Certain non-spouse beneficiaries of inherited IRAs will need to begin taking annual RMDs from those accounts beginning in 2024 to satisfy the SECURE Act’s 10-year rule, which requires the liquidation of those accounts within 10 years of the original owner’s death. While the law eliminating stretch IRAS was passed in 2019, the IRS has since delayed the start date three times. Consequently, affected beneficiaries could find themselves saddled with higher-than-expected withdrawal requirements that could leave them with higher tax...

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Bennett Jones is pleased to announce that its partners have elected John M. Mercury as the next Executive Chair of the firm and Dominique T. Hussey as the next Chief Executive Officer. They will assume their new roles on January 1, 2024. They will succeed Hugh L. MacKinnon KC, who has served as Chairman and Chief Executive Officer since 2005. John has held several leadership positions with the firm, including more than 11 years on the Partnership Board, as Lead Director of...

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Geopolitical risk is currently front and center for executive management and boards. The war in Ukraine and accompanying geopolitical disruptions are an action-forcing event for nearly every multinational company and investor, regardless of the size of the business or portfolio at risk. At FCLTGlobal’s recent executive summit, executives identified a need for frameworks and risk analysis tool kits to expand awareness of what boards and management teams can do to navigate fast-paced, highly uncertain changes in the global marketplace...

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As the world of taxation undergoes constant transformation, an upcoming case in the U.S. Supreme Court may write a new chapter in U.S. tax law. The spotlight now falls on the constitutionality of the so-called “Transition Tax,” under Internal Revenue Code Section 965, a repatriation tax regime introduced under the Tax Cuts and Jobs Act (TCJA) of 2017, with the ongoing legal battle presented in the Supreme Court case of Moore v. United States. Prior to the enactment of the Transition Tax, U.S....

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The more power-efficient they get, the more the data center’s workload pulls them back to a more distant starting point. “Just when I thought I was out, they pull me back in,” Michael Corleone (Al Pacino) says in “The Godfather Part III.” Much the same might be said of server processors: The more powerful and power-efficient they get, the more the data center’s workload pulls them back to a more distant starting point. As data centers continue to expand in scale,...

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Treasury and the IRS on November 9 released proposed regulations relating to the determination of taxable income or loss and foreign currency gain or loss with respect to a qualified business unit (QBU). The proposed regulations include an election to treat all items of a QBU as marked items (subject to a loss suspension rule), an election to recognize all foreign currency gain or loss with respect to a QBU on an annual basis, and a new transition rule. The proposed...

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EU reaches deal on facilitating money transfers within 10 seconds Earlier this week, the Council of the European Union and the European Parliament reached a provisional agreement on the instant payments proposal. It is a plan which aims to improve the availability of instant payment options in euro for consumers and businesses across the European Union and wider European Economic Area. Once in force, the proposal aims to bolster the strategic autonomy of the European economic and financial sectors by reducing reliance on third-country financial infrastructure. The initiative will facilitate seamless...

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The environmental requirements of the world's ports have tightened rapidly, cargo volumes have grown, and automation has increased. The United States invests 17 billion dollars in the restoration of ports and waterways. Business Finland is now promoting the export of Finnish companies to seven ports in the market. Current challenges facing ports in the US include labor shortages, outdated technology and inefficiencies. – Ports have been assigned target schedules for the green transition and they are quickly investing in low-emission electric hybrid...

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On October 31, the Department of Labor (DOL) released a proposed rule (the Proposed Rule) aiming to redefine and expand who qualifies as an “investment advice fiduciary” under the Employee Retirement Income Security Act of 1974, as amended (ERISA). This change could cause more financial services providers to become subject to ERISA’s obligations, which would include adherence to ERISA’s expert standard of care and duty of loyalty, and the avoidance of certain conflicts of interests. Notably, this is the DOL’s third...

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The outcome of a recent case before the Workplace Relations Commission provides us with a first look at the WRC’s approach to whether a company sick pay scheme is, on the whole, more favourable to an employee than their entitlement to statutory sick pay. Although this is the first time this legal point has been raised, it is illustrative for employers and legal practitioners as to how the WRC may approach this question under the Sick Leave Act 2022. Background The...

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