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The Tax Cuts and Jobs Act (TCJA) repealed like-kind exchanges (Section 1031) for all other types of property that are not real property.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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30 Jul
Chapter News

Declaration by the High Representative Josep Borrell on behalf of the EU: European Union response to promote international security and stability in cyberspace

The European Union and its member states have repeatedly signalled their concern and denounced malicious behaviour in cyberspace. Such behaviour is unacceptable as it undermines international security and stability and the benefits provided by the Internet and the use of Information and Communication Technologies (ICTs). We strongly promote a global, open, stable, peaceful and secure cyberspace where human rights and fundamental freedoms and the rule of law fully apply, supporting the acceleration of social, political and economic development. In order...

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30 Jul
Chapter News

EU imposes the first ever sanctions against cyber-attacks

The Council today decided to impose restrictive measures against six individuals and three entities responsible for or involved in various cyber-attacks. These include the attempted cyber-attack against the OPCW (Organisation for the Prohibition of Chemical Weapons) and those publicly known as 'WannaCry', 'NotPetya', and 'Operation Cloud Hopper'. The sanctions imposed include a travel ban and an asset freeze. In addition, EU persons and entities are forbidden from making funds available to those listed. Sanctions are one of the options available in the EU’s cyber diplomacy toolbox to prevent, deter and respond to malicious cyber activities directed against...

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30 Jul
Chapter News

U.S. Gross Domestic Product, 2nd Quarter 2020 (Advance Estimate) and Annual Update

Real gross domestic product (GDP) decreased at an annual rate of 32.9 percent in the second quarter of 2020 (table 1), according to the "advance" estimate released by the Bureau of Economic Analysis. In the first quarter, real GDP decreased 5.0 percent. The GDP estimate released today is based on source data that are incomplete or subject to further revision by the source agency (see "Source Data for the Advance Estimate" on page 2). The "second" estimate for the second quarter,...

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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
Chapter News, COVID-19 News

COVID-19 response: Safe collective cross-border travel in the COVID-19 era

As part of the EU's response to the Covid-19 pandemic, the Council today adopted a set of conclusions aimed at restoring passengers’ and workers' confidence by minimising the risk of infection in cross-border collective passenger transport systems. In the conclusions, the Council promotes a number of basic hygiene and infection control measures, which should apply to all cross-border collective passenger transport services. Such recommended measures consist of among others : physical distancing or, where this is not feasible, use of...

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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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29 Jul
Chapter News, COVID-19 News

European Commission secures EU access to Remdesivir for treatment of COVID-19

Yesterday, the European Commission has signed a contract with the pharmaceutical company Gilead to secure treatment doses of Veklury, the brand name for Remdesivir. Veklury was the first medicine authorised at EU level for treatment of COVID-19. As from early August onwards, and in order to meet immediate needs, batches of Veklury will be made available to Member States and the UK, with the coordination and support of the Commission. Stella Kyriakides, Commissioner for Health and Food Safety, said: “In recent...

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28 Jul
Chapter News

EACC COVID-19 Return To Work & Travel Attitudes Survey

The EACC chapter network asked members about their attitudes towards resuming various activities and the COVID-19 Pandemic: when might you return to your office full time; when might you be prepared to attend a large work related gathering; when might you resume international travel. See below an overview of the results in our chapters in the United States and Europe. About this survey: We reached out to members, based on both sides of the Atlantic, and 180 senior executives shared...

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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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