By Yer USA

Cultural differences could impact the workplace. Understanding your own cultural strengths and weaknesses can positively improve collaboration among diverse teams.

The strengths of Italians at work:

Creative problem solving: Italians are creative by nature. They are excellent in providing solutions especially when there is no process or procedure in place!

Work & Play: Italians work long hours. They are committed employees and generally care about their workplace. Italians nature encourages personal relationships and exchange. Coffee breaks are frequent, and they are almost never taken alone because they are about enjoying an espresso while exchanging few words or jokes with coworkers.

Sense of the Aesthetic: Italians have a great sense of beauty. It might be ingrained in their DNA. They produced some of the most important artists of all times.

Interpersonal skills: Italian culture is relationships-based. Trust is earned slowly. A referral can make a world of difference when starting a new business relationship.

The weaknesses of Italians at work:

“Italians have weaknesses?” asked a client when I told him about my new article.

“Should I put conceited under strengths?”, I replied with a smirk. No further comment needed!

Discipline: Italians tend to lack structure. It is not uncommon to prepare an agenda for a meeting and end up discussing other topics. They have visions and ideas, but they may get lost during execution.

Bluntness: Italians can be confrontational and openly criticize others. They do it with good intentions, though. To them directness is a synonym of honesty and transparency. However, others may perceive their bluntness as rudeness.

Decision-making: Italians are slow decision-makers. During a meeting everyone is encouraged to express an opinion but after an animated discussions there is only one person that makes the final decisions. This is because Italian society is still hierarchical.

Ivana Lodovici is an international headhunter, interviewing coach, resume writer, and cross-cultural recruiting consultant. 

Contact her at ivanalodovici@yer.com to engage her in a search or book a speaking engagement.

By Silvestri International Corp

Effective January 1, 2024, the Corporate Transparency Act (CTA) will require companies formed through document filings with the relevant Secretary of State or registered according to foreign state regulations, operating in the USA, and not falling under any of the 5 exempt categories (Reporting Company), must submit “Beneficial Ownership Information” (BOI) to the Financial Crimes Enforcement Network (FinCEN), a division of the Department of the Treasury. This data comprises the names, dates of birth, residences or business addresses, and copies of identification documents for the beneficial owners of the Reporting Company.

The CTA defines a beneficial owner as any individual who, either directly or indirectly, through contracts, agreements, or other relationships, holds substantial control over the company or owns/controls a minimum of 25% of its corporate shares. Substantial control over a Reporting Company is deemed to be exercised by any individual who:

• Holds a senior officer position;
• Has the power to appoint or remove an officer or the majority of the Board of Directors;
• Has decision-making powers over significant business activities;
• Exercises any other form of substantial control.

Companies established before January 1, 2024, are required to file a Beneficial Ownership Information (BOI) report by January 1, 2025. For those formed during the calendar year 2024, the report can be submitted within 90 days of their formation and registration. Starting January 1, 2025, new companies must file the BOI report within 30 days of their establishment.

While we understand the objective of promoting financial transparency, it is crucial to emphasize that this new regulation differs significantly from the BE-12 Benchmark Survey requested for statistical purposes in the year 2023. The distinctions go beyond the required information, the recipient entity, and the scope, encompassing applicable sanctions as well.

Failure to report or the submission of false information may result in civil penalties of up to $500 per day or criminal penalties, including imprisonment for up to two years and a fine of up to $10,000, imposed on the senior officers of non-compliant companies.

Attorney Bartolomeo Pizzoli

By Pininfarina of America

Pininfarina of America, subsidiary of the iconic design firm, celebrated its 10th anniversary with a special event held in Miami. The celebration took place on December 8th, during the weekend of Art Basel, at the prestigious The Concours Club – an exclusive members-only automotive country club in Opa-Locka. Significantly, the Club’s Events Center, set to open early in 2024 has been designed by Pininfarina itself. In addition to showcasing its innovative design collaborations, through images and activations during the event, many iconic cars designed by the brand, have been display during the occasion.

In the past decade, Pininfarina of America has partnered with major brands such as Coca-Cola, GE, Lenovo, The Related Group, Cisco, and 200 others, designing top-line products, architectural projects and groundbreaking design ideas that have received major award recognitions, such as, the International Architecture Award, Fast Company, Red Dot Design Awards, and many more.

Pininfarina of America’s rapid growth has been fueled by the loyalty of its clients, with nearly two-thirds becoming recurring customers. This focus on client satisfaction has led to consistent growth in the company’s business, which has seen double-digit increases for five consecutive years, including becoming the number one Italian signature in the world for number of branded residences.

Headquartered in Miami with a satellite office in New York City, and with clients scattered across north and south America, Pininfarina of America’s multi-faceted client offering includes architecture and interior design, industrial and product design, nautical, transportation, UX and UI, and more.

Pininfarina of America is also dedicated to sustainability and actively contributes to its local communities and industries through a range of ESG initiatives in both Miami and New York City. The company is also focused on the well-being of its employees and has received the prestigious Great Place to Work® certification for the past three consecutive years.

Follow this link to view the 10 years celebratory video of Pininfarina of America: www.youtube.com

By Frascione Gallery

Frascione Gallery, an esteemed gallery in Florence, Italy, is embarking on its expansion into the United States with the launch of its second gallery set to grace the prestigious Worth Avenue in Palm Beach. 

Frascione Gallery is renowned for Old Master masterpieces and will now also offer art aficionados a curated selection of Modern and Contemporary art.

