Federal trademark registration is an incredibly important process to organizations who wish to protect names and symbols that distinguish their brand in the marketplace. And while trademarks may be registered on a federal or state level, the federal level offers far more protection as it is not limited to state lines. However, federal trademark registration is an extensive, oftentimes complex procedure compared to its counterpart. In this article, we take an in depth look at all of the steps involved.

Solomon Blum Heymann tax partner Robert Ladislaw’s article entitled “Proposed Regulations on Gifts and Bequests from Covered Expatriates” was published in the December 7, 2015 issue of the well-known American tax periodical, Tax Notes.

Ladislaw’s article explains in detail the Proposed Regulations published recently by the Internal Revenue Service to implement a new tax enacted in 2008 on the recipients of gifts from “covered expatriates.”  Although the tax has been on the books for over seven years, it does not become payable until after the regulations are finalized, which will not occur until 2016 or later.

As Ladislaw explains, notwithstanding Congressional statements to the contrary, the new tax is designed to discourage expatriation for tax purposes of American citizens (as well as certain departing “Green Card” holders), a practice that has become more and more popular in recent years.  American tax expatriates are already subject to an “exit tax” which applies to income and certain appreciated assets that the expatriate owns on the date of expatriation.  The new tax on gifts and bequests adds to the tax burden of such individuals or, more specifically, their families, as it is designed to substitute for the gift or estate tax that a U.S. citizen would normally be liable for upon making a gift.  Instead the tax applies to the recipient of the gift or bequest if that person is a U.S. taxpayer – a unique arrangement, as historically the United States’ transfer taxes have always applied to donors and not donees.

Ladislaw’s article delves into the intricacies of the new tax and regulations, including the definitions of “covered expatriates” and “U.S. recipients”, as well as the provisions detailing the types of gifts and bequests that are covered.  He also discusses the rules that are applicable when foreign trusts are used as the vehicle through which gifts are made, as well as the tax computation rules.

Solomon Blum Heymann LLP conducts a sophisticated international and domestic tax and estate planning practice designed to advise U.S. citizens, foreign persons, and business entities on tax issues including those relating to income taxes, estate and gift taxes, territorial tax exemptions and offshore tax structures, FATCA, and many other related subjects.   Solomon Blum Heymann attorneys involved in this practice in addition to Ladislaw, include partners William L. Blum and Andrew Heymann, as well as counsel Luca Cantelli.

Lili Gallo reviews the current state of the sports system in the country of Hungary as it continues to progress from its nineteenth century roots, and the efforts at continued reform since the end of the communist regime in the 1990’s.

The Commonwealth of Puerto Rico enacted exciting new tax incentive laws in 2012. These laws are referred to as Act 20 and Act 22. Act 20 provides a 96% tax exemption for businesses exporting services from Puerto Rico and Act 22 provides “bona fide residents” of Puerto Rico with a 100% exemption from all income taxes, including U.S. federal income taxes, on dividends, interest, and capital gains from Puerto Rico sources. for individuals who are “bona fide residents” of Puerto Rico. Territorial tax expert and Solomon Blum Heymann partner William L. Blum, Esq. explains the details of these new laws and how U.S. citizens may take advantage of these unprecedented tax benefits.

Every entrepreneur and business owner needs to consider what type of business entity is right for his or her business. There are myriad factors that may go into making such a decision, including the type of entity governance required and the tax impact. With over a half dozen commonly used entities in nearly every state, including corporations, LLCs, limited partnerships, and limited liability partnerships, advice on this subject may be crucial to the future of your business. This article discusses the options and gives practical tips.

Are you a non-U.S. person (individual or entity) who wishes to purchase an aircraft to be registered by the FAA in the United States? Under federal law, foreigners are not allowed to register aircraft in the United States – but structures have existed for decades that the FAA will accept and which will solve this problem for most owners. Usually these structures involve Delaware corporations or similar entities formed in other states – but these entities are subject to U.S. income taxes. The only entity that qualifies for FAA registration but that is not subject to federal tax is the USVI exempt company. This article by Solomon Blum Heymann partner William L. Blum and former Virgin Islands Bureau of Internal Revenue Chief Counsel Marjorie Roberts explains the structure and how to establish and use this type of entity.

A thorough review of every aspect of U.S. Virgin Islands Taxation by USVI tax expert, and Solomon Blum Heymann partner, William L. Blum, Esq. Mr. Blum, who served as Counsel to former USVI Governor Juan Luis and advised him on the complete revamp of USVI taxation under the federal Tax Reform Act of 1986, explains all the details. Please note that this article will be updated in 2015.

A quick summary of the U.S. Virgin Islands Economic Development Commission income tax exemption program by former counsel to the Commission, Solomon Blum Heymann partner William L. Blum, Esq. The “EDC” program has existed in one form or another since the 1960s and has provided U.S. companies and individuals with hundreds of millions in tax benefits. This article summarizes the benefits and the basic requirements to reduce your tax liability by taking advantage of the program.

This is the seminal article on the topic of USVI tax benefits, prepared by William L. Blum, Esq., a pre-eminent territorial tax expert and former counsel to the Governor of the USVI. Originally published in the Journal of Corporate Taxation in 1993, Mr. Blum’s article reveals the tax policy development that enabled the USVI government to offer extensive tax benefits to U.S. citizens unavailable anywhere on the U.S. mainland and then goes on to explain the types of unique benefits and programs available in the Virgin Islands. A partner with Solomon Blum Heymann LLP since the firm’s formation in 1996, Mr. Blum continues to offer his expertise on this subject from the firm’s offices in St. Thomas, Virgin Islands and New York City.

In this short memorandum, USVI tax expert and Solomon Blum Heymann partner William L. Blum, Esq., summarizes the requirements for, and possible uses of, the “USVI Exempt Company,” an entity that is fully tax exempt and which may be used by non-U.S. persons for a variety of matters and structures. In the 1980s, Mr. Blum drafted the legislation that made this type of entity possible and here he shares his insight and expertise with the reader about a type of entity that is not that well known but which is a unique tool for the entrepreneur or tax planner.