News & Analysis as of

FACTA

Allen Barron, Inc.

A Foreign Trust Creates Complex IRS Reporting Requirements

Allen Barron, Inc. on

The IRS has clearly identified legitimate reasons why "U.S. Persons" would establish or maintain ownership in a foreign trust. However, a foreign trust creates complex IRS reporting requirements for US taxpayers who own a...more

Seward & Kissel LLP

US and Global Crypto Tax Update

Seward & Kissel LLP on

Crypto tax policy continues to move forward, domestically and internationally. Domestically, the IRS seeks comments on the new Form 1099-DA. Internationally, the Organization for Economic Co-Operation and Development (“OECD”)...more

Walkers

Cayman Islands beneficial ownership regime: Update and progress towards 1 January 2025

Walkers on

How does the beneficial ownership reporting regime developments impact those within the fund governance function? Introduction - As noted in our recent advisory, the Cayman Islands' beneficial ownership reporting...more

Allen Barron, Inc.

The Step Doctrine and How it Applies to IRS, State, and California Tax

Allen Barron, Inc. on

It is important to understand the step doctrine and how it applies to IRS audits and state tax investigations, including California tax audits. The "step doctrine" is a concept not directly found in federal or California...more

Allen Barron, Inc.

Are you Thinking of Moving to Another Country - A Few Things to Consider

Allen Barron, Inc. on

Are you thinking of moving to another country? Over the past decade, a record number of U.S. citizens have decided to live and work abroad. There are many issues you may not have considered that will impact any decision to...more

Allen Barron, Inc.

When to Consider the IRS Voluntary Disclosure Program or VDP

Allen Barron, Inc. on

Are you wondering when a US taxpayer should consider the IRS Voluntary Disclosure Program or VDP? Are you concerned about unreported or under-reported income, financial accounts, assets, investments, cryptocurrency or...more

Davis Wright Tremaine LLP

SEC Adopts Amendments to Regulation S-P That Require Reporting Breaches of "Sensitive Customer Information"

On May 15, the Securities and Exchange Commission adopted amendments to Regulation S-P, which covers broker-dealers, registered investment advisors (RIAs), and investment companies (funds). These entities are now required to...more

Allen Barron, Inc.

The Tax Consequences of Offshore Mutual Funds for US Expats and Taxpayers

Allen Barron, Inc. on

What are the tax consequences of offshore mutual funds for US expats and taxpayers? US expatriates have faced a substantial number of challenges over the past several years as a result of FATCA. It can be hard to simply open...more

Allen Barron, Inc.

Questions Regarding Offshore Accounts and FBAR Filing Requirements

Allen Barron, Inc. on

Many US taxpayers still have questions regarding offshore accounts and FBAR filing requirements and compliance. Is there a genuine risk their activities (or lack of compliance) will come to light? The definition of a US...more

Faegre Drinker Biddle & Reath LLP

Supreme Court Decides Lac du Flambeau Band of Lake Superior Chippewa Indians et al. v. Coughlin

On June 15, 2023, the U.S. Supreme Court decided Lac du Flambeau Band of Lake Superior Chippewa Indians et al. v. Coughlin, No. 22-227, holding that the Bankruptcy Code unambiguously abrogates the sovereign immunity of all...more

Sheppard Mullin Richter & Hampton LLP

Supreme Court Finds Bankruptcy Code Abrogates Tribal Sovereign Immunity

The U.S. Supreme Court ruled on Thursday that because Indian tribes are indisputably governments, the Bankruptcy Code unmistakably abrogates their sovereign immunity to bankruptcy court proceedings....more

Ballard Spahr LLP

Pennsylvania appellate court finds no state court standing to bring FACTA claim based solely on statutory violation

Ballard Spahr LLP on

In its 2016 decision in Spokeo v. Robins, the U.S. Supreme Court held that a plaintiff alleging a Fair Credit Reporting Act violation does not have standing under Article III of the U.S. Constitution to sue for statutory...more

McGlinchey Stafford

Do I Have Standing in Florida State Court? Not So Fast.-McGlinchey Commercial Law Bulletin - January 20 2023

McGlinchey Stafford on

Ohio- Liquidated Damages- Pacetti’s Apothecary v. Rebound Bracing & Pain Sol. Inc., 2d Dist. Greene, No. 2023-Ohio-93. In this appeal, the Second Appellate District affirmed the trial court’s decision finding that a late...more

