Resources

The Corporate Transparency Act reporting requirements are back in effect following a Texas district court decision entered on February 18. According to the Financial Crime Enforcement Network (FinCEN), the new general deadline for most reporting companies filing initial, updated, and corrected BOI reports is March 21.

The United States Tax Court skillfully dodged answering the headline question with a holding on standing. The court decided, however, that IRS appeals officers and IRS appeals team managers are not officers of the United States and therefore do not need to be constitutionally appointed.

The IRS issued Proposed Regulations last month which provide helpful clarity for employers on how to implement and comply with two new SECURE 2.0 provisions relating to catch-up contributions.

It is that time of the year again – H-1B CAP registration is right around the corner. With the continued beneficiary-centric selection process, and the new H-1B modernization rule which impacts H-1B CAP filings, employers should prepare now.

Every three years on April 1, the dollar amounts in the Bankruptcy Code are adjusted to account for inflation. The April 1, 2025, increase will be approximately 13.2%, even larger than the nearly 11% increase three years ago.

On January 20, 2025, President Trump signed an executive order Declaring a National Emergency at the Southern Border of the United States. This executive order allows for the use of federal funding for border security and the deployment of armed resources to the region. The following day, the DHS issued a directive rescinding the Biden administration’s policy which restricted immigration enforcement near sensitive locations (such as at churches, schools, and hospitals). Since this directive was implemented, employers should be prepared to handle ICE immigration enforcement actions or inspections at these locations as ICE raids are not announced in advance.

On February 1, 2025, President Trump declared a national emergency based upon the threat posed by undocumented foreign workers and drugs entering the United States. The White House has published a fact sheet outlining steps to address the threat by implementing (i) a 25% additional tariff on imports from Canada and Mexico, (ii) a 10% additional tariff on imports from China, and (iii) a carveout for a lower 10% tariff for energy resources from Canada.

On February 3, 2025, President Trump announced that he agreed to delay imposing the additional 25% tariff on Mexican products for 30 days after Mexican President Claudia Sheinbaum promised to send soldiers to the US-Mexican border to help stop the flow of fentanyl and migrants into the United States. Similarly, after finishing a conference call this afternoon with President Trump, Canadian Prime Minister Justin Trudeau announced that President Trump agreed to delay imposing the additional 25% tariff on Canadian imports for 30 days in consideration for Canada implementing a $1.3 billion border plan to reinforce the border to stop the flow of fentanyl, including appointing 10,000 frontline personnel and appointing a “Fentanyl Czar.”

As part of its “America First Trade Policy,” the White House is exploring an arcane IRS provision that allows the United States to double the tax rates of foreign companies and individuals.