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Member News
Member News
13
Jan
The Association of Accidental Americans (AAA) filed, on 22 December 2020, two simultaneous complaints in Luxembourg and Belgium, demanding an immediate halt to the transfer of European citizens’ personal data to the United States.
Under the U.S. Foreign Account Tax Compliant Act (FATCA) of 2010, financial institutions all over the world are required to send the U.S. administration the tax data of all customers considered to be « U.S. Persons ». These include « Accidental Americans, » or people with...
13
Jan
While a halt in state income tax payments can trigger a residency audit in many states, New York City is one of the few municipalities to aggressively pursue them. With office buildings across the city dark for most of 2020 and employees flocking to other states or second homes, many taxpayers are left wondering where their 2020 resident state and local tax (SALT) obligations lie.
This issue is often the blurriest for New York State residents, who still reside in...
13
Jan
On Monday, January 11, Treasury and the IRS released final regulations under section 4960. Section 4960, enacted as part of the Tax Cuts and Jobs Act (TCJA), imposes an excise tax on remuneration in excess of $1 million and any excess parachute payment paid by an applicable tax-exempt organization (ATEO) to any covered employee. The excise tax and the final regulations can affect not only ATEOs, but also certain entities that are treated as related to those organizations.
In June...
13
Jan
On January 5, 2021, New York City Mayor Bill de Blasio signed legislation that effectively ends at-will employment for fast food employees in New York City. The new law takes effect on July 4, 2021, and would make New York City the nation’s first jurisdiction to create job protections for a particular industry. However, at least some portions of the new law may be ripe to challenge on federal preemption and other grounds. The new law was passed via...
13
Jan
Key insights
The $900 billion COVID relief package brings opportunity to financial institutions — and raises questions.
Second draw loans are now available to eligible borrowers.
New rules apply to existing, new, and second draw PPP loans.
Lender provisions are generally favorable.
The long awaited $900 billion COVID relief package was signed into law on December 27, 2020. The Consolidated Appropriations Act, 2021 (the Act) provides nearly $285 billion in Paycheck Protection Program (PPP) forgivable loans. On January 6, 2021, the Small...
12
Jan
The Paycheck Protection Program (PPP) was established in March 2020 by the U.S. Congress and Government to help small businesses weather the economic fallout caused by the Covid-19 pandemic. After the first two rounds of funding were exhausted in spring ($349 billion) and summer ($320 billion), a new version of PPP has been approved before the end of the year and is now available.
Businesses that did not get the loan under the first two rounds will be eligible under...
12
Jan
Kris Peeters joins as Vice-President on the EIB’s Management Committee, representing the Benelux countries.
Mr. Peeters will exert oversight on files such as mobility, security and defence, as well as operations in the ASEAN countries.
Kris Peeters has been appointed Vice-President and Member of the Management Committee of the European Investment Bank (EIB). He takes up his duties today, assuming the Benelux seat on the EIB’s Management Committee.
The EIB’s Board of Governors appointed Mr Peeters, a Belgian national, on...
11
Jan
It felt good to see the back of a year that was so difficult for so many people, businesses, and economies. But while there is a lot to look forward to in the new year, the marks left by 2020 won’t disappear entirely. Our world has changed fundamentally, and retail is one of the industries where the forces of change are not only readily visible, but also incredibly strong.
In 2020, retail saw rapid acceleration of several consumer behavior-driven trends...
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