Parties to a business transaction, whether structured as a purchase of equity or assets, typically agree on a method to adjust the purchase price based on the net working capital of the acquired business as of closing. Kevin T. Block attorney at MSI's Detroit law member Kerr Russell provides further insights.
The Government’s spending plans and changes to tax policy for the year ahead will soon be revealed in the Autumn Statement, and against a backdrop of weak economic growth, high inflation, high levels of public debt and the highest tax burden since World War Two - whilst we are also bordering on a recession - the Chancellor is in a difficult position. MSI's Northern UK accounting member Armstrong Watson provides further insights.
On January 1, 2021, the United States Congress passed the National Defense Authorization Act (NDAA), which included the Corporate Transparency Act (CTA). The CTA’s purpose is to establish a federal database for the collection of beneficial ownership information (BOI) for corporations, limited liability companies and other similar entities. Notably, BOI must be reported for both newly-formed and existing entities. MSI's NYC law member Moses Singer provides further insight.
Digitalisation is manifesting itself in all stages of the import and export chain, from production, manufacturing, warehousing, port, and ship optimisation to electronic payments and electronic bills of lading. MSI's South Coast UK law member Lester Aldridge provides insights into how digital technologies are shaping the landscape of international trade.
Confronted with the steady increase in money laundering, trafficking, counterfeiting, securities fraud, tax fraud, and other malevolent schemes, Congress passed the Corporate Transparency Act (“CTA”). It assigned enforcement to the Financial Crimes Enforcement Network (FinCEN), the same department that for years has been involved in tracking large foreign accounts owned by U.S. citizens and residents. FinCEN issued final regulations in September 2022, and enforcement will begin on January 1, 2024.
MSI's NYC accounting member Gettry Marcus provides further insight.
New rules to govern all entities doing business in the United States. MSI's Denver law member Burns, Figa & Will provides an update on what businesses need to know about the new Corporate Transparency Act.