Member News

30 Jul
Member News

Marks Paneth | Tax Considerations in a Section 1031 Exchange that Includes a Personal property Component

The Tax Cuts and Jobs Act (TCJA) repealed like-kind exchanges (Section 1031) for all other types of property that are not real property. This means like-kind exchanges of personal or intangible property such as machinery, equipment, vehicles, aircraft, boats, artwork, collectibles, patents and other intellectual property generally no longer qualify for non-recognition of gain or loss. Because of this change, the exchange of personal property of like-kind is now considered a taxable event.  The IRS recently released proposed regulations defining...

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29 Jul
COVID-19 News, Member News

Offit Kurman | Business Succession Planning: COVID-19 Has Changed Things – It’s Time For A Review

Business owners know that it’s important to plan for the succession in ownership of their companies.  It’s the means by which they secure their retirements and get to see their life’s work continued.  That’s why many institute plans for their succession – whether it’s a transfer of the business within their family, to trusted employees who have been groomed to take over, or in a sale to an outside party. However, just like it has changed so much else in...

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29 Jul
Brexit News, Member News

Arendt | Brexit: new status, new residence permits for UK nationals residing in Luxembourg

Under the transition period as foreseen by the Withdrawal Agreement, UK nationals may continue to reside in the EU without additional measures until 31 December 2020. With the end of the transition period fast approaching and as announced by the Luxembourg government, UK nationals residing in Luxembourg have begun to receive letters from the Immigration Directorate inviting them to prepare an application for a residence permit in Luxembourg. Key points on these new residence permits: Invitations are issued automatically to UK...

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28 Jul
COVID-19 News, Member News

Troutman Pepper | COVID-19 Testing No Longer Generally Recommended for Discontinuing Isolation, CDC Says

Employers’ Continued Use of Return-to-Work COVID-19 Testing Protocols Brought into Question Until late July, the CDC offered a test-based or symptom-based strategy to govern the timing of “discontinuing isolation” for a person known or suspected to be infected with COVID-19. In an abrupt change in guidance, the CDC announced a test-based strategy is no longer recommended to determine when to discontinue home isolation, except in certain circumstances. The CDC now recommends following only a modified symptom-based strategy, which means: Persons with COVID-19 who have symptoms and...

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28 Jul
Member News

Noerr | Court of Justice of the European Union overturns EU-US Privacy Shield – and questions transatlantic data transfers as a whole!

On 16 July 2020 the Court of Justice of the European Union (CJEU) invalidated the European Commission’s Implementing Decision on the EU-US Privacy Shield, without a transitional period, thus dealing a harsh blow to transatlantic data transfer. In a no less sensational decision, the CJEU had already invalidated in 2015 the European Commission’s Implementing Decision on the predecessor to the EU-US Privacy Shield, the US/EU Safe Harbour Framework. Just a few months later, by a new Implementing Decision, the European Commission had certified the successor of the invalidated...

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28 Jul
Member News

Faegre Drinker | Key Takeaways From the UK Corporate Insolvency and Governance Act 2020: The Standalone Moratorium

On 26 June 2020 the Corporate Insolvency and Governance Act 2020 (the Act) came into force, introducing a number of permanent reforms to English insolvency and restructuring law. Among these reforms is a standalone moratorium available to any eligible company that is, or is likely to become, unable to pay its debts. Eligible Companies The moratorium is available for companies of all sizes (including overseas companies which meet a “sufficient connection” test) unless specific exclusions apply. The exclusions include, inter alia, companies that...

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27 Jul
COVID-19 News, Member News

U.S. Immigration During & Post COVID-19

This article was written by Shlomi Atash, Esq. | The COVID-19 pandemic has dramatically impacted immigration policies and procedures globally.  In order to stop the spread of the virus, countries around the world implemented new measures limiting migration.  Many countries have restricted travel, preventing the entry of aliens who have recently traveled to nations with widespread COVID-19 outbreaks.  Some countries have temporarily prohibited the entry of all aliens.  Other countries are conducting mandatory quarantines of non-permanent residents arriving on international...

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27 Jul
COVID-19 News, Member News

Littler | “Who Was that (Un)masked Man?” Does the Law Protect Employees and Guests Against Wearing Face Coverings?

“Behind the Mask” is more than just a Fleetwood Mac album. It’s a science-based recommendation by the U.S. Centers for Disease Control and Prevention (CDC), and even a requirement under a patchwork of state and local laws designed to stem the spread of the coronavirus. But what is an employer to do when an employee refuses to wear a face covering? What can an operator of a place of public accommodation do when a guest ignores the sign mandating face coverings?...

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27 Jul
Member News

AlixPartners | How can the aerospace industry prepare for a production ramp down?

With air travel down to a minimum, and predictions on when it may go back to precrisis levels in uncertain territory, the aerospace industry will need to ramp down production for the foreseeable future. This is a startling scenario for a supply chain that has only seen business boom over the last couple of decades. Aided by flourishing demand from new markets such as China and a bounty of low-cost airlines launching in the US and Europe, the commercial...

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27 Jul
Member News

Troutman Pepper | SEC Adopts Amendments to Provide Investors More Information on Proxy Voting Advice

On July 22, the U.S. Securities and Exchange Commission (SEC) voted to adopt amendments (Amendments) to certain of its rules governing proxy solicitations under the Securities Exchange Act of 1934 (Exchange Act). The Amendments are designed to ensure that clients of proxy voting advice businesses have reasonable and timely access to more transparent, accurate and complete information on which to make voting decisions, without imposing undue costs or delays that could negatively impact the timely provision of proxy voting...

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