April 12, 2020 I. It is truly a global crisis. Old animosities and hostilities should be put aside to deal with this pandemic. A coordinated effort by the US and China marshal the resources to combat the virus and help the world economy recover from this body blow. Countless op-ed pieces in the traditional media and internet have cried, "Can't we just get along, for the common good?". And who can disagree? The problem is two-fold. It is naive and dangerous. It is naive...

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The Department of Treasury and the Internal Revenue Service issued a notice yesterday that allows additional tax deadline delays for individuals and businesses in the wake of the COVID-19 pandemic.   Notice 2020-23 expands the July 15, 2020 deferred deadline to additional federal tax filings or payments due on or after April 1, 2020 and before July 15, 2020.   The relief previously provided for applied only to federal income taxes, gift taxes and estimated taxes due on April 15, 2020.   This new relief is available to...

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April 8, 2020 • At the request of several countries, OECD Secretariat releases document analyzing how this crisis affects double tax treaties, dealing with issues related to permanent establishments, tax residence and cross border workers. • The guidance included with the document does not depart from the Commentaries on the OECD Model Convention and, in general terms, embraces the exceptionality of the situation to play down the impact of the crisis. • The document also refers to measures and interpretations followed by...

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Come together April 7, 2020 The coronavirus threatens thousands, possibly millions of lives across the globe. It is first and foremost a health crisis and the disease must be beaten, and the curve of Covid-19’s spread must be flattened for our lives to return to something approaching normalcy. But what of the economic damage, our governments’ responses, and the outlook going forward? Should we expect a V-shaped recovery – a rapid rebound from an economic standstill? In our view it is increasingly...

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March 26, 2020 In a welcomed attempt to align their approaches, the antitrust enforcers of the European Competition Network (ECN)1 have published a brief joint statement on the application of competition law during the Covid-19 crisis. If one may regret that its content remains too high-level, it is an important step, which comes just shortly after the European Commission adopted a specific temporary State Aid framework in order to offer Member States the flexibility required in this exceptional context to support businesses impacted by...

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April 1, 2020 Surviving in the short term and thriving long-term For many businesses, surviving the COVID-19 economic downturn depends on managing liquidity and, more specifically, managing enterprise cash. The erratic timing and extent of various disruptions caused by the COVID pandemic may reduce cash on hand, threaten future cash flows and curtail the ability of a business to meet immediate obligations. Uncertainty over the ability to pay employees and creditors, to withstand supply chain shocks and to maintain other important operational functions...

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April 8, 2020 “Beyond differences and geographical boundaries there lies a common interest,” one of the EU’s founding fathers, Jean Monnet, once said. In the fight against COVID-19, questions are being raised where that common interest lies. Ten weeks into the coronavirus outbreak in Europe, EU Finance Ministers met last night via videoconference to devise a coordinated plan to restart Europe’s economy. Yet, two weeks after being tasked with bringing forward concrete solutions by the EU Heads of State and Government,...

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April 3, 2020 As the United States and the rest of the world battle the COVID-19 pandemic, companies across multiple industries have struggled to quickly adapt: They are facing un-meetable contractual deadlines or other requirements and having to shutter some or all of their business activities, conduct furloughs or reductions in force, cancel events and issue refunds. These companies face potential lawsuits from customers, clients and investors, and have and will continue to undergo extensive financial losses as a result of quarantines...

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April 6, 2020 1. The new measures adopted by the European Commission Last Friday, the European Commission (“Commission”) has adopted an amendment to existing State aid rules to widen the perimeter of the national measures which can be authorized based on the exceptional legal framework to cope with the current crisis. In particular, the Commission considered the following measures: CONTINUE READING... Contact: FABIO ILACQUA Partner – Head of New York Office GOP USA, LLC - One Rockefeller Plaza, Suite 1610, New York, NY 10020 Tel.: +1 212 957 9600 E-mail: filacqua@gop.it Compliments...

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April 3, 2020 As the COVID-19 crisis continues, many employers are facing the difficult challenge of determining how to achieve significant cost reductions due to a sudden reduction in revenue. Many companies are now going through the unfortunate and difficult process of determining how to achieve significant cost reductions as a result of the sudden reduction of revenue resulting from the current shelter-in-place environment caused by the COVID-19 pandemic. Set out below is a useful list of compensation and benefits-related actions...

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