As discussed in our three prior client alerts, effective as of January 1, 2024, the Corporate Transparency Act (“CTA”) and rules issued thereunder by the Financial Crimes Enforcement Network (“FinCEN”) require most U.S....more
With a state as large and diverse as California, it appeals to businesses. However, the state’s unique employment law requirements can pose challenges to employers new to the state. The following are some action items...more
The IRS’s Office of Chief Counsel recently published a memorandum providing information for cannabis companies struggling to comply with the completion of Form 8300, which must be filed every time a company receives a cash...more
In January of 2021, Congress passed the Corporate Transparency Act of 2019 (the “CTA”) as part of the 2021 Defense Bill. Initially introduced in 2019, the CTA requires private companies to disclose their “Beneficial Owners”...more
If you are thinking about going into business or are already in business, the task of hiring for your business can be quite daunting. There are several things to consider before hiring an employee or an independent...more
A friend, family member, or client has just created an irrevocable trust naming you as the trustee, and you may be asking yourself, “What do I do now?” Serving as a trustee comes with a lot of responsibility. Here are a few...more
Nonprofit founders are often surprised to learn that the United States Internal Revenue Service (the IRS) requires nonprofits obtain an Employer Identification Number (also called an EIN), even if the nonprofit does not have...more
On November 1, 2022, the Family and Medical Leave Insurance Division (the Division) of the Colorado Department of Labor and Employment adopted final rules that employers must follow to offer private plans under Colorado’s...more
The trusts maintained to hold assets of ERISA plans are separate tax entities from the employers sponsoring the plans. Therefore, each is required to have its own federal tax ID number. Knowing when and where to use whose EIN...more
New York’s adult-use cannabis industry is underway, and with the release of more license categories on the horizon, we are gearing up for a historical licensing round. To beat the summer slump, VS’s New York team created an...more
The Office of Federal Contract Compliance Programs (OFCCP) requires supply and service contractors and subcontractors (collectively referred to as “contractors”) that meet certain jurisdictional thresholds to develop and...more
Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of July 26, 2021 – July 30, 2021... July 26, 2021: The IRS issued Notice 2021-46 as a supplement...more
Due to COVID-19 closures at the Internal Revenue Service (IRS), EIN applications that are submitted by telephone, fax or mail currently are not being received or processed. Accordingly, non-U.S. applicants (who generally are...more
An EIN is also known as a Federal Entity Tax Identification Number (EIN) and is used to identify a business entity such as a sole proprietorship, corporation, partnership, estate, trust, and other entities for tax filing and...more
The IRS announced on March 27, 2019 that in an effort to enhance security and improve transparency, the “responsible party” on applications for an employer identification number (EIN) must now be a natural person. An EIN...more
In December, 2017 the Internal Revenue Service (IRS) released a revised Form SS-4, Application for Employer Identification Number and related instructions. An employer identification number (EIN) is a nine-digit number...more
If a non-U.S. person (individual or corporation) owns 100 percent of the stock of a U.S. corporate subsidiary, the subsidiary needs to obtain an employer identification number (EIN) and maintain adequate books and records to...more
Starting a business is not always simple. Being an employer carries with it a number of obligations and it is important to know the ropes prior to even hiring your first employee. Below is a condensed HR checklist that...more
Generally, a disregarded entity is not subject to U.S. tax or information reporting, so the IRS is limited to gleaning information from tax filings by an entity’s owner. But foreign owners of disregarded entities often do not...more
As we head into the final month before petitions for H-1B visas must be filed for Fiscal Year 2017, employers should keep the following information in mind: FEIN Validation - If an employer has not filed a labor...more
You’ve taken the plunge and formed your business as a Delaware corporation. What do you need to do next? This post, along with the companion piece 8 Legal To-Dos Before Your First Investment, is intended to help you identify...more
When filing for an Employer Identification Number (EIN), which is required for purposes of tax administration, the applicant must disclose the name and taxpayer identification number (e.g., Social Security Number, Individual...more
Beginning on January 1, 2014, any entity with an employer identification number (EIN) issued by the Internal Revenue Service (IRS) must report a change in the identity or address of its “responsible party” within 60 days of...more
On May 3, 2013, the IRS issued final regulations that will require all persons (including trusts and estates) with employer identification numbers (“EIN”) to provide updated information to the IRS in a prescribed manner...more