Sat., December 21, 2013
Important taxation information regarding foreign financial interests
Clients with a financial interest in or signature authority over a foreign financial account, including a bank account, brokerage account, mutual fund, trust, or other type of foreign financial account, may be required to report the account yearly to the Internal Revenue Service by filing Form TD F 90-22.1, Report of Foreign Bank and Financial Accounts (FBAR). Because the filing date falls on a Sunday, the Form must be received by the IRS no later than Friday, June 28, 2013. There are no extensions and no exceptions. United States persons are required to file an FBAR if: (i) the United States person had a financial interest in or signature authority over at least one financial account located outside of the United States; and (ii) the aggregate value of all foreign financial accounts exceeded $10,000 at any time during the calendar year to be reported. "United States person" means United States citizens, United States residents, corporations, partnerships, or limited liability companies created or organized in the United States or under the laws of the United States, and trusts or estates formed under the laws of the United States. There are limited exemptions.
Florida Governor signs Revised LLC Act
Florida Governor Rick Scott signed into law on June 14, 2013 the Florida Revised Limited Liability Company Act (the "New LLC Act") unanimously passed by the Florida House of Representatives and Florida Senate. The New LLC Act replaces the current Florida Limited Liability Company Act (the "Current LLC Act") and will be effective on January 1, 2014. Limited liability companies (LLCs) existing in Florida prior to January 1, 2014 may continue to operate under the Current LLC Act until January 1, 2015 or may elect to be governed by the New LLC Act. Effective January 1, 2015, all LLCs in Florida, regardless of when formed, will be subject to the New LLC Act.
If you are currently a member of manager of a Florida LLC, or anticipate forming an LLC in Florida in the future, it is important to understand how these statutory changes impact you. Changes made by the New LLC Act could materially affect an existing operating agreement and how it is interpreted and enforced. A thorough review of the statutory changes and governing documents of a Florida LLC is advisable.
Special Fraud Alert: Physician-Owned Entities
On March 26, 2013, the Office of Inspector General of the U.S. Department of Health and Human Services issued its long-awaited "Special Fraud Alert: Physician-Owned Entities" regarding physician-owned entities. The OIG Alert signals the OIG's stance PODs and similar arrangements are highly suspect for fraud and abuse violations. It further dismisses common justifications for the POD business model. This Alert has significant implications for physicians, practices, hospitals, surgical centers, healthcare facilities, manufacturers, distributors and patients.
You can access a brief discussion of the OIG Alert here. (opens in a new window)
2012 Taxpayer Relief Act changes now effective.
SWF Founding Partner Warren O. Wheeler has written a brief summary of changes made by the Taxpayer Relief Act of 2012 that may affect your estate planning.
National Labor Relations Board again postpones effective date for its employee rights posting rule - this time until April 30, 2012.
The National Labor Relations Board ("NLRB") last year finalized a rule requiring covered employers to notify employees of their rights under the National Labor Relations Act ("NRLA"). The Notice informs all employees of their rights under the NLRA to act together to improve wages and working conditions, to form, join and assist a union, to bargain collectively with their employer, and to refrain from any of these activities. The posting requirement applies to all private-sector employers subject to the NLRA, which excludes agricultural, railroad and airline employers. Affected employers can download a copy of the Notice from the NLRB's website at www.nlrb.gov/poster.
The rule was originally effective November 14, 2011. On October 5, 2011, The National Labor Relations Board postponed the effective date for its employee rights posting rule until January 31, 2012. On December 23, 2011, the NLRB announced that it would again postpone the effective date until April 30, 2012, at the request of the federal court in Washington, DC hearing a legal challenge to the Board's authority to require the posting and create sanctions for noncompliance. The NLRB stated postponing the effective date of the rule would facilitate the resolution of the rule-related lawsuits filed.