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Member News
Member News
03
Oct
The EU State aid rules continue to cause significant uncertainty for taxpayers as to the correct application of tax rulings and transfer pricing rules within the European Union. These judgements are one of many steps in providing further clarity and guidance on the application of the State aid rules.Companies should continue to track state aid developments and assess the potential impact of recent judgements. State Aid remains a dynamic area and we expect to see more interesting judgements delivered.
EU...
03
Oct
A few lines buried in the legal terms for the FedNow service, which is now live, create an important opportunity for digital wallet and payment app providers. While the new FedNow legal regime creates significant business opportunities for all players in this space, emerging nonbank payment providers may have the most to gain from this change.
Early-stage startup founders and investors in particular should take note. These provisions allow nonbank providers access to FedNow under a remarkably open approach, with only a...
03
Oct
Two and half years ago, Congress passed a law that would not take effect for three years. Many people did not pay attention to this law, since it did not affect anyone at the time, even though the law would affect nearly all business entities in the country. The law is set to take effect six months from now, and businesses and attorneys need to be aware and prepare for a new set of mandatory government regulations.
The name of...
02
Oct
The US avoided a government shutdown, barely, and this eased one of the headwinds that were anticipated. In turn, this is spurring new gains in US interest rates and helping underpin the dollar at the start of the new quarter. The 10-year Treasury is holding above 4.60% and nearing last week's high (4.68%). The two-year yield gapped higher and is near 5.10%. The high from September 21 was almost 5.20%. The Swiss franc is the only G10 currency holding...
28
Sep
On September 19, 2023, the Department of Commerce’s Bureau of Industry and Security (BIS) announced additional items considered significant to Russian weaponry and are now restricted for export to both Russia and Belarus. In coordination with the United Kingdom and European Union, BIS continues to identify “high-priority items” by their six-digit Harmonized System (HS) codes that Russia seeks to procure for its weapons programs. Items described by these HS codes have been found in multiple Russian weapons systems used against Ukraine. In the September 2023 notice, BIS...
28
Sep
Financial institutions should start investigating if they need to comply with the new federal rule seeking to reduce discriminatory practices in small business loan applications.
Small business lending rule background
The Consumer Financial Protection Bureau (CFPB) issued the rule in March 2023 under the much-anticipated Section 1071 of the Dodd-Frank Act of 2011 for the collection and reporting of small business loan application information. The rule is intended to serve as a tool for regulators and the public to identify discriminatory practices in...
27
Sep
The best remedy for an audit is to be prepared for one before the audit letter arrives. Tax-planning decisions should never be made based on the likelihood of a potential IRS audit; however, you can set yourself up for success if an audit occurs. Following are 10 tips to help you keep your financial life in order, protect you from running afoul of U.S. tax laws, and support your position under an IRS audit.
KEEP CONTEMPORANEOUS RECORDS
It’s much easier to...
27
Sep
On September 21st, the Bank of England ended a run of 14 straight interest rate hikes, maintaining the interest rate at 5.25%. Data showing inflation running below expectations was a determinant, as the bank said in a statement, “There are increasing signs of some impact of tighter monetary policy on the labor market and on the momentum in the real economy more generally.”
According to the Financial Times, the majority of eurozone businesses reported continued falls in activity and new orders this...
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