The Association of Accidental Americans (AAA) filed, on 22 December 2020, two simultaneous complaints in Luxembourg and Belgium, demanding an immediate halt to the transfer of European citizens’ personal data to the United States. Under the U.S. Foreign Account Tax Compliant Act (FATCA) of 2010, financial institutions all over the world are required to send the U.S. administration the tax data of all customers considered to be « U.S. Persons ». These include « Accidental Americans, » or people with...

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On Monday, January 11, Treasury and the IRS released final regulations under section 4960. Section 4960, enacted as part of the Tax Cuts and Jobs Act (TCJA), imposes an excise tax on remuneration in excess of $1 million and any excess parachute payment paid by an applicable tax-exempt organization (ATEO) to any covered employee. The excise tax and the final regulations can affect not only ATEOs, but also certain entities that are treated as related to those organizations. In June...

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Key insights The $900 billion COVID relief package brings opportunity to financial institutions — and raises questions. Second draw loans are now available to eligible borrowers. New rules apply to existing, new, and second draw PPP loans. Lender provisions are generally favorable. The long awaited $900 billion COVID relief package was signed into law on December 27, 2020. The Consolidated Appropriations Act, 2021 (the Act) provides nearly $285 billion in Paycheck Protection Program (PPP) forgivable loans. On January 6, 2021, the Small...

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Kris Peeters joins as Vice-President on the EIB’s Management Committee, representing the Benelux countries. Mr. Peeters will exert oversight on files such as mobility, security and defence, as well as operations in the ASEAN countries. Kris Peeters has been appointed Vice-President and Member of the Management Committee of the European Investment Bank (EIB). He takes up his duties today, assuming the Benelux seat on the EIB’s Management Committee. The EIB’s Board of Governors appointed Mr Peeters, a Belgian national, on...

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It felt good to see the back of a year that was so difficult for so many people, businesses, and economies. But while there is a lot to look forward to in the new year, the marks left by 2020 won’t disappear entirely. Our world has changed fundamentally, and retail is one of the industries where the forces of change are not only readily visible, but also incredibly strong. In 2020, retail saw rapid acceleration of several consumer behavior-driven trends...

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On January 6, 2021, the U.S. Department of Labor (DOL) finalized its highly anticipated independent contractor rule.  The rule delivers on the DOL’s promise to simplify, clarify and harmonize the factors for determining when a worker is an independent contractor versus an employee under the Fair Labor Standards Act (FLSA).  It is meant to be the sole and authoritative interpretation for this analysis. Although the rule is slated to take effect March 8, 2021, the new administration is expected to...

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