On September 2, 2020, we issued an e-alert discussing the deferral of the employee portion of Social Security taxes (“SS Tax Deferral Program”), as directed by the Presidential Memorandum dated August 28, 2020, and as implemented by the Internal Revenue Service (“IRS”) pursuant to Notice 2020-65 (“Notice”) issued on August 28, 2020 ...
The Centers for Disease Control and Prevention has issued an order titled “Temporary Halt in Residential Evictions To Prevent the Further Spread of COVID-19” (“Order”) forbidding evictions of residential tenants who do not exceed certain income levels (generally $99,000 for an individual), are unable to make full rental payments due to substantial loss of income, loss of job, or extraordinary medical expense, and have exhausted all available governmental sources o
On August 8, 2020, the President of the United States issued a Presidential Memorandum directing the Secretary of the Treasury to use his authority pursuant to section 7508A of the Internal Revenue Code to defer the withholding, deposit, and payment of certain payroll tax obligations for the remainder of 2020. In Notice 2020-65, the IRS provides guidance implementing the payroll tax deferral. What wages are eligible? Eligibility is subject to income limits ...
Key Points HHS Provider Relief Fund payments are being extended to private pay assisted living facilities under Phase II. Relief will be equal to 2 percent of annual gross revenue from resident care. Interested providers must act swiftly: the deadline to submit basic information to HHS is Sept. 13 Provider relief funds need not be repaid if recipients comply with the program criteria. HHS Announcement: On Sept.1, the U.S ...
Income tax The following public rulings and guidelines have recently been published on the Inland Revenue Board of Malaysia’s official website: i. Tax Treatment of Research and Development Expenditure Part I – Qualifying Research and Development Activity (Public Ruling No. 5/2020) issued on 13 August 2020; ii. Tax Treatment of Research and Development Expenditure Part II – Special Deductions (Public Ruling No. 6/2020) issued on 13 August 2020; iii ...
Bursa Malaysia seeks Feedback on Proposed Reduction in Public Spread On 23 July 2020 Bursa Malaysia Berhad ("Bursa") released Consultation Paper No. 2/2020 Proposed Amendments to the Main Market and ACE Market Listing Requirements in relation to Public Security Holdings Spread ("Consultation Paper") ...
On August 13, 2020, President Trump issued a Presidential Memorandum directing the Secretary of the Treasury to use his authority to defer the withholding, deposit and payment of the employee portion of Social Security taxes (“SS Tax Deferral Program”). On August 28, 2020, the Secretary of the Treasury and IRS issued Notice 2020-65 (“Notice”) to implement the SS Tax Deferral Program ...
Law 58/2020 came into force on 1 September 2020 and it implements into Portuguese law: Directive (EU) 2018/843 of the European Parliament and of the Council of 30 May 2018 amending Directive (EU) 2015/849 on the prevention of the use of the financial system for money laundering or terrorist financing, commonly known as the 5th Anti-Money Laundering Directive; and Directive (EU) 2018/1673 of the European Parliament and the Council of 23 October 2018 on combating money laundering by criminal l
Since the COVID-19 outbreak, the Shepherd and Wedderburn private client team has been hard at work helping clients update their Wills and Powers of Attorney. While we all hope that the worst of this global pandemic is now behind us, recent weeks have brought various localised lockdowns and the expectation of a potential second wave, which may well coincide with the annual flu season ...
Key Points New California law prohibits residential evictions based on the non-payment of rent and other fees due between Mar. 1, 2020, and Jan. 31, 2021, if failure to pay is due to COVID-19 related distress. California courts may not issue summonses in any residential unlawful detainer actions based on non-payment until Oct. 5, 2020. New Order from the Centers for Disease Control and Prevention halts evictions for tenants who meet specific requirements through Dec. 31, 2020 ...
Following President Trump’s Aug. 8 presidential memorandum directing the Treasury Secretary to defer the withholding and payment of certain employee payroll taxes, the Internal Revenue Service released Notice 2020-65 on Aug. 28 The two-page notice gives necessary but sparse guidance on implementing the Presidential Memorandum ...
