25 Mar
COVID-19 News, Member News

Marks Paneth | Planning Considerations to Maximize the Benefit of Employee Retention Credits

The Employee Retention Credit (ERC), first introduced in the CARES Act, is a refundable payroll tax credit that essentially represents an elimination of the employer’s 6.2% FICA tax on at least a portion of an employees’ wages and a government subsidy for the remaining amount of the credit. It was set to expire on June 30, 2021, but the recently signed American Rescue Plan Act has extended the ERC through all four quarters of 2021, which can provide significant...

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25 Mar
Chapter News

Erasmus+: over €28 billion to support mobility and learning for all, across the European Union and beyond

The EU Commission today adopted the first annual work programme of Erasmus+ 2021-2027. With a budget of €26.2 billion, (compared to €14.7 billion for 2014-2020), complemented with about €2.2 billion from EU's external instruments, the new and revamped programme will fund learning mobility and cross-border cooperation projects for 10 million Europeans of all ages and all backgrounds. It will seek to be even more inclusive and to support the green and digital transitions, as set out in the European Education Area....

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25 Mar
Chapter News

EFSA | Transparency in risk assessment: a new era begins

New rules on transparency and sustainability are set to transform the way EFSA carries out its role as risk assessor in the EU food safety system. A new regulation passed by the European Parliament and Council of the EU, which will apply from 27 March, will bolster the Authority’s ability to carry out its risk assessments in accordance with the highest transparency standards. The regulation will strengthen the reliability and transparency of the scientific studies submitted to EFSA and reinforce the governance...

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25 Mar
Chapter News

European Green Deal: EU Commission presents actions to boost organic production

Today, the Commission presented an Action Plan for the development of organic production. Its overall aim is to boost the production and consumption of organic products, to reach 25% of agricultural land under organic farming by 2030, as well as to increase organic aquaculture significantly. Organic production comes with a number of important benefits: organic fields have around 30% more biodiversity, organically farmed animals enjoy a higher degree of animal welfare and take less antibiotics, organic farmers have higher incomes and...

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25 Mar
COVID-19 News, Member News

RSM | Transfer pricing in COVID times – an interim report

A year on since the catastrophic spread of COVID-19 dramatically impacted the lives and businesses of people around the world, the effects continue to be felt. Over the course of 2020, global middle market companies were required to reset supply chains, review the effectiveness of their group structures, and re-evaluate the transfer pricing implications of transactions for intra-group goods and services. This has been paired with increased reporting requirements both globally and locally, and an ongoing revenue authority focus...

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24 Mar
Chapter News

OECD reports to G7 on need to strengthen economic resilience against crises

Creating an emergency Rapid Response Forum to ensure global supplies of essential goods continue to flow during major international crises is one of a broad range of recommendations contained in a new OECD report to the G7 on building economic resilience. Fostering Economic Resilience in a World of Open and Integrated Markets says the devastating impacts of the Global Financial Crisis and now the COVID-19 pandemic will continue to leave lasting scars on our economies and societies. With the risk...

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24 Mar
Chapter News, COVID-19 News

EU Commission strengthens transparency and authorisation mechanism for exports of COVID-19 vaccines

Today, the European Commission has introduced the principles of reciprocity and proportionality as new criteria to be considered for authorising exports under the transparency and authorisation mechanism for COVID-19 vaccine exports. This system has significantly improved the transparency of exports. Nevertheless, the objective to ensure timely access to COVID-19 vaccines for EU citizens is still not met. President of the European Commission, Ursula von der Leyen, said: “The EU is proud to be the home of vaccine producers who not only deliver...

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24 Mar
Member News

Vistra | Six important considerations for businesses with remote workers

As the pandemic recedes in many places, some employers have announced plans to extend their work-from-home policies indefinitely. Google, Microsoft, Amazon, Twitter and Facebook are among the growing list of major corporations to embrace the shift and acknowledge the benefits of remote work. Not only is there evidence that employees prefer the flexibility of working from home, but there are also significant benefits for employers. According to a Global Workplace Analytics survey, businesses can save roughly $11,000 a year for each employee who works remotely just...

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24 Mar
Member News

CLA | The American Rescue Plan Broadens the Employee Retention Credit

Key insights The ERC is now available to eligible employers for all four quarters in 2021. Recovery start-up businesses can qualify for up to $50,000 per quarter. For severely distressed employers, the 500-employee limitation does not apply. The ARP provides clarity on what credits may not overlap with the ERC. The American Rescue Plan (ARP), signed into law by President Biden on March 11, 2021, gave some clarity and additional relief to organizations seeking to claim the employee retention credit...

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23 Mar
COVID-19 News, Member News

CEA Legal | The Restaurant Revitalization Fund Eligibility and Next Steps

In the gigantic $1.9 trillion American Rescue Plan Act signed by President Biden last week, $28.6 Billion have been allocated to the Restaurant Revitalization Fund (RRV), a tax-free grant program that will be administered by the Small Business Administration (SBA) to save the hospitality industry. Eligible restaurants and other food service and drinking establishments will not be required to pay back the funds received as long as used for qualifying expenses incurred from 02/15/2020 through 12/31/2021, such as payroll and...

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