News & Analysis as of

Foreign Corporations

Vinson & Elkins LLP

Treasury Releases Long-Awaited Proposed Regulations on the Corporate Alternative Minimum Tax

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On September 12, 2024, the Department of the Treasury (the “Treasury”) and the Internal Revenue Service (the “IRS”) issued long-awaited proposed regulations (89 FR 75062) (the “Proposed Regulations”) on the application of the...more

Holland & Knight LLP

FinCEN Issues Additional Helpful Guidance on How to Report a Dissolution of a Company

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The U.S. Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) on Sept. 10, 2024, issued four FAQs to update and clarify how reporting should be undertaken for reporting companies that are dissolved prior...more

Husch Blackwell LLP

Corporate Transparency Act Considerations in Tax Equity Partnerships

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Since Congress first introduced the Corporate Transparency Act (“CTA”) and the beneficial ownership information reporting framework in January 2021, much of the focus has been on the specific reporting requirements that now...more

Warner Norcross + Judd

The CTA Reporting Deadline is Fast Approaching with No Judicial Relief in Sight

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Under the Corporate Transparency Act (CTA), the deadline for “reporting companies” to file their initial beneficial ownership information (BOI) report with FinCEN is just over three months away. Since time seems to fly by...more

Akin Gump Strauss Hauer & Feld LLP

US Presidential Elections 2024—What is at Stake for Swiss Companies and Investors?

The November U.S. Presidential electoral campaign is in full swing. Since President Joe Biden ended his reelection bid and Vice President Kamala Harris secured the Democratic Party nomination, polls now show a tight race...more

DarrowEverett LLP

Foreign Entity Qualification Requirements: New York, Florida, and Massachusetts

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For many founders, business formation in Delaware is preferrable regardless of where the business plans to operate. There are many reasons for that, including preferable corporate taxes, business friendly laws and...more

Ogletree, Deakins, Nash, Smoak & Stewart,...

A New Entity Abroad, Part II - Unique Employment Regulations

One of the primary concerns for an organization that wants to start conducting business in a new country must be the laws of the specific country. Employment regulations vary widely around the globe, and some may be so...more

Foley Hoag LLP

The Corporate Transparency Act: Impact on Private Fund Managers

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Private fund managers are reminded that the Corporate Transparency Act (CTA) may trigger reporting obligations to the Department of the Treasury’s Financial Crimes Enforcement Network for private fund managers and the private...more

Allen Matkins

Foreign Corporations Filing Actions In California May Be Required To Post Bonds When Domestic Corporations Are Not

Allen Matkins on

Under Section 1030 of the California Code of Civil Procedure, a defendant may at any time apply to the court by noticed motion for an order requiring the plaintiff to file an undertaking to secure an award of costs and...more

Mintz - Employment Viewpoints

Checklist for Foreign Companies Expanding into the US

You’re a foreign company looking to set up shop in the United States. You have weighed the pros and cons of expanding your business into the United States, c..onfirmed the compatibility of any products or services you offer...more

Skadden, Arps, Slate, Meagher & Flom LLP

EU Court Upholds Commission’s Power To Demand Data Held by Foreign Companies

In Nuctech Warsaw (T-284/24), the EU Court of Justice held that EU subsidiaries can lawfully be required to provide access to email accounts and data held by their overseas parent company. The ruling involved the following...more

Amundsen Davis LLC

A Year With Mallory: Revisiting The Concept of Consenting to General Personal Jurisdiction

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On June 27, 2023, Truck on highwaythe Supreme Court of the United States decided Mallory v. Norfolk Southern Railway Co., 600 U.S. 122 (2023). The divided Court upheld a Pennsylvania corporate registration statute which...more

Womble Bond Dickinson

The Evolution of National Security in the U.S. and U.K.

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The U.S. and the U.K. are focused on common national security risks, including preventing foreign access to key emerging technologies, the integrity of the defense supply chain, protection of critical infrastructure, and...more

Wilson Sonsini Goodrich & Rosati

The Critical Reporting Requirement U.S. Companies Can’t Afford to Ignore: Upcoming Deadlines for Beneficial Ownership Information...

On January 1, 2024, the new Beneficial Ownership Information (BOI) reporting requirements under the U.S. Corporate Transparency Act (CTA) took effect. For the first time, many U.S. companies—including U.S. subsidiaries of UK...more

Pillsbury - SeeSalt Blog

Carveouts Count! Taxpayer Wins New Mexico Statutory Carveout Issue Regarding Unity

The New Mexico Court of Appeals has held that a multinational oil and gas production company did not constitute a “unitary corporation” with its foreign subsidiaries, pursuant to statutory carveout language regarding the term...more

Walkers

Update on changes to the beneficial ownership regime in the Cayman Islands

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Changes to the beneficial ownership regime took effect on 31 July 2024 and enforcement relating to the new requirements is suspended until early 2025. Many entities that previously had few or no obligations will have to...more

StoneTurn

Foreign Companies Investing in U.S. Real Estate: Are You a National Security Risk?

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The U.S. government has made it clear that foreign companies investing in and/or purchasing U.S. real estate can present a national security risk. It is imperative that foreign investors develop an internal and robust...more

Perkins Coie

Supreme Court Upholds Mandatory Repatriation Tax as Constitutional

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The U.S. Supreme Court held the Mandatory Repatriation Tax (MRT) constitutional in Moore v. United States, No. 22-800, 602 U.S. _, decided June 20, 2024. The MRT requires some American shareholders of American-controlled...more

Rivkin Radler LLP

Swapping Foreign Real Properties On a Tax Deferred Basis

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Over the last couple of years, several of my friends have become citizens of the country from which their parents emigrated to the U.S. Also during that period, some acquaintances took advantage of the so-called “golden...more

Fenwick & West LLP

Domestication with a Twist: A Tax Case Study

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The Internal Revenue Service’s new private letter ruling (PLR) concerned a domestication of a Foreign Parent corporation under U.S. ownership—with a few notable twists. First, the PLR applied a substance-over-form analysis to...more

Jones Day

The Regulation of Foreign Direct Investment in Australia: Australian Treasury's Recent Facts and Figures

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The Background: The Australian Treasury has released its second quarterly report of the 2023–24 financial year covering the regulation of foreign investment in Australia during the quarter ended 31 December 2023....more

Blank Rome LLP

New Mexico Again Loses Unity of Foreign Income

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The New Mexico Taxation & Revenue Department (“Department”) wrongly ignored the statutory exclusion for foreign corporations incorporated in foreign countries that do not engage in a trade or business in the United States...more

Foley & Lardner LLP

What Every Multinational Company Should Know About … Antiboycott Regulations Red Flags (Red Flags Series Part III)

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...As covered in previous articles in our biweekly series, the U.S. government maintains prohibitions on participating in the Arab League boycott of Israel. Especially for companies that frequently deal with the Middle East,...more

Arnall Golden Gregory LLP

Scaling Success: Hanley Energy’s Journey From Ireland to the U.S.

In this episode, Mike Burke, AGG Corporate partner and co-chair of the firm’s International Initiative, sits down with Clive Gilmore, co-founder of Hanley Energy, to explore Hanley Energy’s journey from Ireland to the United...more

Rivkin Radler LLP

The Supreme Court’s Non-Opinion On The “Realization” of Income – A Lost Opportunity?

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In less than four months, the citizens of the United States will be electing their next President to a four-year term. They will also be deciding which of the two major political parties will “control” the Senate, the House,...more

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