For some time now, the IRS has been focusing on offshore income and offshore assets. Since 2009, the IRS has had three different offshore voluntary disclosure initiatives, designed to offer amnesty to non-compliant U.S. taxpayers who would like to come forward to straighten out the federal income tax situation and their informational filing situation (commonly FBARs).
Businesses with fewer than 500 employees accounted for 294,589 of 301,238 U.S. exporters in 2012, or about 97%, according to preliminary data released by the U.S. Census Bureau in December.
– Rhonda Colvin, “The Cost of Expanding Overseas: As More Small Businesses Sell Goods Abroad, They Encounter Challenges—Like Getting Paid,” The Wall Street Journal, February 26, 2014
According to a survey of small businesses by the National Small Business Association and the Small Business Exporters Association in 2013, 41% of respondents said the largest challenge to selling goods and services to foreign customers was concern about securing payment from clients, up significantly from only 26% in 2010.
In this week’s REWIND of international business law news, it’s all about intellectual property, patent trolls might be forced to pay the fees awards toll, performance copyrights takedown of “Innocence of Muslims,” and the submission and subsequent
crushing withdrawal of a trademark application.
Norris McLaughlin & Marcus, in cooperation with The Somerset County Business Partnership, PNC Wealth Management, PNC Bank, and WithumSmith+Brown, PC, recently presented “Doing Business Internationally: Promises & Perils,” a panel-style breakfast seminar. Presenters included Robert C. Gabrielski, Member of Norris, McLaughlin & Marcus; Michele Stacey, Vice-President of International Banking Group at PNC Bank; Jeffrey Placido, Director of Foreign Exchange for PNC Capital Markets; Kimberlee Phelan, Partner of WithumSmith+Brown; and Mike Kerwin, President of the Business Partnership.
“The growth of international business in central Jersey over the last 10 years is substantial and continues to grow,” said Gabrielski. “With the flattening of the globe and the ability to conduct business through the internet and foreign intermediaries, if your business doesn’t go global, it may as well go home.”
Yellen Continues Bernanke’s Quantitative Easing Policy for the Fed, Stock Markets Applaud Her Remarks
In her testimony before the House Financial Services Committee this morning, new Fed Chair Janet Yellen told congress that the Fed will continue its Quantitative Easing stimulus program and that markets and the economy should “expect a great deal in continuity” of the Fed’s policies. Going back to September 2012, the Fed has been buying $85 billion a month in bonds in order to inject cash into the economy. Given the slow recovery, particularly in the job market, markets speculated on how long the Fed’s QE program would continue. (The Fed’s QE policy is intended to lower long-term interest rates, which in turn would stimulate more borrowing and spending in the marketplace.)
My colleague Jill Lebowitz and I will be speaking at the New Jersey Institute for Continuing Legal Education’s seminar, “Hot Tips in Taxation 2014,” on Wednesday, January 29, at the New Jersey Law Center. The NJICLE is presenting the seminar in cooperation with the New Jersey State Bar Association’s Taxation Section. I will present “Planning for the Offshore Closely-Held Business: Tips … and Traps” and Jill will present “Automatic Revocation of Tax Exempt Status – How to Apply for Retroactive Reinstatement.”
Acquisition International has selected Norris McLaughlin & Marcus as a recipient of one of its 2013 Legal Awards, the Executive Compensation Legal Practice of the Year – USA.
Will Yellen Be Able to Implement Bernanke’s Quantitative Easing Exit Policy? Is It the Right Policy?
Last week, I blogged about Janet Yellen being approved by Congress as the successor to Ben Bernanke as the Fed’s new Chairperson and asked how Bernanke did as Chair of the Fed during the recession. Clearly, he led the Fed as it deftly used what I and others believe was a bold and creative use of monetary policy, particularly the Fed’s bond buying policy, known as Quantitative Easing. Last month, the Fed started to taper its $85 billion a month in bond purchases by $10 billion.
The concern with the taper was and is, did the Fed start to early? No one really knows yet. Some economists believe that the Fed should have started the taper sooner and some believe it’s still too early.
In this week’s REWIND of international business law news, trouble is brewing as French workers hold their managers captive, a Swiss drug maker is investigated for exaggerating in its advertising, and a New Zealand dairy giant suffers legal ramifications for selling contaminated baby milk.