The United States has tax treaties with nearly 70 countries to prevent double taxation and curb tax evasion. These treaties, based on Article II, Section 2 of the U.S. Constitution, are reciprocal and...
Real estate activities are highly regulated, and each state has laws governing specific prohibited practices as well as liabilities and penalties for violations. Explore this state law survey covering...
Contractual disputes regarding allegations of fraud are often complex, time-consuming, and expensive to litigate. Parties may amicably negotiate an acquisition agreement without even considering whether...
This practice note covers FDA prior notice requirements for imported food, including scope and exceptions, notification contents and timing, methods of submitting notice, and consequences for failing to...
Do you need guidance on drafting international employment contracts? Read our International Employment Agreements: Key Drafting Tips practice note, by John L. Sander, Michael Watts, and William Ellis,...
Mergers and other corporate transactions create complexities in many ways, payroll included. Should FICA restart or is the new corporation a successor to the former entity? In an asset purchase transaction, two methods exist by which a predecessor (seller) and successor (buyer) employer can report payroll in the year of an asset acquisition that involves the transfer of employees: a standard method and an alternative method. Under the standard method, the predecessor performs all the reporting duties for the wages and other compensation that it pays (e.g., filing Form 941 and filing and furnishing Forms W-2 and W-3), and the successor performs all the reporting duties for the wages and other compensation that it pays. Under the alternative method, if the predecessor and successor agree, the successor can assume the predecessor's entire information reporting obligations for the form series 1098 and 1099 (as well as Forms 1042-S, 5498, and W-2G).
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