Carlton Fields

Real Property, Financial Services, & Title Insurance Update: Week Ending July 15, 2022

Carlton Fields on

Real Property Update - Restraint on Alienation: Option clause in declaration, giving 814 Property a first option to purchase condominium unit, was an unreasonable restraint on alienation – 814 Prop. Holdings, LLC v. New...more

McGlinchey Stafford

Do I have a State Court Standing Defense? - McGlinchey Commercial Law Bulletin - July 27 2022

McGlinchey Stafford on

Ohio- In this matter, the Second Appellate District dismissed the appeal as the issue of whether the trial court correctly determined the accounting on the promissory note was rendered moot because the debtor’s debt was...more

Venable LLP

How a Recent FACTA Decision Impacts the Florida Telephone Solicitation Act's Standing Analysis

Venable LLP on

Several years ago, in Salcedo v. Hanna, the Eleventh Circuit held that the receipt of a single allegedly unsolicited, autodialed text message was not a concrete enough injury-in-fact to establish Article III standing for a...more

Hudson Cook, LLP

FCRA Year in Review: Key FCRA Appellate Decisions

Hudson Cook, LLP on

[co-author: David Anthony] In 2020, the appellate courts had numerous opportunities to weigh in on many unanswered questions that remain in litigation after over 50 years since the statute was first enacted. The case law...more

Foley & Lardner LLP

Eleventh Circuit Vacates Pre-Spokeo “Beat the Clock” FACTA Class Action Settlement for Lack of Standing Post-Spokeo

Foley & Lardner LLP on

The Eleventh Circuit, sitting en banc, has vacated a pre-Spokeo “beat the clock” class action settlement for lack of standing post-Spokeo. This decision is reflective of a developing trend in the Eleventh Circuit to...more

King & Spalding

En Banc Eleventh Circuit Vacates Order Approving Class Settlement, Holding that Plaintiff Lacked Article III Standing Where Bare...

King & Spalding on

On October 28, 2020, the en banc Eleventh Circuit reversed the Northern District of Georgia’s approval of a class settlement, holding that the settlement was invalid because the named plaintiff did not have standing to sue...more

Womble Bond Dickinson

Eleventh Circuit Vacates Godiva FACTA Settlement

Womble Bond Dickinson on

Justice Kavanaugh said earlier this summer that “[c]ourts sometimes makes standing law more complicated than its needs to be.” The majority in the Eleventh Circuit took that statement to heart in its en banc opinion in...more

Kilpatrick

Data Breach Class Actions - Eleventh Circuit En Banc Decision Could be Bad News for Plaintiffs

Kilpatrick on

Takeaway: The Eleventh Circuit has yet to address whether a future risk of identity theft is sufficient to establish standing in a data breach case. In Muransky v. Godiva Chocolatier, Inc., 16-16486, 2020 WL 6305084, at *12...more

Carlton Fields

California Federal Court Holds Professional Services Policy Issued to FedEx Covered Acts of Self-Service Kiosks’ Physical Printing...

Carlton Fields on

In 2017, FedEx faced a series of class action lawsuits resulting from the alleged “unmasking” of customers’ credit card numbers on receipts in violation of the Fair and Accurate Credit Transactions Act (FACTA). FedEx...more

Bilzin Sumberg

Godiva FACTA Case Alters 11th Circ. View On Standing

Bilzin Sumberg on

In April of 2019, a three-judge panel of the U.S. Court of Appeals for the Eleventh Circuit issued a decision in Muransky v. Godiva Chocolatier Inc. that was widely viewed as swinging open the doors of courts in the circuit...more

Carlton Fields

A Class Action Settlement With a Chocolate Company Melts Away: Eleventh Circuit Issues En Banc Decision on Article III Standing...

Carlton Fields on

On October 28, 2020, the Eleventh Circuit Court of Appeals issued a split (7-3) en banc decision applying Spokeo principles to a claim that a vendor issued a receipt that included more digits from the plaintiff’s credit card...more

Balch & Bingham LLP

Giving Teeth to Article III Standing Requirements in the Eleventh Circuit.

Balch & Bingham LLP on

The federal courts have been struggling for several years to clarify Article III standing law. Is it enough that a plaintiff satisfy the elements of a federal consumer protection statute? ...more

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