The Federal Reserve’s reluctance to take action despite pledges to respect the inflation target, which has not been met in over five years, put the dollar under pressure. Then yesterday, it appears that Japanese officials may have intervened in the foreign exchange market, and as was the case earlier this year, the Federal Reserve reported checked on prices and indicated they were doing so at the request of the US Treasury.  If true, it illustrates a notable difference between Japan,...

Highlights On July 24, the U.S. Court of Appeals for the First Circuit denied the federal government’s motion to stay a lower court order that vacated the $100,000 supplemental fee on certain H-1B visa petitions. The court found the government failed to make a strong showing of likely success on the merits, concluding that the Immigration and Nationality Act does not clearly authorize the executive branch to impose a $100,000 H-1B fee. With the stay denied, the district court’s...

Key Takeaways U.S. tax exemptions for FIFA prize money apply to national associations, but players, coaches, agents and foreign businesses remain subject to U.S. tax and withholding rules. Compensation allocation for matches, training, media and promotional activities affects U.S.-source income, state tax obligations and treaty benefits, making accurate service-day tracking essential. Post-tournament tax compliance includes reviewing withholding, claiming foreign tax credits, filing Form 1040-NR and state tax returns and addressing cross-border tax obligations and refund opportunities. After weeks of competition...