Eversheds Sutherland (US) LLP

2356 results for Eversheds Sutherland (US) LLP

  • Once more out of the breach: SCOTUS resolves the CFAA circuit split

    While there are efforts afoot to broaden the impact and reach of US law on hackers, particularly with the US Department of Justice (the DOJ) planning to coordinate ransomware attack investigations with similar protocols it uses for terrorism cases, and with members of Congress attempting to extend private citizens the right to sue foreign governments for hacks, the United States Supreme Court has

  • President Biden issues Executive Order modifying, but mostly retaining, the Trump Era Chinese Military Company securities ban 

    On June 3, 2021, in one of his first major China-related actions, President Biden issued an Executive Order that amends, but keeps intact the core elements of, previous orders issued by President Trump prohibiting US Persons from investing in the publicly traded securities of certain Chinese Military Companies designated on the Department of Treasury’s Non-SDN-Communist Chinese Military Company (N

  • Summer vaccinations: EEOC releases updated guidance on vaccination incentives 

    Just in time for the start of the summer, the Equal Employment Opportunity Commission (EEOC) has provided updated guidance on employer practices relating to COVID-19 vaccinations, including much-needed guidance on vaccine incentives. US employers have been considering a number of different issues in determining how best to encourage their employees to be vaccinated for COVID-19.

  • FY 2022 Green Book goes big for green energy

    On May 28, 2021, Treasury released the General Explanations of the Administration’s Fiscal Year 2022 Revenue Proposals, more commonly referred to as the Green Book. The issuance of the Green Book provides further detail on the White House’s American Jobs Plan, one of the major proposals in the development of an infrastructure bill.

  • Taking stock - Environmental, social and governance (ESG) considerations

    ESG will be front and center in the SEC’s 2021 agenda. Our ESG Matrix can help establish a baseline for compliance by SEC-regulated funds, investment advisers, private funds and insurance companies. The Matrix covers currently required disclosures and previews regulatory actions on the horizon. We will update the Matrix as new regulatory initiatives are announced. Please see full Publication...

  • Warren bill fundamentally changes financial account reporting requirements and substantially increases IRS funding

    On May 24, 2021, Sen. Warren introduced Senate Bill 1788, the “Restoring the IRS Act” (the Proposed Legislation). The Proposed Legislation generally (1) imposes new information reporting obligations on financial institutions relating to various types of transaction information associated with an account of an individual or business at that institution, (2) provides for significantly increased IRS

  • Rev. Proc. 2021-26 provides accounting method change procedures for CFCs seeking to use the alternative depreciation system

    Recently released Revenue Procedure 2021-26 (the Revenue Procedure) provides taxpayers with guidance regarding accounting method changes made on behalf of foreign corporations. The Revenue Procedure: ..Allows controlled foreign corporations (CFCs) to obtain automatic consent to change depreciation methods to use the alternative depreciation system under section 168(g) (ADS) (or to change the...

  • FINRA’s diversity and inclusion efforts

    FINRA has recently taken steps to advance diversity and inclusion in the broker-dealer industry. Regulatory Notice 21-17 - On April 29, 2021, FINRA issued Regulatory Notice 21-17, seeking comments on supporting diversity and inclusion in the broker-dealer industry.

  • Supreme Court puts IRS on notice [2016-66] in CIC Services, LLC - The Anti-Injunction Act has its limits

    On May 17, 2021, the Supreme Court held that the Anti-Injunction Act (AIA), section 7421(a) of the Code, does not preclude a pre-enforcement challenge to an IRS notice enforced through civil and criminal penalties. The AIA generally precludes pre-enforcement challenges to the assessment or collection of any tax so that the flow of tax payments cannot be disrupted by litigation.

  • Required margining of certain agency MBS transactions may be on the horizon

    On Friday, May 7, 2021, the Financial Industry Regulatory Authority (FINRA) filed a proposal with the Securities and Exchange Commission (SEC) to amend the provisions of a yet-to-become effective version of FINRA Rule 4210 that will require the margining of Covered Agency Transactions (the Proposal). The Proposal is the most recent development in FINRA’s implementation of margining for Covered...

