Search Results for keywords:"foreign entities"

The U.S. Department of Commerce has introduced new regulations to strengthen the security of the Information and Communications Technology and Services (ICTS) supply chain in accordance with Executive Order 13873. Effective March 22, 2021, these rules will allow the Secretary of Commerce to review, block, or impose conditions on transactions between U.S. and foreign entities that may pose security risks due to involvement with foreign adversaries. The regulations outline a process for reviewing transactions and require entities to retain records related to a transaction if it is under review. Additionally, certain countries such as China, Iran, and Russia are identified as foreign adversaries, and the rule aims to protect U.S. national security by mitigating risks associated with these and other foreign entities.

The State Department has released a report required by the Global Magnitsky Human Rights Accountability Act, detailing the actions taken under this law in 2024. During the year, the U.S. designated 70 foreign individuals and entities involved in human rights abuses and corruption across 19 countries. These actions were part of efforts to hold accountable those involved in serious crimes like violence against women, bribery, and political repression. The report also highlights international cooperation with countries like Canada and the UK in enforcing these sanctions globally.

The Internal Revenue Service (IRS) is seeking public comments on several forms related to tax withholding for foreign individuals and entities. This is part of the IRS's ongoing effort to reduce paperwork and ensure these forms, which include W-8BEN and W-8ECI, serve their purpose effectively. Comments are invited on various aspects of these collections, such as their necessity, accuracy, and ways to improve clarity and reduce the burden on respondents. Feedback is requested before April 19, 2021, to ensure it is considered.