A system for supporting taxpayers struggling with the consequences of the coronavirus pandemic is being developed at the government level and will probably soon take effect. But taxpayers in difficulty may already draw on existing support instruments. One of them is reduction of income tax advances ...
The main points of the “Economic and social anti-crisis shield to protect businesses and employees in connection with the SARS-Cov-2 pandemic” was presented by the President, the Prime Minister, agroup of other ministers, and the president of the National Bank of Poland at apress conference on 18 March 2020 ...
One of the more serious consequences of the pandemic will be awave of business litigation. However, strong arguments and credible evidence are not enough to win adispute. It also takes resources to pursue alawsuit, and soon that may be particularly difficult to come by. The whole economy under pressure is preparing for the consequences of the pandemic and drastic steps taken by states to combat it ...
Breaking Tax News - IRS Extends April 15 Payment and Filing Due Date For Gift Taxes Because of COVID-19 Emergency 03/29/2020 Authored by: Jennifer R. Lan,John M. Collins,Jamie L. Carter,J. Mitchell Miller The IRS issued Notice 2020-20 on March 27, 2020, thereby superseding certain provisions of Notice 2020-18 related to filing and paying gift taxes (see our prior coverage here) ...
Czech Government Approves Mitigation Measures Related to Coronavirus Emergency UPDATED In connection with the coronavirus emergency, the Czech government has approved a liberation tax package aimed at mitigating the consequences of the emergency ...
Article 10 of the French government’s Ordinance no. 2020-306 of 25 March 2020 on the extension of the time limits during the health emergency period and the adaptation of procedures during said period provides for specific provisions aiming at adjusting certain time limits applicable to tax audits and, more specifically, at suspending their application as of 12 March 2020 until the expiry of a period of one month after the end of the state of health emergency (i.e ...
On March 25, 2020, the Ohio General Assembly unanimously passed legislation providing emergency relief to Ohio municipalities, businesses, schools, and families related to COVID-19. Critical to civil litigants in Ohio, the legislation evolved to include emergency measures that will toll statute-of-limitations on forthcoming lawsuits and discovery deadlines in currently pending lawsuits ...
On March 27, 2020, the Coronavirus Aid, Relief and Economic Security (CARES) Act cleared the House vote and was signed into law. As the most expensive legislation ever passed, the CARES Act includes tax relief and incentives designed to help both businesses and individuals impacted by the COVID-19 pandemic. In addition, the CARES Act modifies certain provisions that were previously amended by the Tax Cuts and Jobs Act (TCJA) ...
When Congress passed the Families First Coronavirus Response Act ("CRA"), it left much for the U.S. Department of Labor ("DOL") to explain. The DOL has started offering vital interpretations employers need to consider in making decisions over the next few weeks. 1. When does the CRA become effective? April 1, 2020. 2 ...
Amid the spread of COVID-19, the Romanian President decreed a state of national emergency in Romania, with express measures to be taken in the justice system. Although the Decree does not refer to arbitration, the state of national emergency and the need of social distancing inevitably impact it as well ...
The IRS issued a notice offering a special two-month deferral for federal income tax payments and federal income tax returns that are due April 15, 2020 (Notice 2020-18) (see our recent alert). This relief applies to all taxpayers, without requiring a written form (for example, no form 4868 or 7004 is required); the relief applies to individuals, trusts, estates, partnerships, LLCs, associations, and corporations ...
Thousands of disputes are dealt with by way of international arbitration every year and it is inevitable that when most countries started introducing social distancing measures, a number of arbitrations were either part heard or just about to start and will have been derailed, at least to some extent ...
Force Majeure clauses are used in many contracts in the most diverse business areas. These contractual provisions are rarely invoked in practice in Latvia, as the parties usually do not face any circumstances that could qualify as Force Majeure ...
On March 25, 2020, the U.S. Senate voted to approve the Coronavirus Aid, Relief, and Economic Securities (CARES) Act, an economic stimulus package addressing the impact of the COVID-19 pandemic (the “Act”). The U.S. House of Representatives is expected to approve the Act in its current form, with the President signing it into law shortly thereafter ...
Due to the public health crisis caused by the Coronavirus, the Mayor's Office of Bogotá issued Decree 093 on March 25, 2020, to modify the dates to pay 2020 Property Tax and Vehicles Tax. The Property Tax for residential and non-residential properties will be due on June 5, 2020 (prior date was April 3rd, 2020) with a 10% discount or shall be paid in full by June 26, 2020 (prior date, June 19th, 2020) ...
The Tax Administration (DIAN) passed on March 25 the Resolution 0027 to establish new filing due dates for the submission of magnetic media information for taxable year 2019, as follows: Due dates for providing annual and yearly information with monthly cut-off The new due dates for submitting the magnetic media report (tax information report) referred to in Section 45 of Resolution 011004 of 2018 are as follows: Large Taxpayers Last digit of the Tax ID Prio
Justice systems around the world will soon be exposed to the same pressure as is currently crushing healthcare systems in the wake of the Covid-19 pandemic. What can judges and advocates doto “flatten the curve” and increase the resilience of the justice system as it awaits the post-pandemic wave of disputes? Healthcare systems around the globe are wobbling, and in some states collapsing under atsunami of Covid-19 cases ...
The impact of Covid-19 is becoming more prevalent throughout the economic landscape of The Bahamas. Most recently, in an effort to contain the spread of the virus, preventative measures involving the closure of non-essential local businesses for a specified duration were introduced by the Government in exercise of its emergency powers. This has had far-reaching effects in the employment sphere ...
In recent weeks, Governments around the world have been grappling with how best to combat the spread of the Coronavirus (COVID-19). The Bahamas is no exception. To date the Prime Minister has issued two Emergency Orders aimed at ensuring the health and safety of persons within The Bahamas ...
As if businesses did not have enough to worry about during this COVID-19 pandemic, it’s times like these when cybersecurity risk is at its peak. Distracted employees may be psychologically vulnerable to attack, and shifting quickly and unexpectedly to a remote workforce can create technology and control risks. It’s a perfect storm for cyber risk ...
Last Thursday, March 19, the Government of Chile presented an Emergency Economic Plan to combat COVID19, which contains various economic and tax measures that seek to provide greater liquidity to companies, SMEs and employees. From the tax perspective, the Emergency Economic Plan considers the following measures: Suspending the obligation to make Provisional Monthly Payments (PPM) for the months of April, May and June 2020 ...
The coronavirus (COVID-2019)[1], which today affects more than 150 countries and territories around the world, has already had, and continues to have, a significant impact on the global economy ...
An updated version of this article is available ? On March 20, 2020, the Internal Revenue Service (IRS) and the U.S. Department of Labor (DOL) jointly issued guidance regarding the tax credits available to certain small employers who are required to provide new types of paid leave to employees under the Families First Coronavirus Response Act (Act), enacted on March 18, 2020 ...