  • State of play: A May methods update 

    At last week’s ABA May Tax Meeting, government attorneys from both the Internal Revenue Service National Office Income Tax & Accounting division (IT&A) and the Department of the Treasury provided updates to taxpayers and practitioners on the status of guidance projects, and offered clarification regarding certain recent legislative proposals. IT&A leadership acknowledged that while during the...

  • US House AI Task Force Is the latest authority to address algorithms and racism

    On May 7, 2021, the US House of Representatives Task Force on Artificial Intelligence (AI) held a hearing on “Equitable Algorithms: How Human-Centered AI can Address Systemic Racism and Racial Justice in Housing and Financial Services.” It was the latest among several federal, state and international initiatives calling for fair, transparent and accountable AI in the financial and consumer...

  • Federal judge strikes down CDC’s national eviction moratorium

    A Federal District Judge in the District of Columbia has vacated the CDC’s national residential eviction moratorium. While some other courts have also upheld challenges to the CDC’s moratorium, the rulings have typically been limited to benefit the plaintiffs who brought the challenges.

  • Legislating for LIBOR’s cessation

    On April 6, 2021, New York Governor Andrew Cuomo signed into law the New York State Legislature’s Senate Bill 297B/Assembly Bill 164B (the New York LIBOR Legislation), strengthening the groundwork for the forthcoming transition from US dollar LIBOR (formally known as the London Interbank Offered Rate) as the benchmark interest rate. The New York LIBOR Legislation is primarily intended for “tough...

  • Georgia offers another dose of COVID relief: Governor enacts temporary property tax relief for manufacturers

    Georgia Governor Brian Kemp has signed into law House Bill 451, which provides temporary ad valorem tax relief to Georgia manufacturers to mitigate the economic and logistical disruptions caused by the COVID-19 pandemic. Under HB 451, for property tax year 2021, manufacturers claiming Georgia’s Level 1 Freeport exemption pursuant to O.C.G.A. § 48-5-48.2(c)(2) may elect to claim the amount of

  • Getting back when HACT: Congress’s idea to provide redress to recent cyberattacks

    Amidst the ever-worsening onslaught of cyberattacks, companies are longing to go on the offensive, whether by “hacking-back” or by going after malicious actors in United States courts. While Congress has previously refused to enable the former, it now appears more open to the latter, particularly with the introduction of the Homeland and Cyber Threat Act (the HACT Act).

  • First to finish: UN approves Article 12B for taxation of automated digital services

    While much of the focus has remained on the efforts of the Organisation for Economic Cooperation and Development (OECD) with respect to digital taxation, the United Nations (UN) has finalized revisions to the UN Model Double Taxation Convention (UN Tax Treaty) that would specifically address the taxation of “automated digital services.” On April 20, 2021, the UN approved the final version of new...

  • IRS releases 2021 section 45 production tax credit amounts

    The Internal Revenue Service (IRS) recently published a notice providing the inflation-adjustment factors and reference prices to be used in the calculation of renewable energy production tax credits under Internal Revenue Code (IRC) section 45 for 2021. That guidance provides the following...

  • No harm, no foul: IRS guidance provides path to claim PPP-related deductions for taxpayers who followed its earlier - but now obsolete - advice

    The Internal Revenue Service (IRS) recently issued Revenue Procedure 2021-20 (Revenue Procedure), providing guidance for taxpayers who received Paycheck Protection Program (PPP) loans in 2020 but did not deduct all of their otherwise-deductible expenses. This is the latest step in the IRS’s reversal of its initial position to disallow such deductions, which drew swift and unequivocal rebuke from...

  • MTC Uniformity Committee update - hey partner, let’s tax your digital goods and services

    On April 27-28, the Multistate Tax Commission’s Uniformity Committee (UC) held its spring meeting virtually. In addition to voting to adopt a UC Charter, the following uniformity projects were advanced...

