17 Aug
Member News

CLA (CliftonLarsonAllen) | IRS Shuts Down ERC “Supply Chain” Shutdown Theory

The employee retention credit (ERC) provided many employers a tax savings opportunity to help keep employees on their payroll during the COVID-19 pandemic. Many organizations claimed the credit based on a supplier shutdown provision. Now, the Internal Revenue Service (IRS) has clarified what criteria an organization must meet to be able to claim the credit — and in many cases, employers who previously claimed the credit may not be eligible. Let’s dig into details to understand how your ERC eligibility...

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17 Aug
Chapter News

EU Circular economy: New law on more sustainable, circular and safe batteries enters into force

A new law to ensure that batteries are collected, reused and recycled in Europe is entering into force today. The new Batteries Regulation will ensure that, in the future, batteries have a low carbon footprint, use minimal harmful substances, need less raw materials from non-EU countries, and are collected, reused and recycled to a high degree in Europe. This will support the shift to a circular economy, increase security of supply for raw materials and energy, and enhance the EU’s strategic...

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17 Aug
New York Related News

PwC | New York proposes corporate tax reform regulations

Since 2015, the Department has posted to its website nonbinding drafts of various regulatory amendments for public comment prior to the formal process for proposing and adopting regulations. The Department solicited public comments, and the draft regulations were amended in response to those comments over the years. Last summer the Department posted final draft regulations to its website. The current proposed regulations contain various changes from the 2022 draft regulations and have been formally proposed by the Department pursuant...

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17 Aug
New York Related News

Ogletree Deakins | New York State Bill Proposed to Restrict Electronic Monitoring, Automated Employment Decision Tools

Under a recently introduced bill, employers across New York State could face new restrictions on the electronic surveillance of workers and the growing use of automated decision-making and artificial intelligence (AI) technology to make employment decisions. Quick Hits Proposed New York State bill would restrict employers’ use of electronic monitoring and automated employment decision-making technology. The bill would require employers to notify employees and job candidates that such tools are being used and specifically require automated employment decision tools to...

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16 Aug
Member News

PwC | Satisfying requirements of the new Canadian CARM initiative

The CBSA Assessment and Revenue Management (CARM) is an initiative by Canada’s Border Services Agency (CBSA) to transform and modernize the collection of duties and taxes for commercial goods being imported into Canada. The initiative targets the revenue and cash management systems that currently are in place for assessing and collecting duties and taxes, and replaces them with a simplified process that includes electronic payment options. Participation in the CARM is mandatory for all Canadian-resident and nonresident businesses that import...

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16 Aug
Member News, Uncategorized

Trepp | European (CRE) Market Update

A barometer for investors’ expectations of eurozone inflation – the 5-year, 5-year forward inflation swap – has reached a 13-year high at 2.66%, as reported by Financial Times. This greatly exceeds the European Central Bank target of 2% and has been somewhat attributed to the rising oil prices. Although interest rates were projected to remain constant for at least a year, as reported by Trepp last week, approximately 50% of investors anticipate one more rate hike this year. Furthermore, additional...

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14 Aug
Member News

PwC | The UN Secretary-General releases early Report on promotion of inclusive and effective international tax cooperation

On 8 August 2023, the UN Secretary-General published an advance unedited version of a report (‘Report’) analyzing options/next steps around UN international tax cooperation. The Report follows the approval and adoption of the draft resolution from certain African countries in late 2022. The official version will be released before the next session of the UN General Assembly in September, during and after which discussions will occur on what parts of the Report to adopt. The options – which are...

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14 Aug
Member News

Fenwick | SEC Proposes Rules on the Use of AI by Registered Investment Advisers and Broker-Dealers

In light of concerns associated with artificial intelligence (AI) and AI-adjacent technologies such as machine learning in the field of investment advisory, the Securities and Exchange Commission (SEC) proposed new rules on July 26, 2023 under the Securities Exchange Act of 1934 and the Investment Advisers Act of 1940 that, if enacted, would require broker-dealers and investment advisers to take steps to address conflicts of interest associated with their use of predictive data analytics and similar technologies.  The proposed rules...

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03 Aug
Member News

ING | Posting 2Q2023 net result of €2,155 million with strong income growth and low risk costs

Profit before tax increases significantly to €3,035 million in 2Q2023; CET1 ratio rises to 14.9% • Good interest income after a long period of negative rates • Operating expenses excluding regulatory costs slightly lower quarter-on-quarte • Low risk costs, reflecting strong asset quality • Growth of 227,000 primary customers and an increase in net core deposits of €17 billion • Four-quarter rolling RoE increased to 11.7%; ING will pay an interim cash dividend of €0.35 per ordinary share CEO statement “The second quarter of 2023 was...

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03 Aug
Member News

Jaguar Freight | In this week’s Roar: another big win for labor relations, slow times in Europe, sinking shipper sentiment, downsizing at Maersk, and reimagining sustainable supply chains.

Although last week brought the usual hodgepodge of one step forward, one step back in logistics news, there is one very big positive. UPS and the International Brotherhood of Teamsters have come to a tentative agreement on a five-year contract. It provides workplace security for existing workers along with better pay, and an allowance for more full-time jobs, leaving both sides feeling they’ve reached a win-win agreement. Shippers everywhere were bracing for the worst, for fear of a strike which...

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