Barton is pleased to be a sponsor of the 2nd Annual BUILD NYC Celebration being held on Thursday, April 19th. BUILD is dedicated to proving the power of experiential learning through entrepreneurship and igniting the potential of youth in under-resourced communities. At this year’s celebration, BUILD honors Gary Vaynerchuk, CEO of VaynerMedia and best-selling author. To get involved with the 2nd Annual BUILD NYC Celebration, click here.
Kenneth N. Rashbaum will be a featured panelist discussing “Data Protection and Small Business: A Conversation on GDPR and Protecting Your Data” on Tuesday, March 27th at Fairleigh Dickenson University’s Family Business Forum. For details and how to register, click here.
Pub. L. No. 115-97, originally known as the “Tax Cuts and Jobs Act,” was signed into law by President Trump on December 22, 2017 (“Act”). This is probably the most extensive revision to the provisions of the Internal Revenue Code during the lifetime of most readers and its impact will be significant for individuals, corporations and other business entities, both domestic and foreign. We previously distributed a Client Alert on February 8 dealing generally with most changes made by the Act.
Acquisition of interests in US real estate by non-US persons is typically structured so that the acquisition of such interests is made by a US corporation (generally organized in Delaware and referred to herein as “Delcorp”) which is directly owned for various reasons (including US estate tax) by a non-US corporation. The non-US corporation may in turn be owned ultimately by individuals resident in various other countries. In the case of larger projects Delcorp frequently joins with others as a partner in a partnership or as a co-member in a limited liability company (each such arrangement referred to herein as a “partnership” with holders of interests therein being referred to as “partners”).
The Tax Cuts and Jobs Act (“Act”) has significant tax implications to members of the financial industry who settle enforcement claims with their regulators.
The most significant change is that fines and penalties paid to non-governmental entities that “exercise self-regulatory powers (including imposing sanctions) in connection with a qualified board or exchange (as defined in section 1256(g)(7))” or “as part of performing an essential governmental function” are no longer tax deductible. The Financial Industry Regulatory Authority (“FINRA”), the Municipal Securities Rulemaking Board (“MSRB”), and the National Futures Association (“NFA”) would appear to fit within that definition.