Fabien Lehagre’s Post

The opinion in Christensen v. United States (U.S. Court of Federal Claims 1:20-cv-00935) was due to be released to the public soon but it appears the parties are in settlement discussions. So we will not have an opinion from the Court in this case as to whether a taxpayer can claim a foreign tax credit against Net Investment Income Tax (NIIT). Interestingly, the government is going to give the taxpayers their full refund of tax paid as NIIT without admitting it is doing so as a foreign tax credit against NIIT. (French Tax Treaty in this case). However, there is another case in the U.S. Court of Federal Claims filed in May 2023 involving the same lawyers on both sides. This case involves the U.S. / Canada Income Tax Treaty and the dollar amount is much higher. Same issue - can a foreign tax credit offset NIIT under the treaty? Bruyea v. United States (U.S. Court of Federal Claims 1:23-cv-00766). The government filed its Answer in the case today. Attached.

Nassau County 2023/24 School Tax Bills deliver an October scare to homeowners!   As Nassau County residents receive their 2023/24 school tax bills they may notice a reduced tax rate. This is good news, right?! Not necessarily, as it does not automatically mean a reduced tax bill. As Nassau County residents may remember, the County instituted a reassessment on all real property for the tax year 2020/21. To help residential property owners cope with large assessment increases from 2019/20 to 2020/21, the County offered up the “Taxpayer Protection Plan (TPP)” as part of the reassessment. The TPP exemption was intended to soften the blow of these increases by phasing in real property tax increases over a 5-year period, rather than burdening the owner with one large increased tax bill. Unfortunately, the TPP is also the perfect example of political leaders opting to kick the can down the road.   The 2023/24 tax year marks the fourth year of the TPP’s 5-year phase-in period so homeowners with large TPP exemptions are seeing tax bills soar despite decreased tax rates in a majority of school districts. As some homeowners have discovered, the only possible defense to these tax increases are annual challenges to reduce your assessment. While not everybody may have a case for a reduction, this certainly an excellent reason for homeowners to seek guidance by an attorney experienced in property tax assessment appeals. Thank you to Nancy DeBiasi Gillen for this week's Tax Tracker! #nassaucounty #taxlaw #realpropertytax

BREAKING: In what some expat groups and individuals are already hailing as a potential breakthrough, the U.S. State Department is seeking comments on its proposal to reduce by more than 80% the basic fee it currently charges U.S. citizens for processing their applications to expatriate. In a notice dated today [Oct 2] and posted on the Federal Register, the State Department says it is “proposing to amend” the fee from its current $2,350 to $450, in response to concerns that “members of the public have continued to raise” since the fee was increased to the current amount from $450 in 2014. (Prior to 2010, no fee was charged.) 2010 was the year that the Foreign Account Tax Compliance Act was signed into law, and 2014 was when it came into force around the world... More at TheLocal.com (https://lnkd.in/gtkvBmWK )

After 6 months of intense study, case studies, networking and presentations; I am pleased to receive IBFD's Advanced Professional Certificate in International Taxation. I strongly recommend this Certification for experienced International Tax Professionals, Accountants, lawyers etc. who want to remain at the forefront of the ever-changing international tax world! #IBFD #Internationaltaxation #Pillar2 #Transferpricing

Rarely does a government filing fee become less expensive. The U.S. Department of State should be commended for reducing the fee to obtain a certificate of loss of U.S. nationality. State did just that yesterday and should be commended. Here is its rationale: "In the years since the [certificate of loss of U.S. nationality or CLN] fee was increased [from $450 to $2,350], members of the public have continued to raise concerns about the cost of the fee and the impact of the fee on their ability to renounce their citizenship. While there is no legal requirement for individuals to declare their motivation for renouncing U.S. citizenship, anecdotal evidence suggests that difficulties due at least in part to stricter financial reporting requirements imposed by the Foreign Account Tax Compliance Act (FATCA), Public Law 111–147, on foreign financial institutions with whom U.S. nationals have an account or accounts may well be a factor. "After significant deliberation, taking into account both the affected public’s concerns regarding the cost of the fee and the not insignificant anecdotal evidence regarding the difficulties many U.S. nationals residing abroad are encountering at least in part because of FATCA, the Department has made a policy decision to help alleviate at least the cost burden for those individuals who decide for whatever reason to request CLN services by returning to the below-cost fee of $450. Although the prior fee of $450 represents a fraction of the cost of providing CLN services, this change will better align the fee for CLN services with other fees for services provided to U.S. citizens abroad, including, for example, applications for a Consular Report of Birth Abroad, which all are set significantly below cost, even as the costs of providing these services have fluctuated over time." #immigration #ByeByeMsAmericanPie

