The 10th EU-US Energy Council took place in Brussels this week. The Energy Council is an annual summit where the EU and US coordinate their stances on issues related to energy policy such as cooperation on energy security, the shift to cleaner forms of energy and cooperation on meeting the Paris Agreement targets. This was the first Council since Russia’s invasion on Ukraine, and thus, of particular importance. Established in 2009, the EU-US Energy Council is the lead transatlantic coordination forum...

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Leaner inventory has been a key topic across several consumer-facing industries—including automotive, retail, consumer products, and others—with companies paring back excess stock in the face of lower sales or gloomy forecasts. These reductions help operators instill a sense of balance amid turbulent conditions, boost productivity, and improve cash flow. At the same time, discounting to dispose of excess inventory can take a bite out of gross margins. Why the big focus on inventory? Consumer activity has remained strong in recent quarters, but...

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When a foreign entity wishes to enter the U.S. market, a major factor they may need to consider involves hiring U.S. employees.  This may seem like a daunting and overwhelming prospect, and in an effort to ‘simplify’ the matter and ‘reduce costs,’ some foreign entities may decide to payroll themselves directly (i.e., using the foreign entity as the employer) or contract with and use a professional employer organization (a “PEO).  In fact, some global PEOs are marketing heavily and...

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Recent evidence suggests that progress towards gender parity has slowed and that the gender gap has in fact widened since the pandemic. This article highlights some key legal developments in the UK and Europe that are intended to support women in the workplace—from menstrual leave in Spain to increased redundancy protections for pregnant employees in the UK. We also consider what employers can do now to keep progress on the agenda. Where are we with gender parity? Unfortunately, there is evidence...

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On April 3, 2023, the U.S. Tax Court ruled in Farhy v. Commissioner that the IRS lacks statutory authority to assess Form 5471 penalties under I.R.C. § 6038(b)(1) or (2). As a result, the IRS cannot proceed with the collection of the penalties against the taxpayer. In recent years, the IRS has aggressively enforced foreign information return penalties, including the penalty for failing to file timely and complete Forms 5471. Farhy may have significant implications for taxpayers who have...

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EIB President Werner Hoyer will lead a delegation to Washington DC between April 10-16 to join policymakers and fellow Multilateral Development Banks in forging responses to global challenges Stronger international partnership on climate action, investment in green tech and support for Ukraine will top the EIB agenda in Washington in a series of meetings on the margins of IMF/WBG events. An EIB delegation led by President Werner Hoyer, as well as Vice-Presidents Ambroise Fayolle, Teresa Czerwińska, Ricardo Mourinho and  Thomas Östros will meet...

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I just interviewed ChatGPT. I was in a jam. I had volunteered to write a blog about ChatGPT. ChatGPT is taking off faster than any technology or innovation I’ve seen in a long while. It attracted an astounding 1 million users in 5 days and over 100 million in just 2 months. Since CLA works with over 10,000 healthcare and life science clients, we don’t want any of them to get left behind by new innovations. Rather than wait for...

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Generative AI is a type of Artificial Intelligence (AI) that focuses on creating new data rather than recognizing patterns in existing data. This type of AI uses deep learning algorithms to generate content such as images, videos, audio, text, and other kinds of media based on certain parameters or conditions. Generative AI has the potential to create unique content from scratch without any external input and can be used in various applications such as facial recognition, natural language processing...

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On March 23, 2023, the European Commission published a proposal for a Directive on substantiation and communication of explicit environmental claims ("Green Claims Directive"). This proposal aims to tackle so-called greenwashing claims by regulating how companies communicate and substantiate voluntary environmental claims. Scope The proposal will regulate voluntary environmental claims and environmental labeling provided by traders in business-to-consumer commercial practices. The notion of "environmental claims" is broadly defined and covers any message or representation, including text, pictorial, graphic or symbolic representation, in...

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An unintended consequence of the Tax Cuts and Jobs Act passed during the Trump Presidency is that far more tax filers are now required to file Form 5471; this includes nearly all of TABS’s clients with overseas parents. The Internal Revenue Code previously only required a U.S. taxpayer who owned a certain portion of a controlled foreign corporation (“CFC”) to file Form 5471 – the form’s title is Information Return of U.S. Person with Respect to Certain Foreign Corporations. This was...

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