Welcome to “Lost in Translation: Blunders in International Estate Planning.” This blog series explores the rarified world of international estate planning, uncovering potential pitfalls and providing insights to navigate the complexities. Zach Weitz is our guest author for this blog article.   Blunder No. 3: Forgetting to File International Forms There are many penalties imposed by the Internal Revenue Service (“IRS”). For example, the penalty for failing to file a tax return is 5% of the unpaid tax per month. The penalty for failure to file...

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According to U.S. trade data, from 1998-2020 imports of iron and steel (HTS Chapter 72) into the U.S. from Mexico averaged around $2 billion. Then the value of imports started to change: 2020: $1.8 billion 2021: $4.5 billion 2022: $5.4 billion 2023: $3.6 billion U.S. and Mexico Steel Talks Heating Up When the U.S. and Mexico in 2019 negotiated a settlement of the Section 232 tariffs on imported steel and aluminum, the two sides agreed to a monitoring mechanism as needed to identify a sudden...

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Artificial intelligence (AI) continues to dominate headlines and even the most recent Super Bowl advertisements. The use of AI in the workplace is rapidly expanding in a wide variety of ways throughout the hiring process, including scanning and filtering resumes and AI-driven video interviews to assess candidates. If appropriately designed and applied, AI can help people find their most rewarding jobs and match companies with their most valuable and productive employees. Equally important, AI has been shown to advance...

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What is greenwashing and why does it matter? The generally understood meaning of greenwashing is the practice of making a green claim – that is a claim relating to the environmental or sustainability credentials of a company or its products or services – which is not adequately supported by evidence or is misleading, whether through exaggeration, being drafted in an unclear manner or omitting material information which will enable others to understand the nature and scope of the claim made. A...

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On March 6, 2024, the SEC adopted its long-awaited climate disclosure rules. Below are ten things about the final rules that public companies should be aware of: Relaxed Scope 1 and Scope 2 Greenhouse Gas (GHG) Emissions Disclosure and Attestation Requirements The final rule requires larger companies with material Scope 1 emissions (direct GHG emissions) and Scope 2 emissions (indirect GHG emissions resulting from purchased energy) to provide certain information regarding such emissions, including, among other things, the methodology, significant inputs...

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ING today published its 2023 Annual Report, giving stakeholders an insight into our strategy, business activities and performance over the past year. Our activities are presented in the context of our strategic priorities: providing a superior customer experience and putting sustainability at the heart of what we do. “It is fair to say that 2023 was a challenging year on many counts: geopolitical and economic shocks, supply-chain disruptions, inflationary pressures, climate-related and other natural disasters, wars, and the continuing trend of societal and political fragmentation across the globe. Against...

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On 16 February 2024 the European Commission (“Commission”) announced that it had launched its first in-depth investigation (“Phase 2 investigation”) of a foreign subsidy potentially distorting the internal market under the Foreign Subsidies Regulation (“FSR”). The investigation relates to a public procurement procedure by the Bulgarian Ministry of Transport and Communications for 20 electronic “push-pull” trains and their maintenance with a contract valued at EUR 610 million. CRRC Qingdao Sifang Locomotive (“CRRC”), a subsidiary of the Chinese state-owned company CRRC Corporation...

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While a down year compared to all-time highs experienced in 2021 and 2022, 2023 represented another strong year in the U.S. venture community based on deal flow and total investments, even if not shared equally among all venture-backed companies and all stages of companies. High valuations in low interest rate environments during the pandemic contrasted with rising rates and inflation in 2023 resulted in many venture-backed companies seeking additional capital on lesser terms than their prior high-water valuations. Accordingly,...

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On March 1, 2024, the Office of the United States Trade Representative (USTR) published President Biden’s 2024 Trade Policy Agenda and 2023 Annual Report. This year’s agenda aims to further the cause of worker-centered trade policy, enhance the resilience of supply chains, and promote fair and sustainable trade practices. Below is a summary of the agenda and the report. According to the publication, the USTR is executing the economic vision of the Biden-Harris administration through the negotiation of trade agreements with...

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