Transparent recruiting boosts candidate trust by 62%! 🔍 Let's explore why transparency is a recruitment essential. It’s important to know that transparency in hiring sets the tone for an open work culture from the get-go! Being upfront about job roles, expectations, and growth opportunities attracts and retains top talent. Here are 3 tips to build transparency in recruitment: 💼 Clearly convey job responsibilities and must-haves during recruiting. In my years of recruiting, one thing has always stood out; “need for clarity”. When candidates know exactly what’s expected, there’s a stronger connection. They immediately picture themselves in the role, eliminating any role-related surprises down the road. Implementation tip: ✅ I recommend integrating video snippets to showcase a role. Also, think about hosting webinars for potential candidates. These avenues paint a vivid picture of the role, and candidates certainly appreciate such clarity. ❤️ Share insights into company culture and values from the start. Let’s talk about cultural fit. I like to say that, a resume might land an interview, but a cultural fit lands the job. If a candidate resonates with your company’s heartbeat, they’re not just joining a job, they're joining a mission. Implementation tip: ✅ I would consider spotlighting your company culture by sharing interviews with current team members. And how about a 'day in the life' video? These touchpoints are invaluable for potential hires to get a feel for life at your company. 💬 Encourage candidate questions and provide honest answers. I believe in dialogue. If there’s one thing I’ve learned, it’s that a candidate who feels heard from the outset stays engaged, not just through the hiring process, but long after they’ve settled into their role. Implementation tip: ✅ I would consider setting up post-interview Q&A sessions. And perhaps a dedicated platform where candidates can post their queries at any time. It’s crucial that our hiring leaders prioritize transparency in every interaction. Alright, let’s chat! 🙋🏻♂️ How are you all championing open communication in your hiring? Any strategies you swear by to get those candid conversations flowing?

Have you heard? Capture6 "arrests carbon in mineralized form." 🚔 🚨 We were recently named as one of the top "10 Carbon Capture Utilization & Storage Startups to Watch in 2023" by StartUs Insights. Read the full article here: https://buff.ly/3tcCiIh #Capture6 #DAC #DirectAirCapture #ArrestCarbon

Reporting obligations of the EU’s Carbon Border Adjustment Mechanism (CBAM) are now in effect, which will ultimately require importers of certain energy-intensive goods to pay a levy corresponding to the price of emissions allowances under the EU Emissions Trading System (ETS) that would apply if the goods were made in the EU. CBAM therefore creates a level-playing field.   The Mechanism will roll out over three years, with reporting kicking off this week and levy payments to start in 2026. This staggered approach is aligned with the phase-out of free allowance allocations under ETS and is designed to support the decarbonization of EU industry.   The overall purpose of CBAM is to put a fair price on the CO2 emitted during the production of carbon intensive goods entering the EU, and to encourage cleaner industrial production in non-EU countries. As staunch proponents of CBAM, we believe these regulations will support development of new carbon markets around the world at an unprecedented pace.   At STX, we have 25 years of experience in environmental markets and advise over 5,000 corporates globally. With our new CBAM counselling service, we’re at the cutting edge of new policy and continue to provide solutions to help companies adapt to these new EU regulations as they develop.   If you would like to learn more about our CBAM counselling service, please visit our website: https://lnkd.in/equCHQps  #CBAM #EUETS #Decarbonization

Instead of my typical post on insurance matters, I am going to take a step back and reflect a bit. Yesterday marked the one-year anniversary of launching my own insurance consulting firm. It has proven to be an excellent decision and the value and connections from this platform that I have been able to cultivate cannot be discounted in contributing to my firm's launch and success thus far. It has now been a little over 4 years since I started posting the insurance tip of the day, which has accumulated 857 posts over that time span. Just last week I surpassed 5,000 connections and will shortly reach 6,000 followers. That may not mean that much in social media metrics, but for a social media introvert as myself that only posts insurance content, without soliciting feedback and without posting to generate comments, it has proven to be a successful endeavor. Just know that I appreciate all the comments and direct messages I receive (yes, be it the constructive criticism and even the occasional insults I endure!) and to all those that have recommended me and referred business my way, I truly appreciate it. #jackhasyourback #ITCrisk

Unemployment in the 🇪🇺:    🇨🇿 2.5 🇲🇹 2.7 🇵🇱 2.8 🇩🇪 3.0 🇸🇮 3.5 🇳🇱 3.6 🇭🇺 4.0   🇮🇪 4.1 🇩🇰 4.4 🇧🇬 4.5 🇦🇹 5.3 🇱🇺 5.3 🇷🇴 5.4 🇧🇪 5.5   🇸🇰 5.8 🇪🇺 5.9 🇱🇹 6.1 🇵🇹 6.2 🇱🇻 6.6 🇨🇾 6.6 🇭🇷 6.9  🇫🇷 7.3 🇮🇹 7.3 🇫🇮 7.3 🇪🇪 7.6 🇸🇪 8.0 🇬🇷10.9 🇪🇸 11.5    Unemployment is at a record low. At the same time, job vacancies are at a record high. We need skilled workers.    This is why we made 2023 the European Year of Skills. Our goal is to help people get the right skills for quality jobs and support companies addressing skill shortages in Europe.     Together with businesses and trade unions, we will also convene a new Social Partner Summit to face the challenges of the labour market.     The future of Europe will be built with and by our social partners.    Learn more about the European Year of Skills➡️ https://europa.eu/!gXjRGt    #EuropeanYearOfSkills #EuropeanUnion #SOTEU