A number of importers have received compliance letters from Customs. These letters identify a number of Customs Informed Compliance Publications, and remind importers of their obligation to exercise reasonable care in preparing and filing their customs entries. These notices are intended to encourage importers to review their import procedures and entry declarations to achieve higher levels of compliance. At the same time these letters will likely be used against importers to increase potential penalty claims if Customs identifies any violations...

Read more

HMRC's new attack on the tax avoidance industry HMRC is in hyperactive mode right now – consultation documents are coming at us from all angles (even though it's August!) leaving advisors wondering when we can put our feet up and read some fiction. Amongst this flotilla of condocs is one which has caught the attention of the press entitled "Strengthening Tax Avoidance Sanctions and Deterrents" and this edition will look at the proposals contained within it and comment on how...

Read more

In an initiative that is virtually without precedent in New York, in the past two months (June 15, June 22 and August 4) Attorney General Schneiderman announced agreements with three separate companies in three different industries under which they each agreed to stop utilizing non-compete agreements that applied to a broad range of their employees.  We are unaware of such action by any previous New York A.G. outside of that office’s traditional challenging of allegedly unlawful combinations of companies to...

Read more

As the school year kicks into gear, The Genius of Play is encouraging parents, caregivers and children to engage in cognitive play activities to help build important developmental skills and increase their knowledge of the world around them. Through the end of September, The Genius of Play campaign will offer insight into the cognitive benefits of play with a new animated video demonstrating play’s impact on children’s critical thinking abilities. A new expert video will also showcase how playing games...

Read more

Although you may dread it if you’re between the ages of five and 18, the back-to-school period at the end of August is the second-biggest shopping season for US retailers. The National Retail Federation estimates that parents of K-12 and college students will spend a record $75.8 billion this year, up 11.5% from 2015. This shopping includes school supplies, clothes, electronics, and household goods for dorms and apartments. It occurs at all types of retailers, but shoppers are favoring discounters...

Read more

All different sized businesses can and should take advantage of grants and other forms of economic incentives to help their businesses save money.  Whether it’s a tax subsidy (i.e. tax credit, special exemption, tax abatement or other tax savings) or a capital grant for making investments in new plant or equipment, training grants to help fund workforce development, or rebates for energy efficiency, dozens – indeed thousands – of programs exist across the US. The key is to understand how...

Read more

The purchase will generate approximately €350 million in sales for the French chemical company Cuatrecasas, Gonçalves Pereira, in collaboration with the Dutch firm Loyens & Loeff N.V, advised the chemical company Arkema on purchasing the Dutch industrial adhesives manufacturer Den Braven for €485 million. This purchase will add approximately €350 million in sales to the balance sheet of the French multinational. In addition, the company will be able to continue strengthening a business segment to which it firmly committed in 2015...

Read more

The decline in valuations in Series C and later transactions from the peaks reached in the middle of 2015 has been well publicized. Valuations for Series B rounds have also fallen from their highs in 2015. In each case, the decline has been substantial. In Q2 2016, median valuations for Series B and Series C and later financings were below their medians for the past five years. On a more positive note, the percentage of up-round financings has remained...

Read more

Earlier this week, the Government Accounting Office issued a report entitled “Antidumping and Countervailing Duties: CBP Action Needed to Reduce Duty Processing Errors and Mitigate Nonpayment Risk." In the first paragraph, the GAO observes as follows: “GAO estimates that about $2.3 billion in antidumping (AD) and countervailing (CV) duties owed to the U.S. government were uncollected as of mid-May 2015, based on its analysis of AD/CV duty bills for goods entering the United States in fiscal years 2001–2014. U.S. Customs and...

Read more