Nestled in the Via Amore courtyard, the new Frascione gallery epitomizes European sophistication and elegance, reminiscent of its Florence counterpart situated on the historic Via Maggio. The gallery’s address is 256 Worth Ave. Via Amore, Suite O, Palm Beach, FL 33480, and more information can be found at Frascione.com.

Federico Gandolfi Vannini, the fourth-generation owner, along with his wife Daisy Diaz, Frascione’s cultural director, are dedicated to seamlessly integrating museum-quality works in today’s interiors.

“Art is timeless,” comments Gandolfi Vannini. “While we continue to collaborate with museums and traditional collectors, we are excited to showcase works by the great Old Masters beyond museum walls and investment portfolios, alongside 20th and 21st-century art, which speaks volumes to the contemporary mindset. It reframes art history while offering a fresh perspective on collecting art.”

Details about the opening exhibition and the gallery’s inaugural debut at the Palm Beach Show – AKA the Palm Beach Jewelry, Art & Antique Show from 

February 15 to 20, 2024, at Booth 400/501, will be unveiled in the next two weeks.

About Frascione Gallery

Frascione Gallery, founded in 1893 by Enrico Frascione, specializes in European paintings from the 14th to 17th century, with a focus on the Renaissance. 

the gallery debuts Frascione Palm Beach in February 2024, harmonizing Old Master paintings with modern and contemporary art. 

Offering tailored consultations, it collaborates with art historians and contributes to academic publications. Frascione serves a global clientele, solidifying its status as a beacon of artistic excellence.

The Treasury Department’s Financial Crimes Enforcement Network (FinCEN) finalized a rule last month to extend the deadline for companies created or registered in 2024 to file their initial beneficial ownership information reports. The rule will require most U.S. corporations, limited liability companies, and other entities created in or registered to do business in the U.S. to report information about their beneficial owners—the persons who ultimately own or control the company—to FinCEN.

With the most recent amendment, the reporting deadline for companies created or registered in 2024 is extended to 90 days from the receipt of public notice of their registration instead of the 30 days initially proposed.

What are the important dates and deadlines for reporting?

This new ruling will go into effect on January 1, 2024.

• Companies that existed before January 1, 2024 will have one year to submit their first report (by January 1, 2025).
  
  
• Companies created or registered after January 1, 2024 and through the end of the year will now have 90 days to submit their first report after they are established.
  
  
• Companies created or registered on or after January 1, 2025 will still only have 30 calendar days to submit their first report after they are established.

Additionally, after submitting the initial report, all companies will have to update the information about their owners within 30 days of any changes.

Who is considered a “beneficial owner”?

In general, a beneficial owner is any individual (1) who directly or indirectly exercises “substantial control” over the reporting company, or (2) who directly or indirectly owns or controls 25 percent or more of the “ownership interests” of the reporting company.

Whether an individual has “substantial control” over a reporting company depends on the power they may exercise over a reporting company. For example, an individual will have substantial control of a reporting company if they direct, determine, or exercise substantial influence over, important decisions the reporting company makes. In this regard, any senior officer is deemed to have substantial control over a reporting company. The ownership interests can include simple things like regular shares of stock or more complicated arrangements. According to FinCEN, they expect the majority of companies to have straightforward ownership structures.

What companies will be required to report?

Certain companies—referred to as “reporting companies”—will be required to report their beneficial ownership information to FinCEN.

A domestic reporting company is defined as:

• a corporation,
  
  
• a limited liability company, or
  
  
• any other entity created by the filing of a document with a secretary of state or any similar office under the law of a state or Indian tribe.

A foreign reporting company is any entity that is…

• a corporation, limited liability company, or other entity formed under the law of a foreign country, AND
  
  
• registered to do business in any U.S. state or in any Tribal jurisdiction, by the filing of a document with a secretary of state or any similar office under the law of a U.S. state or Indian tribe.

If you had to file a document with a state or Indian Tribal-level office to create your company or to register it to do business if it is a foreign company, then your company is most likely a reporting company, barring any applicable exemptions.

For the definitions of both domestic and foreign reporting companies, a “state” means any state of the U.S., the District of Columbia, the Commonwealth of Puerto Rico, the Commonwealth of the Northern Mariana Islands, American Samoa, Guam, the U.S. Virgin Islands, and any other commonwealth, territory, or possession of the U.S.

However, if an entity qualifies for one of the 23 exemptions in the Corporate Transparency Act, they will not be considered a reporting company, and therefore not required to file a report. This includes banks, credit unions, and more. (Note: A full list of exemptions can be found here. If you would like to discuss these exemptions and determine qualification, please contact us today.)

What information will companies have to report?

A reporting company will have to report:

• Its legal name;
  
  
• Any trade names, “doing business as” (d/b/a), or “trading as” (t/a) names;
  
  
• The current street address of its principal place of business if that address is in the United States (for example, a domestic reporting company’s headquarters), or, for reporting companies whose principal place of business is outside the U.S., the current address from which the company conducts business in the U.S. (for example, a foreign reporting company’s U.S. headquarters);
  
  
• Its jurisdiction of formation or registration; and
  
  
• Its Taxpayer Identification Number (“TIN”).

A reporting company will also have to indicate the type of filing it is making (that is, whether it is filing an initial report, a correction of a prior report, or an update to a prior report).

We’re here to help

Although reporting will begin in January 2024, there is not yet a landing page on FinCEN’s website to do so. Once it is launched and operational, you will report your company’s beneficial ownership information electronically through a secure filing system available there.

If you would like to understand more about this filing or its qualifications, or you’d like to inquire about exemptions, contact us today. As with any new ruling, we encourage you to reach out to your tax advisor with any questions or concerns you may have.

By Fernando Lopez, International Tax Services Partner