President Joe Biden was sworn into office on January 20, 2021. As with any incoming administration, new policies will be pursued while those of the previous administration are furthered, abandoned, or undone. The federal government is an enormous bureaucracy with several layers and, therefore, converting policies into quantifiable results takes months or even years. Early indicators of policies' prioritization, implementation, or their likelihood of success can provide a head start to regulated businesses scanning the horizon. It is in...

The Internal Revenue Service (IRS) urges employers to take advantage of the newly-extended employee retention credit, designed to make it easier for businesses that, despite challenges posed by COVID-19, choose to keep their employees on the payroll. The Taxpayer Certainty and Disaster Tax Relief Act of 2020, enacted December 27, 2020, made a number of changes to the employee retention tax credits previously made available under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), including modifying and extending...

When Ursula von der Leyen presented her Agenda for Europe as a European Commission presidential candidate advocating a ‘Union that strives for more’, she singled out the fact that “digital transformation brings fast change that affects our labour markets.” She committed at that time to “look at ways of improving the labour conditions of platform workers.” Since then, gig economy workers have played an increasingly crucial role in the provision of services across the EU as the pandemic has...

NEW YORK CITY, February 25, 2021 | Today, the European-American Chamber of Commerce New York (EACCNY) is pleased to congratulate its member firm Hippo Technologies, Inc., (Hippo Technologies), one of the leading virtual care companies that is delivering solutions for healthcare and medical education, as Hippo Technologies reaches the close of its inaugural year in business. Hippo Technologies’ flagship product, the Hippo Virtual CareTM (HVC) platform, was introduced to the market through more than 20 hospitals across China at the...

FinCEN recently took another important step toward bringing virtual currency into the financial assets reporting scheme. Taxpayers that have $10,000 or more in a foreign bank account have long been required to file a foreign bank account report (or “FBAR”) on FinCEN Form 114. The penalties for failing to report foreign bank accounts are significant: $10,000 for a non-willful failure and the greater of $100,000 and up to 50 percent of the unreported account balance for willful failures. While the...

On January 1, 2021, the Corporate Transparency Act of 2019 (the “CTA”) became law.  The CTA is part of the newly enacted Anti-Money Laundering Act (“AMLA”), and is intended to fight money laundering and terrorism through the anonymous use of shell companies.  Under the CTA, many US and foreign companies registered in the US will need to disclose their beneficial ownership to the Financial Crimes Enforcement Network of the US Treasury (“FinCEN”).  Unlike in some foreign countries, including in Europe,...