Part I: A Primer on Usufructs and Their Treatment by the IRS
Explore the legal implications of usufruct, a civil law property right, and how the IRS treats it in cross-border tax and estate planning.
FBAR UPDATE: The Sixth Circuit Rules Willfulness Includes Recklessness - March 2024
Under the Bank Secrecy Act, individuals with foreign bank accounts containing an aggregate of $10,000 or more must annually file a Report of Foreign Bank and Financial Accounts (“FBAR”) with the U.S. Department of the Treasury. An individual who fails to file an FBAR by the deadline risks civil penalties.
Corporate Transparency Act Update: Unenforceable Against Only Certain Businesses
In 2021, Congress enacted the Corporate Transparency Act (“CTA”) as part of an anti-money-laundering initiative. The CTA mandates that all entities formed or registered to do business in the US (“Reporting Companies”) and all foreign entities registered to do business in any state, unless exempt, must disclose their beneficial ownership to the Department of Treasury’s Financial Crimes Enforcement Network (“FinCEN”).
AmCham Peru Renews Its Members For The Period 2024-2025
Carlos F. Concepción has been renewed as a member of The Arbitration Court of the International Arbitration Center of the American Chamber of Commerce of Peru for 2024-2025.
The Corporate Transparency Act is Finally Effective: What You Should Know
The Corporate Transparency Act (“CTA”) is finally effective January 1, 2024. Enacted in 2021, the CTA requires certain U.S. and foreign entities to disclose beneficial information for purposes of combatting illicit activity, including money laundering, tax fraud, and terrorism financing.
IRS’s New Tax Amnesty Program: Voluntary Disclosure Program for questionable Employee Retention Credits
Voluntary Disclosure Program for questionable Employee Retention Credits.