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Inflation Reduction Act
The Commodity Futures Trading Commission Guidance
The Commodity Futures Trading Commission (“CFTC” or “Commission”) Division of Enforcement (“Division”) today issued “ Civil Monetary Penalty Guidance ” regarding factors staff will consider when recommending civil monetary penalties to the Commission. The guidance tracks with prior guidance and...
SBA Releases Long-Awaited PPP Forgiveness Application and Instructions
On May 15, the SBA and Treasury released the long-awaited PPP loan forgiveness application and related guidance , providing much-needed clarity and ending weeks of speculation about how borrowers will obtain loan forgiveness. The application and instructions confirm that if...
IRS Eases Restrictions on Cafeteria Plans and FSAs in Response to COVID-19
On May 12, 2020, the Internal Revenue Service issued Notice 2020-29, which allows employers to make temporary changes to section 125 cafeteria plans. The permitted changes include giving employees more flexibility to make mid-year election changes, and extending the claims...
SBA Revises Certification Rules: Safe Harbor for Loans Under $2 Million, Larger Loans Still Subject to Audit
The Small Business Administration has issued new guidance regarding the certification of necessity under the Paycheck Protection Program. Now, borrowers who received loans for less than $2 million -- roughly 98% of PPP loans to date -- will automatically “be...
VAT to increase to 15% in KSA – what does this mean for PPPs?
Saudi Arabia’s Minister of Finance, Mohammed Al-Jadaan, announced on 11 May 2020 that VAT in the Kingdom (currently at 5%) will be increased to 15% from 1 July 2020. While this move is undoubtedly a sound fiscal step in the...
Renewables Update: Treasury Expresses Intent to Modify Continuity Requirements for PTC and ITC
On May 7, 2020, in response to a letter from a consortium of U.S. Senators dated April 23, 2020 (the Senate Letter), the Treasury Department stated that it intends to modify rules related to the Continuity Safe Harbor (as defined...
Supermajors, dividends and the energy transition
I am sitting in my garden at home on a sunny afternoon with a glass of white wine – and yes I had booked this day off as leave. I check my phone and see that all hell is breaking...
SEC Leaders Ask Municipal Issuers for Voluntary COVID-19 Disclosure
On May 4, Securities and Exchange Commission Chairman Jay Clayton and Rebecca Olsen, Director of the SEC’s Office of Municipal Securities, issued a statement entitled “The Importance of Disclosure for our Municipal Markets” 1 stating that “in light of the...
Bracewell Legal Bites: Contingent Price Adjustments and Volatile Oil Prices
What 5 key points do buyers and sellers need to negotiate to get oil and gas deals done in today’s challenging market? Alastair Young , a partner in Bracewell’s London office, shares his perspective. View video.
IRS Relief for Governmental Issuers Seeking to Temporarily Buy Back VRDOs and Commercial Paper
Responding to volatility in the market and liquidity constraints caused by the COVID-19 pandemic, in Notice 2020-25 (the “Notice”), the IRS provides temporary relief for governmental issuers seeking to purchase their own tax-exempt variable rate demand obligations that are “qualified...
New Guidance: SBA Clarifies That Foreign Employees Must Be Counted for PPP
The Small Business Administration has clarified through newly-issued guidance that employees of foreign affiliates must be counted when determining the size of a business for eligibility under the Paycheck Protection Program. This new guidance, which is part of a steady...
IRS Allows Telephonic TEFRA Hearings in Light of COVID-19
As a result of the prohibitions on public gatherings resulting from the COVID-19 pandemic, issuers of tax-exempt private activity bonds have been facing difficulty complying with the federal tax laws requiring that a public hearing be held to allow interested...
IRS Relaxes UBTI "Siloing" Rules for Most Exempt Organizations
On April 23, 2020, the IRS and the Treasury Department released Proposed Regulations that provide guidance for how tax-exempt organizations (“EOs”) conducting multiple unrelated trades or businesses can calculate their unrelated business taxable income (“UBTI”) in light of the enactment...
CARES Act Update: IRS and Treasury Department Release Net Operating Loss Guidance
On April 9, 2020, the IRS and Treasury Department released Revenue Procedure 2020-24 (the Revenue Procedure) and Notice 2020-26 (the Notice). The Revenue Procedure provides technical guidance for corporations with respect to the net operating loss (NOL) provisions of the...
Labor & Employment Webinar: Have Questions? Get Answers
The volume of evolving information arising out of the coronavirus pandemic is astounding. How do employers sort through it all to know what is important for your company and role within the organization? Bracewell’s webinar aims to help. Our Labor...