January 30 and 31 will mark the first meeting of 2018 for the Fed Open Market Committee as well as the last meeting for Janet Yellen as Chair. As we move into the second full year of Trump’s presidency, the composition of the voting members of Board of Governors will change. Cleveland Fed President Loretta Mester, Richmond Interim Fed President Mark Mullinix (soon to be replaced by Thomas Barkin), Atlanta Fed President Raphael Bostic, and San Francisco Fed President John Williams will replace Chicago Fed President Charles Evans, Philadelphia Fed President Patrick Harker, Dallas Fed President Robert Kaplan and Minneapolis Fed President Neel Kashkari as the latter rotate from voting to non-voting members.» Read More
Many U.S. owners of foreign companies are surprised to hear that the new repatriation tax not only applies to “repatriated” foreign earnings, but also to foreign earnings that are not repatriated into the U.S. They are even more surprised to learn that the deemed repatriation tax may be due as early as the 2018 tax season. While an election is available to pay the net tax liability over eight annual installments, this new tax comes as a surprising frustration to many business owners of foreign companies.» Read More
The Internal Revenue Service today warned people to avoid a new phishing scheme that impersonates the IRS and the FBI as part of a ransomware scam to take computer data hostage.
The scam email uses the emblems of both the IRS and the Federal Bureau of Investigation. It tries to entice users to select a “here” link to download a fake FBI questionnaire.» Read More
An “F” reorganization is a type of tax-free reorganization under Internal Revenue Code Section 368(a)(1)(F), which includes a mere change in identity or form of one corporation. F reorganizations are typically used to effectuate a tax-free shift of a single operating company. They are frequently used as part of a pre-sale strategy or for changing certain undesired attributes of an operating company. » Read More
From October 5-6, 2017, Norris McLaughlin & Marcus, PA will participate in the Meritas® Latin American/Caribbean “LAC” Regional Meeting in Panama City, Panama. On the afternoon of October 5, 2017, the LAC members will host a Client Round Table focused on “Doing Business in Latin America and the Caribbean” featuring attorney panelists from countries throughout the entire region. NMM attorneys will attend and participate in the event.» Read More