On January 2, 2025, the U.S. Department of the Treasury’s (Treasury) regulation restricting U.S. outbound investments in certain advanced technology sectors in China (the Final Rule) takes effect. Thereafter, investments by...more
Non-Americans who wish to purchase U.S. stocks and other financial assets should be aware of the tax consequences of investing here. George McCormick discusses this issue and more....more
The Department of the Treasury (Treasury) has released a final rule imposing restrictions on U.S. outbound investment in Chinese companies active in developing certain national security technologies (Final Outbound Rule)....more
Through the Committee on Foreign Investment in the United States (“CFIUS”), the U.S. Government has long had the authority to review inbound investment. The Final Rule formalizes the U.S. Government’s authority to regulate...more
Following years of development, on October 28, 2024, the U.S. Department of the Treasury published a final rule establishing its outbound investment security program (Final Rule). The new regime prohibits certain outbound...more
Forming a partnership1 without triggering income appears straightforward and simple. In many cases, it is. In other cases, though, forming a partnership can cause one or more partners to unintentionally recognize income. This...more
There is no denying that many parts of the Code are complex and, in some cases, too obscure for many “laypersons” to comprehend. Over time, this reality spawned the need for advisers who are both knowledgeable and experienced...more
The U.S. Department of State Directorate of Defense Trade Controls is the regulatory organization charged with administering the body of export laws known as the International Traffic in Arms Regulations (ITAR)...more
On June 21, 2024, the U.S. Department of Treasury (“Treasury”) issued a notice of proposed rulemaking (“Proposed Rule”) that would regulate certain U.S. transactions with persons of a country of concern involved in the...more
On June 21, 2024, the US Department of the Treasury (Treasury) released proposed new federal regulations (Proposed Rules) that, if implemented, would prohibit or require notification of a broad range of outbound investment...more
On May 22, 2024, the IRS issued Notice 2024-44, which once again extends the phase-in for Section 871(m) withholding. Broadly speaking, foreign persons may be subject to a 30% withholding tax under Section 871(m) on certain...more
The New York Appellate Division, First Department issued an important ruling on May 21, 2024, in In Re: New York City Asbestos Litigation, Patricia Rasso, as independent executor of The Estate of Linda English, deceased v....more
On April 25, 2024, the Department of Treasury (Treasury) and the Internal Revenue Service (IRS) published final regulations concerning the definition of domestically controlled qualified investment entities (DC-QIE) (the...more
February saw a continuing focus on Russia. First, the Treasury Department’s Office of Foreign Assets Control (OFAC), in conjunction with the State Department, sanctioned over 500 individuals and entities – the “largest number...more
In a move that highlights the U.S. government’s ongoing fight against evasion of sanctions and export control laws, the Departments of the Treasury, Commerce, and Justice yesterday published yet another Tri-Seal Compliance...more
Briefing on a motion for preliminary injunction is complete in the lawsuit filed to strike Florida Senate Bill 264, Chapter No. 2023-33, Laws of Florida (the Act), which limits select persons from "foreign countries of...more
U.S. companies with foreign ownership face a June 30 deadline to respond to a survey of foreign investment in the United States. The U.S. government is conducting the 2022 Benchmark Survey of Foreign Direct Investment in the...more
The Protecting American Intellectual Property Act of 2022 (“PAIP”) became law on January 5, 2023, establishing a new enforcement procedure to deter the theft of trade secrets from the United States by foreign actors. PAIP...more
On January 5, 2023, President Biden signed into law the "Protecting American Intellectual Property Act of 2022." Protecting American Intellectual Property Act of 2022 (“PAIPA”), Pub. Law 117-336, 88 Fed. Reg. 2229 (Jan. 13,...more
On January 5, 2023, President Biden ushered in the new year by signing into law the Protecting American Intellectual Property Act of 2022 (“PAIPA”), Pub. Law 117-336.1 PAIPA was passed with considerable bipartisan support in...more
On January 5, 2023, President Biden signed into law S. 1294, the “Protecting American Intellectual Property Act of 2022”. The Act requires the president to report to Congress and impose sanctions on any foreign person or...more
Outsourcing the design and manufacturing of products, components and software to foreign contractors has become a significant part of manufacturing in the U.S. However, if the items involved are subject to U.S. export...more
When most people think of exports, they imagine the movement of merchandise across international borders. However, an export can happen without having to leave the United States, such as in your office breakroom, by storing...more
In an order dated June 10, 2022, the Center for Disease Control & Prevention (CDC) announced that it will rescind its earlier order that required all air passengers two and older traveling to the United States from abroad to...more
The Administrative Regulations of the People’s Republic of China on Human Genetic Resources (the “Regulations”), promulgated by China’s State Council, have been in effect for almost three years. As the administrative...more