Banks Likely to be the Sole Focus of New Consumer Protection Agency

The Dodd-Frank Act enacted last July directed the Department of the Treasury to establish the Consumer Financial Protection Bureau (“CFPB”), a new federal agency whose primary purpose is to educate the public about certain consumer financial products and services as well as to regulate the providers of such products and services. The entities over which […]


IRS Clarifies 162(m) Deduction Requirement

The IRS recently issued proposed regulations under Internal Revenue Code Section 162(m) relating to the deduction limitation for certain employee remuneration in excess of $1,000,000, which if passed, will have a significant impact on the design of equity based compensation plans for existing public companies and privately-held companies that ultimately become publicly held. Under Code […]


Employers Experience Increase in Requests for Additional Evidence Relating to USCIS – VIBE Initiative

Employers are experiencing a recent increase in Requests for Additional Evidence from U.S. Citizenship and Immigration Services’ (“USCIS”) in employment-based cases due to the government’s implementation of its Validation  Instrument for Business Enterprise (“VIBE”) initiative. In a previous bulletin we alerted you to USCIS’ intended initiation of VIBE to verify the eligibility of petitioners for […]


Iran Sanctions will add to Foreign Banks’ Compliance Costs

Andy Fernandez, one of the leaders of Gunster’s Banking and Financial Services practice and a shareholder, recently contributed an article titled, “Sanctions on Iran will add to foreign banks’ compliance costs,” to the Daily Business Review. In the article, Mr. Fernandez states: “Proposed rules associated with a federal statue imposing sanctions on Iran are expected […]


FinCEN Issues New Extension for FBAR Filing Deadline Involving Officers or Employees of Investment Advisors Registered With the SEC

On June 17, 2011, the Financial Crimes Enforcement Network (FinCEN) issued a notice (“Notice”) concerning reports of foreign financial accounts (“FBARs”) to provide a one-year extension to officers and employees of investment advisors registered with the Securities and Exchange Commission (SEC) who have signature or other authority over, but no financial interest in, foreign financial […]


Florida’s New Executive Order – Provides Clarification on the Required use of U.S. Department of Homeland Security’s E-Verify System

Our Immigration Bulletin dated January 24, 2011 reported on Florida Governor Rick Scott’s second Executive Order 11-02 requiring state agencies to use the federal government’s E-Verify system for the employment eligibility verification of state employees and contractors. We noted that the Executive Order required state agencies under the direction of the Governor to include, as […]



Supreme Court upholds Arizona law that penalizes Employers for hiring illegal workers: What does this mean for U.S. Employers?

Since May 26th, when the U.S. Supreme Court decided Chamber of Commerce of the United States of America v. Whiting, the Press has been full of articles alerting U.S. employers to the Decision, which   upholds Arizona’s law establishing licensing sanctions for employers in Arizona that knowingly or intentionally hire illegal workers and requires Arizona […]


E-Verify Employers to Benefit from Expanded List of Science, Technology, Engineering, and Math (STEM) Degree Programs that Afford Extended Work Authorization to Foreign Students

On May 12, 2011,  Immigration and Customs Enforcement (ICE) published an expanded list of science, technology, engineering, and math (STEM) degree programs that qualify eligible graduates on student (F-1) visas for an Optional Practical Training (OPT) extension.  In a speech given by President Obama, this was hailed as an important step forward in the Obama […]


H-1B Visa Numbers Usage Reported by USCIS for Fiscal Year 2012

  According to the United States Citizenship and Immigration Services’ (“USCIS”) most recent count of H-1B Petitions received that are subject to the FY 2012 cap, as of April 29, 2011 USCIS had received 9,200 petitions subject to the 65,000 annual cap. Additionally, USCIS has received approximately 6,600 petitions for foreign workers with advanced degrees, […]


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