  • DOL warns the ERISA fiduciary debate is far from over

    In a troubling development, the US Department of Labor (DOL) has announced its expectation that it will proceed to propose yet another iteration of investment advice guidance under the Employee Retirement Income Security Act of 1974, as amended (ERISA) - which would become Rule 4.0 - possibly on even more radical terms than its 2016 Rule 2.0 that was vacated by the Fifth Circuit Court of Appeals.

  • Whistling a new tune: Eleventh Circuit’s Winn-Dixie decision finds websites are not places of public accommodation under ADA

    In a decision that creates new hurdles for website accessibility lawsuits under the Americans with Disabilities Act (ADA), on April 7, 2021, the US Court of Appeals for the Eleventh Circuit ruled that websites do not constitute places of public accommodation under Title III of the ADA. Moreover, to violate Title III an inaccessible website must create an “intangible barrier” to a disabled...

  • Who in the world is Joe Manchin: International tax proposals vary under Biden, Senate proposals

    Just a few months after regulations were finalized, and as taxpayers were getting comfortable with the international tax provisions implemented by the 2017 Tax Cuts and Jobs Act (TCJA), proposals from President Biden and the Senate Finance Committee to overhaul international tax have arrived. While similarities are present between the two proposals, including raising the corporate tax rate,...

  • Fork it over: IRS guidance reaffirms crypto position regarding significance of dominion and control in determining “virtual” accessions to wealth following hard forks

    On April 9, 2021, the Internal Revenue Service (Service) released Chief Counsel Advice 202114020 (the Guidance) regarding the tax consequences to an individual in receipt of Bitcoin Cash (BCH) following the August 2017 hard fork of Bitcoin (BTC). In the Guidance, the Service largely reaffirms its historic position regarding the treatment of cryptocurrencies as property, and the tax treatment of...

  • US imposes new sanctions on Russia

    While the Biden Administration desires a “stable and predictable” relationship with Russia, it has now made it clear that it will take “actions to impose costs on Russia for actions by its government and intelligence services against US sovereignty and interests.” Thus, on April 15, 2021, the United States announced a series of sanctions actions against the Russian government and businesses on...

  • NAIC Report - 2021 Spring National Meeting

    The National Association of Insurance Commissioners (NAIC) held its 2021 Spring National Meeting from April 7 to April 14, 2021. The meeting was held in an all-virtual format due to the ongoing COVID-19 pandemic.

  • Connecticut proposes digital advertising services tax and employee-elective wage compensation tax on employers

    On April 14, 2021, the Connecticut General Assembly’s Joint Committee on Finance Revenue and Bonding introduced SB1106. The bill would establish the “Connecticut Equitable Investment Fund,” which would be funded by, among other things: (1) a new digital advertising services tax; and (2) a new wage compensation tax, whereby, at an employee’s or independent contractor’s election, an employer would...

  • Noteworthy developments in payments and fintech - March 2021

    Industrial bank charters continue to gain momentum with approval of Square’s charter; payments and tech companies have become interested in industrial banks lately since the FDIC started approving them after a moratorium from 2006. Last month, Square began operation of its Utah industrial bank following its successful completion of the approval process with the Utah Department of Financial...

  • Made to order: IRS serves up much needed guidance for taxpayers seeking to utilize Congress’ two-year expansion of the 100% business meals deduction

    On Thursday, April 8, the IRS served up Notice 2021-25 (the Notice) providing guidance for taxpayers seeking to take advantage of the temporary 100-percent deduction for the cost of business meals, which was enacted by Congress to provide relief in light of the devastating economic consequences associated with the COVID-19 pandemic. While 75% of US restaurants are open for business again,...

  • RINs on renewable electricity - is now the time for EPA action?

    For more than a decade, the Federal Renewable Fuel Standard (RFS) has provided powerful incentives that have driven the introduction of new transportation fuels into the US marketplace due to valuable credits known as Renewable Identification Numbers (RINs) generated on these fuels under the RFS. Ethanol and biodiesel were the first main beneficiaries.

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