News & Analysis as of

Check the Box Rules

The Government’s Role in Promoting and Leading Effective Cybersecurity

by Morgan Lewis on

Introduction - Data breaches have the power to inflict significant damage and consequences with the potential to bring a company, industry or government agency to its knees, or adversely harm those individuals whose...more

NYC Pension Funds Set Their Sights on Board Diversity

by Jones Day on

The Background: The NYC Pension Funds, which led the largely successful campaign to implement proxy access rights across corporate America, have launched a new crusade to improve the diversity of corporate boards....more

Evolution of Your Compliance Program

by Thomas Fox on

One of the most consistent themes from the Department of Justice (DOJ) regarding Foreign Corrupt Practices Act (FCPA) compliance programs has been continuous evolution. As far back as 2009, I heard Lanny Breuer say that your...more

If You Checked The Box, You’re Bound By The Contract

A recent decision by the Third Circuit Court of Appeals highlights the well-established legal maxim that “when a party enters into a signed, written contract, that party is presumed to understand and assent to its terms.”...more

Filing an Entity Income Tax Return Does Not Constitute a Check-the-Box Election

by Charles (Chuck) Rubin on

A single member limited liability company (SMLLC) is treated by default under the check-the-box rules as a disregarded entity. If a Form 8832 is filed, the owner can elect to treat it as a corporation/association....more

Form 5472 Reporting by Foreign Owned Disregarded Entities Established in the U.S. - Coming Soon!

by Charles (Chuck) Rubin on

Presently, a domestic single member LLC, and other similar single owner entities, absent a check-the-box election to the contrary, are disregarded for almost all U.S. tax purposes. Presently, a foreign owner of such...more

The Legacy of Michigan Senator Levin and Offshore Taxation Issues

by Michael Volkov on

When Senator Levin, the Democrat from Michigan, announced his retirement from the Senate in 2014, you could hear a collective sigh of relief from the corporate business community. Senator Levin had dedicated himself to...more

4 Signs of a Weak Culture of Compliance and Ethics

by Michael Volkov on

We all know the importance of promoting a culture of compliance and ethics. The benefits of an ethical culture are substantial and worth every penny of investment in creating and promoting such a culture. We do not need to...more

Great Structures Week I: Vitruvius, the Brooklyn Bridge and Compliance

by Thomas Fox on

I recently completed a course from The Teaching Company, entitled “Understanding the World’s Greatest Structures: Science and Innovation from Antiquity to Modernity”, taught by Professor Stephen Ressler. It was a wonderful...more

Broker-Dealers File Suspiciously Few Suspicious Activity Reports

by Carlton Fields on

Speaking at an anti-money laundering (AML) conference in February, SEC Director of Enforcement John Ceresney warned attendees that broker-dealers were under-filing suspicious activity reports (SARs). He said that...more

SEC Announces First Wave of MCDC Underwriter Sanctions

by Burr & Forman on

The Securities Exchange Commission announced June 18 the first major wave of underwriter sanctions under its Municipalities Continuing Disclosure Cooperation (“MCDC”) Initiative. The SEC sanctioned 36 municipal underwriting...more

Ticking all the Right Boxes! Irish Collective Asset Management Vehicles Act 2015 Signed into Law

by Dechert LLP on

The eagerly anticipated Irish Collective Asset-management Vehicles Act 2015 (the “ICAV Act”) was signed into law in March 2015 and the first Irish Collective Asset-management Vehicles (“ICAVs”) have been authorised by the...more

Illinois Enacts New Law Impacting Inquiries on Criminal Background Checks

by Littler on

On July 19, 2014, 2014, Illinois Governor Pat Quinn signed into law the Job Opportunities for Qualified Applicants Act, which will go into effect on January 1, 2015. The new law will restrict the timing of pre-employment...more

Check-the-Box Elections: Relevance in the International Context

by Bilzin Sumberg on

One of the most powerful tools in cross-border tax planning is the ability to make a “check-the-box” election. Pursuant to the entity classification regulations under Internal Revenue Code §7701 (the “check-the-box...more

The Mann Gulch Fire and How Far Down the Chain Do You Need to Go?

by Thomas Fox on

Robert Sallee died last week. A smoke jumper, he was the last survivor of the Mann Gulch Fire, one of the worst disasters in the history of the US Forest Service. Sallee’s story and that of the Mann Gulch Fire was detailed in...more

LLC’s Electing To Be ‘S’ Corporations

by Charles (Chuck) Rubin on

Most entities operating as ‘S’ corporations are corporations formed under state law. However, under the check-the-box rules, a limited liability company (LLC) can elect to be taxed for federal tax purposes as a corporation....more

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Cybersecurity

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