The EU Court's ruling of 7 November 2022 is a major victory for Fiat and the fiscal autonomy of the EU Member States. It rejects the European Commission's ("Commission") assessment of the application of the arm's length principle ("ALP") under Luxembourg law that had previously been upheld by the General Court ("GC"). More importantly, it dismisses the Commission's plea for an autonomous interpretation and application of the ALP under the EU State aid rules, and as such the judgment...

EU capitals all let out a sigh of relief this week as the results of the US midterm elections began to roll in. Many were quick to celebrate the fact that the US Democrats seemed to have managed to prevent the “red wave” US polls had predicted would sweep across the country. Although the results are still rolling in, and it seems the Democrats will not have a majority in either house, President Biden’s party did much better than...

Waiting on financial reports is frustrating. It’s even more frustrating when reports are issued late AND they are hard to read. To make informed financial decisions and react quickly to changing economic and other conditions, it is critical for nonprofits to master closing the books on a timely basis while also providing understandable and accurate reporting of financial information. At CLA, we prepare monthly financial reporting packages for hundreds of clients each month and are familiar with the challenges...

Leadership, despite what everyone thinks, is situational. Often people assume that only certain people have the necessary skills to be leaders, but that is a myth. A leader is someone who has a vision of the opportunity or challenge and the courage to take action based on that. Someone who is a leader in one situation may be a follower in another because the most important tip to become a better leader is to recognize your own skills and...

USCIS posted a notice that as of Aug. 19, 2022, the U.S. Department of Education no longer recognizes the Accrediting Council for Independent Colleges and Schools (ACICS) as an accrediting agency. This change affects two immigration-related student programs and other immigration benefits. Click here to see a list of ACICS schools. English language study programs by ACICS-accredited schools will no longer be recognized and international students who seek to join such program with a pending I-539 filed on or after...

In a recent case, the Applicant argued that section 14(1)(a) of the Children First Act (2015 Act) does not require that mandatory reporting to the Child and Family Agency, Tusla, is necessary where information is received from an adult regarding an incident which allegedly took place when they were a child. It was argued that the obligation to report retrospective abuse should be confined to situations where there is clear information about the person(s) who is subject of the...

The levying of tax penalties stood in a recent federal appeals court decision on whether a private foundation was a foreign trust subject to such penalties. In the Rost v. U.S., the U.S. Court of Appeals for the Fifth Circuit upheld tax penalties against U.S. citizen John Rebold, who failed to report his personal-use Liechtenstein “Stiftung” (a non-charitable private foundation) as a foreign trust. The decedent Rebold formed the Enelre Foundation in 2005 for the general support and education of him...

Key Takeaways Midterm elections rarely dictate a clear shift in the fiscal policy landscape, and the 2022 elections are no different. Fiscal policy has been expansionary during the recent period of unified political leadership. A divided government would likely thwart major legislative agendas from either side of the aisle. The health of the U.S. economy will be far more pivotal for commercial real estate over the next couple of years. The Federal Reserve has a bigger say in its...