At the beginning of astartup’slife,the use of financial resources in the most efficient way is of vital importance.It is for this reasonthatthe incentives that a country can provide to an entrepreneurand hisnewlyformed company can potentially determine how and how much that company willgrow ...
The Philippine Stock Exchange (PSE) has issued Memorandum Circular 2020-00761 on August 3, 2020 and this sets out the Guidelines on Minimum Public Ownership Requirement for Initial and Backdoor Listings (2020 MPO Guidelines) ...
Note on Circular Letter No. 002/DCC/2020 With the approval of Notice No. 2/2020, of January 2020 (“Notice 2/2020”), the National Bank of Angola (“BNA”) introduced greater flexibility in the foreign exchange sector, as it eliminated prior licensing and delegated the validation of the operations to the commercial banks. With the publication of the Circular Letter No ...
Following the August 8, 2020 Presidential Memorandum directing the Treasury Secretary to defer the withholding, deposit, and payment of certain payroll taxes, the Internal Revenue Service released Notice 2020-65 late Friday, August 28. The brief notice gives necessary but sparse guidance on implementing the Presidential Memorandum. We expect (and hope for) further guidance soon ...
Banks have played a crucial role these last few months as the COVID-19 pandemic has swept across the world. Through Paycheck Protection Program loans, payment deferments, and other initiatives, banks have provided significant assistance to people and businesses of all types. The banking industry has worked incredibly hard, and bankers across the country should be proud ...
The global COVID-19 pandemic has devastated the hospitality industry. Hotel occupancy rates have fallen greatly in many markets, with employee layoffs and property closures affecting even the largest and otherwise best performing hotels. It is uncertain when the industry will recover. Many hotel properties will require a chapter 11 bankruptcy case to successfully reorganize their debt obligations and operations and preserve the value of the business ...
On Aug. 28, 2020, the U.S. Department of Treasury and the Internal Revenue Service (IRS) issued Notice 2020-65 (the Notice). The Notice implements President Donald Trump’s Aug. 8, 2020 directive (the Directive) to defer withholding, deposit, and payment of the 6.2 percent employee share of Social Security tax and railroad retirement equivalent tax on certain wages and compensation paid to employees ...
Key Points Employers can, but are not required to, delay withholding and paying the employee portion of Social Security taxes for certain employees until Jan. 1, 2021. The deferral only applies to Social Security taxes due from Sept. 1, 2020, to Dec. 31, 2020, by employees who earn less than $4,000 in a bi-weekly pay period. From Jan. 1, 2021 through Apr ...
On August 26, 2020, the Securities and Exchange Commission (SEC) adopted long anticipated amendments to the “accredited investor” definition. The SEC said that the amendments are intended to update and improve the definition to identify more effectively investors that have sufficient knowledge and expertise to participate in securities offerings that are not registered under the Securities Act of 1933 ...
The Department of Justice is stepping up its scrutiny of health-care fraud, especially in testing laboratories, during the Covid-19 pandemic. Former federal prosecutor Jason Mehta, a partner with Bradley, says now is not the time to tout profits over patient care and offers insights on compliance. In the midst of a global pandemic, much attention and praise is rightfully being showered on health-care providers ...
Key Points On August 26, 2020, the Securities and Exchange Commission (SEC) adopted amendments that broaden the qualifying pool of individuals and entities known as “accredited investors.” The amendments expand the definition based on defined measures of professional knowledge, experience, or certifications, in addition to the existing tests for income or net worth ...
Key Points On August 26, 2020, the Securities and Exchange Commission (SEC) adopted amendments that broaden the qualifying pool of individuals and entities known as “accredited investors.” The amendments expand the definition based on defined measures of professional knowledge, experience, or certifications, in addition to the existing tests for income or net worth ...
Note on Circular Letter No. 002/DCC/2020 With the approval of Notice No. 2/2020, of January 2020 (“Notice 2/2020”), the National Bank of Angola (“BNA”) introduced a greater flexibility in the foreign exchange sector, as it eliminated prior licensing and delegated on commercial banks the validation of the operations. With the publication of the Circular Letter No ...
