During the mid-1970's, the United States adopted two laws that seek to counteract the participation of U.S. citizens in other nation's economic boycotts or embargoes. These antiboycott laws are the 1977 amendments to the Export Administration Act (EAA) and the Ribicoff Amendment to the 1976 Tax Reform Act (TRA). In order to avoid enforcement actions and penalties, U.S. companies and financial institutions must become familiar with the U.S. antiboycott laws and regulations, an important and often overlooked subset of export controls and sanctions laws.
Douglas Jacobson, a DC-based trade attorney with Jacobson Burton Kelley PLLC, provides an in-depth review of U.S. antiboycott laws and regulations and practical compliance guidance. Throughout this course, Mr. Jacobson dissects a sample boycott request and discusses the important tax aspects of antiboycott laws, as well as related penalties for failing to comply with these laws and regulations. In addition, Mr. Jacobson outlines the steps involved in analyzing boycott language and furnishes detailed guidance about antiboycott report filing requirements at the U.S. Department of Commerce's Office of Antiboycott Compliance and the Internal Revenue Service. This presentation concludes by highlighting recent antiboycott enforcement cases.
Attorneys and compliance personnel will receive an excellent overview on what they need to know to understand and comply with U.S. Antiboycott laws and regulations.