28 Aug
COVID-19 News, Member News

Littler | Reopening and Rehiring During the COVID-19 Pandemic – Critical Employee Benefits and Executive Compensation Considerations

As many employers are on the way to normalizing their business practices and re-engaging their employees, they should not overlook the many potential pitfalls in the administration of their retirement, health and welfare plans and their executive compensation arrangements. The risks of missteps are high, and include loss of tax-qualification of retirement plans, penalty taxes in connection with the Affordable Care Act’s (ACA) employer mandate rules, other IRS penalties, employee lawsuits and Department of Labor enforcement actions. The following...

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28 Aug
Chapter News

Fishing opportunities in the Baltic Sea for 2021: improving long-term sustainability of stocks

The Commission today adopted its proposal for fishing opportunities for 2021 for the Baltic Sea. Based on the latest available scientific advice and in order to improve long-term sustainability of fish stocks, the Commission proposes to increase fishing opportunities for herring in the Gulf of Riga and main basin salmon, whilst maintaining the current levels for herring in the Gulf of Bothnia, sprat and plaice. The Commission proposes to decrease fishing opportunities for the remaining stocks covered by the proposal. Virginijus Sinkevičius, Commissioner for...

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27 Aug
Member News, Trade & TTIP Related

GDLSK | US-EU Trade Update

US and EU Agree to Reduce Tariffs on Certain Products and the EU Asks the US to Withdraw Tariffs in Connection with the Large Civil Aircraft Dispute. On August 21, 2020, the Office of the United States Trade Representative (USTR) issued a Joint Statement with the European Union Trade Commission to announce the first tariff reductions between the US and EU in over 20 years. The tariff reductions will be retroactive to August 1, 2020.  The US will reduce tariff rates by...

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27 Aug
Member News

H&K | New PPP Interim Final Rule Addresses Loan Forgiveness Requirements

Provisions Added Regarding Treatment of Owner-Employees and Limitations on Eligibility of Non-Payroll Costs Highlights A new Interim Final Rule (IFR) from the U.S. Small Business Administration (SBA) provides that certain owner-employees with less than a 5 percent ownership stake are not subject to the owner-employee compensation rule of the Paycheck Protection Program (PPP) limiting loan forgiveness for owner compensation. The IFR also provides that loan forgiveness may not include 1) amounts attributable to tenant, subtenant or household expenses, 2) most...

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27 Aug
Chapter News, COVID-19 News

Coronavirus: the EU Commission signs first contract with AstraZeneca

Today, the first contract the European Commission has negotiated on behalf of the EU Member States with a pharmaceutical company entered into force following the formal signature between AstraZeneca and the Commission. The contract will allow the purchase of a vaccine against COVID-19 for all the Member States of the EU as well as the donation to lower and middle income countries or the re-direction to other European countries. Through the contract, all Member States will be able to purchase...

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26 Aug
Chapter News

EACCNY #COVID19 Impact Stories from Our Members – therecruitingproject

Together with our members we are creating a Video series of first-hand accounts of the Pandemic’s impact, both personally & professionally. We invite you to join us today for a first-hand look at the impact of the global shutdown following the Coronavirus (COVID-19) outbreak – Today we are featuring Maciej Minkiewicz, Founder & Owner of therecruitingproject, a Member of the EACCNY. The questions we asked our members for this series are: 1) What are some challenges you, personally and your organization have faced? 2)...

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26 Aug
Chapter News

Josep Borrell | The rentrée of 2020: decision time for EU foreign policy

Blog post by EU High Representative Josep Borrell | 26 August - Foreign policy never stops. But the summer of 2020 has been exceptionally busy, with a seemingly never-ending series of crises: in Lebanon, Belarus, Mali and the Eastern Mediterranean. At the informal Gymnich meeting in Berlin (27-28 August) we must forge a common way forward. It is both urgent and feasible to strengthen Europe’s international clout. "In the EU, what matters is not how a discussion begins, with 27 different...

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26 Aug
Chapter News

U.S. Federal Bank Regulatory Agencies Issue Three Final Rules

Board of Governors of the Federal Reserve System Federal Deposit Insurance Corporation Office of the Comptroller of the Currency The federal bank regulatory agencies today finalized three rules, which are either identical or substantially similar to interim final rules currently in effect that were issued earlier this year. They include: A final rule that temporarily modifies the community bank leverage ratio, as required by the CARES Act; A final rule that makes more gradual, as intended, the automatic restrictions on distributions if...

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26 Aug
Member News

Marks Paneth | CARES ACT – Tax Update: RMD Rollbacks Must Be Completed by August 31, 2020

The CARES Act enabled any taxpayer with a Required Minimum Distribution (RMD) due in 2020 from a defined-contribution retirement plan, including a 401(k) or 403(b) plan, or an IRA, to skip those RMDs this year. This includes anyone who turned age 70 1/2 in 2019 and would have had to take the first RMD by April 1, 2020. This waiver does not apply to defined-benefit plans. The IRS allows anyone who already took an RMD in 2020 from these...

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25 Aug
Member News

AlixPartners | 5 Considerations For Enhancing SEC Disclosures Amid Crisis

Previously published on Law360 | The continuing economic and stock market tumult is prompting new behaviors from companies and regulatory bodies alike. As second-quarter earnings season wraps up, public companies have new guidelines from the U.S. Securities and Exchange Commission around how much information to disclose to stakeholders in their quarterly and annual forward-looking statements. Through these new guidelines, the SEC, by its own admission, has taken on a larger role in trying to use the power of disclosure to support broad economic...

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