September 14, 2023, the IRS issued an announcement that it was pausing processing new employee retention credit claims through year-end so it could put in place measures to better detect fraudulent claims, amidst a continued influx the last few months. See a brief summary of the release here. How will this impact your nonprofit? Claimed and Collected: If you previously consulted with a qualified tax advisor, claimed ERC, and received full payment from the IRS, this announcement should have minimal impact...

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The European Commission published a new package of proposals on 12 September to put forward (i) a single set of tax rules for doing business in the EU (Council Directive on Business in Europe: Framework to Income Taxation (BEFIT)), (ii) harmonised transfer pricing rules within the EU ( Council Directive on Transfer Pricing) and (iii) a Head-Office Tax system for micro, small, and medium-sized enterprises (SMEs) (Council Directive establishing a Head Office Tax system for micro, small, and medium-sized enterprises,...

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Released on September 8, 2023, IRS Notice 2023-63 provides wide-ranging and potentially controversial guidance on the capitalization and amortization of research and experimentation expenses under section 174.The Notice addresses several key questions on capitalization under section 174, which is required for tax years beginning on or after January 1, 2022: When are amounts paid by a service provider in a contract research arrangement subject to capitalization rules? How do the rules apply to R&D costs incurred as part of a...

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Built in 1968, 140 Broadway located in New York City is a stunning Class A vintage office building. Although it has stood in the center of lower Manhattan for more than 50 years, thoughtful planning, a clear vision and collaborative partnership have wiped away the years by proactively repositioning this iconic office building with state-of-the-art amenities. The same thing can be said for One Victory Park and International Plaza in the Dallas area. Tricked out amenity floors using underutilized space...

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Last week, the California Legislature passed two bills, together the "Climate Accountability Package," that would mandate the public disclosure of greenhouse gas emissions (GHG) and climate-related financial risk by companies doing business in California that meet different revenue thresholds. California Governor Gavin Newsom has indicated he will sign the bills into law, subject to "some cleanup on some little language," the details of which remain undisclosed.1California is the first governmental actor in the United States to mandate corporate climate-related...

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On September 15th, Sika announced planned changes to the Board of Directors and the Group Management. The decisions have been made ahead of the presentation of the new growth strategy at the Capital Markets Day on October 3, 2023. Thierry F. J. Vanlancker will be proposed as new Chair of the Board of Directors at the next Annual General Meeting in 2024, as Paul Hälg has decided to step down from his position after twelve successful years to make way for a new...

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On September 8, 2023, the Department of Treasury (the Treasury) and the Internal Revenue Service (the IRS) released Notice 2023-63 (the Notice), which sets forth the Treasury and the IRS’s intent to issue proposed regulations addressing the application of Section 174.1 In 2017, legislation commonly referred to as the Tax Cuts and Jobs Act amended Section 174 to eliminate the option for taxpayers to deduct R&E expenditures and instead to require taxpayers to capitalize and amortize “specified research or experimental”...

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Amal Alliance, an international non-profit organization committed to fostering education and well-being among marginalized communities, is thrilled to be part of the prestigious Clinton Global Initiative (CGI) Greenhouse organized for the second consecutive year. As we embark on this journey, Amal Alliance is ready to make an even greater Commitment to Action on pressing issues such as educational change, mental health equity, and creating an inclusive society. Selected from a competitive pool of entrepreneurs and startups, Amal Alliance joins a...

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