By Mathieu Aimlon, CPA | Expert-comptable diplômé, France (non inscrit) | The Internal Revenue Service (IRS) is charged with the administration of federal taxes. Each year, the federal agency collects about $3 trillion in taxes and generates nearly 96% of the funding that the Federal Government needs for its operations. During the fiscal year October 1, 2019 September 30, 2020, the IRS processed more than 240 million tax returns and forms, down from 253 million the previous fiscal year. Individual...

This article is part of Portolano Cavallo’s “INFORM@Life Sciences” Newsletter. Click here to subscribe | On January 31, 2022, EU Regulation 536/2014 on clinical trials of medicinal products for human use (“Clinical Trials Regulation” or “CTR”) finally went into effect more than seven years after its approval, but Italy is not yet ready for its application. This process has taken a long time (much longer than expected) due to the need to develop a complex IT architecture, i.e., a European portal for the...

The corporate world as we have known for the past several years is about to be shaken by the Web3, which is the latest Internet development empowering its users to transact through decentralized blockchain platforms without the need to rely on Web2 giants (such as Facebook, Youtube, and the likes). Specifically, there is an evident lack of coordination and meaningful communication between companies and several of their contributors (influencers and gig participants, or anyway its contractors). These issues are tackled...

LATEST MATTERS FROM THE INTERNATIONAL ACCOUNTING STANDARDS BOARD (IASB) The following is a summarised update of key matters arising from the discussions and decisions taken by the IASB at its remote meetings on the following dates: 15-19 November 2021 25-28 December 2021 The full update, as published by the IASB, can be found here. POST-IMPLIMENTATION REVIEW “PIR” The IASB decided that in the second half of 2022 it will: Begin the PIRs of IFRS 15 and the impairment requirements in IFRS 9; and Consider when...

With the recent escalation of military tensions between Russia and Ukraine, the governments of NATO states (including Canada, the United States, UK and the EU) have made statements in recent weeks confirming their intentions to impose sweeping new economic sanctions against Russia in the event that Russia proceeds with a military invasion of Ukraine. The nature of the potential new sanctions has not been publicly confirmed, but could include some combination of: expanded restrictions on dealings with Russian banks,...

Previously published in Reuters Breakingviews | By William R. Rhodes & Stuart Mackintosh | The U.S. Federal Reserve is belatedly reacting to high inflation. Whether or not Chair Jerome Powell manages to tame worrying price pressures, his rhetoric and actions are pushing up interest rates in poorer countries at a speed not seen in more than a decade. That spells real trouble for emerging markets and lower-income countries, which are already groaning under the weight of large sovereign debts. The 1980s...

On January 18, 2022, Lina Khan, the Chair of the Federal Trade Commission (FTC), and Jonathan Kanter, the Assistant Attorney General in charge of the Antitrust Division of the Department of Justice (DOJ), held a joint press conference to announce that the agencies would be requesting comments on considerations for new horizontal and vertical merger guidelines. The comments will help inform the agencies in drafting new guidelines for vertical and horizontal mergers. Once the new guidelines are drafted, the...

In this News Update, we discuss the ESRB's recommendation for establishing a pan-European systemic cyber incident coordination framework, the AFM's overview on the special purpose acquisition companies market in the Netherlands, including how it is supervised and the risks involved with investing in it and regulatory publications regarding stress testing on climate risks in the banking and insurance sector. We further highlight some other financial regulatory publications issued last month. ESRB | Recommendation for establishing a systemic cyber incident coordination...