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Navigating New IRS Form 1099 Rules And Understanding Reasonable Cause

Jul 22, 2024 | mondaq.com | Enforcement" Approach |Matthew Roberts

Corrected, July 19, 2024: This article has been updated to fix a typo in the third paragraph and clarify a reference in the parenthetical to the 2024 filing date. In certain instances, taxpayers are required to file information returns with the IRS. For example, companies that pay independent contractors in excess of $600 are required to file an IRS Form 1099-NEC, Nonemployee Compensation. If a taxpayer fails to file an information return, the IRS may impose penalties for the failure.
An Overview Of Common IRS Penalty Defenses For A Late-Filed Form 3520

Jul 21, 2024 | mondaq.com | Enforcement" Approach |Matthew Roberts

Corrected, July 18, 2024: This article has been updated to fix a typo in the fifth paragraph and clarify a reference to a tax preparer missing a deadline. Generally, U.S. persons must file an IRS Form 3520 if they: (i) make transfers to or receive distributions from a foreign trust, or (ii) receive gifts or inheritances from foreign persons over a threshold amount.
What U.S. Tax Forms Must I File For My Foreign Retirement Plan? (Video)

Jul 18, 2024 | mondaq.com | Enforcement" Approach |Matthew Roberts

As the world grows smaller, U.S. citizens and residents continue to find themselves entangled in complex U.S. foreign reporting. This is particularly so when it comes to foreign retirement plans. Often, these plans require a litany of various U.S. reporting forms, including the FBAR, IRS Form 8938, IRS Form 3520, and IRS Form 3520-A. Which form applies, if at all, is not always clear. And the stakes are incredibly high because the penalties for failure to properly report the plan can be steep.
USPTO Issues AI Subject Matter Eligibility Guidance

Jul 17, 2024 | mondaq.com | Enforcement" Approach |James G. Gatto

The USPTO has published updated patent eligibility guidance (effective July 17, 2024) for AI-related inventions to help determine subject matter eligibility under 35 § U.S.C. 101. This guidance is timely as roughly 20% of all recent patent filings are AI related. It is important to note that based on prior guidance from February 2024, if an AI tool itself invents something, that is not patentable. Only inventions with significant human contribution are patentable.
Treasury Issues Draft Regulations For Outbound Investment Security Program; Comments Due August 4

Jul 16, 2024 | mondaq.com | Enforcement" Approach |CCP-Related Entities |Daniel Brooks |Nazak Nikakhtar

WR Wiley Rein More Wiley is a preeminent law firm wired into Washington. We advise Fortune 500 corporations, trade associations, and individuals in all industries on legal matters converging at the intersection of government, business, and technological innovation. Our attorneys and public policy advisors are respected and have nuanced insights into the mindsets of agencies, regulators, and lawmakers.
A Brave New World: The Supreme Court Torpedoes The 'Administrative State'

Jul 15, 2024 | mondaq.com | Enforcement" Approach |Adam Bolter |Robert B Bourret |Daniel Davis

The Supreme Court is at war with the "administrative state." In three major cases decided at the end of the Supreme Court's last term, the Court decided against the administrative state, reducing the powers of administrative agencies. "Chevron deference" to agency interpretations in areas of their expertise was eliminated. The "public rights" exception to a target's right to a jury trial in an action brought by an agency was redefined and limited.
Supreme Court Says Timing Is Everything For Bribes And Gratuities

Jul 15, 2024 | mondaq.com | Enforcement" Approach |Brian Markley |Jennifer Potts |Mary Hornak

On June 26, 2024, the U.S. Supreme Court held that 18 U.S.C. § 666(a)(1)(B), a federal law prohibiting state and local officials from accepting corrupt payments, does not make it a crime for those officials to accept rewards or gratuities, after the fact, for their prior official acts. The Court's holding narrows the reach of the statute while leaving state and local governments the task of regulating post-hoc rewards and gratuities paid to their officials.