’ Offices’ (USAO) Voluntary Self-Disclosure Policy, which was prepared by a Corporate Criminal
The U.S. Department of Labor (“DOL”) announced today that it will publish a Notice of Proposed Rulemaking on October 13, 2022, in order “to help employers and workers determine whether a worker is an employee or an independent contractor under the Fair Labor Standards Act.” This marks the Biden Administration’s second attempt to rescind the