In light of President Ramaphosa’s announcement of a phased approach to the end of lockdown, many businesses will still be required to remain closed (or partially closed) after 30 April 2020. With this in mind, many employers will still require assistance from the Coronavirus (COVID-19) Temporary Relief Scheme (“C19TERS”) ...
On April 16, the CFPB issued a HMDA final rule increasing the number of closed-end mortgage loans and/or open-end mortgage loans an institution must originate before it meets HMDA’s coverage thresholds. Effective July 1, 2020, institutions originating fewer than 100 closed-end mortgage loans in either of the two preceding calendar years will not have to report such data effective July 1, 2020 ...
The Small Business Administration emphasizes that businesses who participate in the Paycheck Protection Program must make a good faith certification that the loan request is “necessary” to support ongoing operations due to the current economic uncertainty ...
Another week brings another round of COVID-19-related lawsuits. We are identifying some early trends and provide a synopsis of the more relevant lawsuits below. Will nursing homes be overwhelmed by wrongful death lawsuits? The daughter of a woman suspected to have died from COVID-19 has filed a wrongful death suit against the company who owns the Life Care Center of Kirkland where her mother was a resident ...
On April 21, 2020, the Minister of Public Safety and Solicitor General of British Columbia issued a Ministerial Order (the “Order”) permitting electronic attendance at meetings (collectively referred to as “Corporate Meetings”) held pursuant to the Business Corporations Act, the Cooperative Association Act and the Societies Act (collectively, the “Statutes”) ...
The stock market has had record declines and many businesses are shuttered, at least temporarily. Long-term prospects may still be positive but in the near-term the value of many entities has reduced. Are there transactions that privately-held businesses and their owners could implement that would allow them to achieve long-term goals that could benefit the business, the owner, and owner’s family? We believe that there are ...
The Government postponed the filing due dates for the tax and other measures were taken in order to help the tourism sector. Due to the crisis generated by the COVID-19, the Government established through Decree 557 of 2020, that companies that provide international air passenger transport services, will have until October 30, 2020, to submit and pay the National Tourism Tax, corresponding to the first and second quarter of 2020 ...
The COVID-19 pandemic has resulted in many employees working from home, and brought about a need for a more collaborate meeting culture in place of physical meeting and travelling. Online meetings using video conferencing systems empower businesses to stay connected with their clients, and interact and collaborate with their employees working remotely via the Internet ...
Hong Kong Securities and Futures Commission (SFC) licensed corporations (LCs) which store regulatory records in the cloud, data centres or other electronic storage facilities provided by external persons (EDSPs) without keeping copies of such records in their Hong Kong business premises are reminded of the need to comply with the following requirements, according to the circular issued by the SFC on 31 October 2019 (Circular): (i) notify the SFC of the external electronic data stor
The Chilean Central Bank increased the upper thresholds for the investment in alternative assets by Pension Funds type A, B, C, and D, with the purpose of “promoting the diversification of Pension Funds' portfolios, granting them access to a better combination of risk and return ”. In the case of Pension Funds type E, the former limit was kept ...
Decree No. 553 establishes a tax measure for taxpayers subject to the presumptive income regime On April 18, 2020, Decree No. 553 was published, which, in addition to Decree No. 420 , extends the deadline for taxpayers subject to the presumptive income tax system to exercise the option to pay taxes on income obtained during 2019, on the basis of effective income determined under full accounting. The deadline is extended until 31 July 2020 ...
Requirements have been made more flexible so that taxpayers can deduct expenses for losses By means of Supreme Decree No. 86-2020-EF, published today, the requirements for the deduction of expenses due to loss of stocks have been made more flexible ...
In response to the economic impact of the COVID-19 pandemic, the federal government has passed several new laws to provide trillions of dollars of funding to affected businesses and individuals. But this also means there are new compliance considerations for entities receiving federal funds, especially as it relates to the False Claims Act’s “false certification” theory of liability ...
Panama, April 6, 2020. On Tuesday March 24th, 2020, the Executive Decree 251 of the same date was published in Official Gazette 28987-A which adopts tax measures to relief the economic effects of the National State of Emergency ...
The so called “break-even point” is a relevant concept in business economy. Simply speaking, a company is in break-even point when the number of product units sold equals its Total Fixed Cost, divided by the respective Contribution Margin per Unit (i.e ...
The West Virginia legislature is considering bills to amend the Consumer Credit and Protection Act (“WVCCPA”) and they can affect how lenders, creditors, collectors, and others interact with consumers in financial transactions. The WVCCPA is the primary statute in West Virginia that regulates how lenders, creditors, collectors, and others deal with consumers in financial transactions ...
The SAT, Superintendecy of Tax Administration, has recently published the new procedure to request payment plans (agreements), via email. The procedure goes as follow: 1. Taxpayer should send an email to the email address correspondent to his fiscal address and region: Central Region: [email protected] Occidental Region: [email protected] Northeast Region: [email protected] South Region: [email protected] ...
The prosperous and globalized world as we know it has been suddenly slammed. Henry Kissinger, in his article published in WSJ on April 4, states that the historic challenge for the current leaders will be to manage the crisis while building a new future. If they fail, the world would be set on fire. He also says that nations rely on their institutions to foresee and deal with calamities, to arrest their impact and to restore stability ...
In an earlier post, we started discussing the IRS’ “John Doe” summons to Coinbase, a virtual currency exchange, to obtain information about every Coinbase user, who, at any time during the period of January 1, 2013 through December 31, 2015, conducted transactions in a convertible virtual currency as defined in IRS Notice 2014-21. One such user filed a motion to intervene in the proceeding and to quash the IRS’ summons ...
