06 Apr
Member News

TABS Inc. | Requirement to File Form 5471 with Corporate Income Tax

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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06 Apr
Chapter News

IMF | Geopolitics and Fragmentation Emerge as Serious Financial Stability Threats

Rising tensions could trigger cross-border capital outflows and increased uncertainty that would threaten macro-financial stability Concerns about global economic and financial fragmentation have intensified in recent years amid rising geopolitical tensions, strained ties between the United States and China, and Russia’s invasion of Ukraine. Financial fragmentation has important implications for global financial stability by affecting cross-border investment, international payment systems, and asset prices. This in turn fuels instability by increasing banks’ funding costs, lowering their profitability, and reducing their lending to...

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06 Apr
Member News

Global Taxes LLC | Calls for U.S. Wealth Tax Again Grow Louder – But Any More Effective?

After years of debate, discussion and indecision over income gaps, some states have proposed laws to tax the uber-rich even as President Biden calls for the same. Is America ready to cross this major threshold of taxation? The U.S. may or may not eventually tax the wealthy – but some states aren’t waiting to see. Wealth tax proposals have been put forward – with varying success, observers say – in California, Connecticut, Hawaii, Illinois, Maryland, New York and Washington. Other states...

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05 Apr
Member News

Fenwick | ESG Insights: Silicon Valley’s Largest Public Tech and Life Sciences Companies Stepped Up ESG Reporting Last Year

Environmental, social and governance (ESG) concerns and how companies respond to them continue to generate scrutiny from a large number of stakeholders. Last year, in our ESG in Silicon Valley: A Look at the ESG Disclosure Practices of the SV 150 we examined how technology and life sciences companies were responding to the growing interest in ESG and related disclosure by looking at the voluntary ESG reporting practices of the companies included in the 2022 Fenwick-Bloomberg Law SV 150...

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04 Apr
Member News

Fortune Names BNY Mellon One of America’s Most Innovative Companies

BNY Mellon today was named to Fortune’s inaugural “America’s Most Innovative Companies” list. The firm ranks in the top half of 300 honorees that were selected out of 15,000 eligible companies, based on criteria including innovation in products, processes and culture. "I’m proud to see America’s oldest bank named one of America’s Most Innovative Companies by Fortune," said CEO Robin Vince. "We have a long history as a financial industry pioneer. In the past decade alone, we were the first...

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04 Apr
Member News

AlixPartners | Five questions to profitably know, find, and retain customers versus just chasing transactions

Whether you are an online-only retailer or have many stores, your digital presence is likely your single largest entry point to your brand. In-person human interactions remain important, but our constant connection to our devices has forever changed how we discover, research, buy, and use products and services. However, this constant chase for new customers and individual transactions can be draining on profits as customer acquisition costs are at all-time highs. At the same time, policies and customer expectations continue...

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04 Apr
Chapter News

EACC-Carolinas | Letter from their Chairman, Howard Daniel on Welcoming their New Executive Director

A message from Howard Daniel, Chairman of EACC-Carolinas | 3 April, 2023 | It is with mixed emotions that we announce Mariana Simoes Marques's departure from her position as Executive Director of EACC-Carolinas. Mariana and her family will be relocating soon to Charlotte and as a result, she will be stepping back from her role. Mariana achieved much during her time with EACC-C. Her drive, efficiency, and ebullient personality will be missed. Mariana’s departing achievement was recruiting her successor. We...

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03 Apr
Chapter News

ECB Interview | Are Big Profits Keeping Prices High? Some Central Bankers Are Concerned

Interview with Fabio Panetta, Member of the Executive Board of the ECB, published as an article by Eshe Nelson entitled “Are Big Profits Keeping Prices High? Some Central Bankers Are Concerned.” in The New York Times, 31 March 2023 | After months of fretting about whether workers’ rising pay would keep inflation uncomfortably high, central bankers in Europe have another concern: large company profits. Companies that push up their prices above and beyond what is necessary to absorb higher costs could be fueling...

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03 Apr
Member News

Loyens & Loeff | Pay Transparency Directive adopted by the European Parliament

Today, 30 March 2023, the European Parliament adopted the legislative proposal of the European Commission to strengthen the application of the principle of equal pay for equal work or work of equal value between men and women through pay transparency and enforcement mechanisms (the Pay Transparency Directive). The Pay Transparency Directive has some important consequences for employers as well as employees, which we have described in more detail below. Background The right to equal pay between women and men for equal...

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03 Apr
Member News

CLA | Getting out of Excel Spreadsheets

Like many accountants, I love Excel. However, there are times when Excel is not always the best tool to get the job done. Here are some indications that it may be time to get out of Excel: The Excel workbooks have become complex & unwieldly to maintain, creating risk of errors in formulas and data. Excel is being used as a collaborative tool, such as in the budget process or consolidated reporting. Excel is doing the job one of...

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