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Inflation Reduction Act
President Trump Extends and Expands Visa Restrictions
On June 22, 2020, President Donald Trump issued a proclamation extending and expanding existing restrictions on visas to enter the U.S. The White House also released a factsheet in connection with the proclamation, and that document argues that additional restrictions...
The Future of Carbon Capture, Use and Storage Projects: Tax Credits, Measurement Standards and Transaction Structures
Join Michael Gerrard , Columbia Law School Sabin Center for Climate Change Law Nigel Jenvey , GaffneyCline’s Global Head of Carbon Management and Bracewell Partner Elizabeth McGinley for a discussion regarding federal tax credits, secure geological storage and lifecycle analysis...
The Supreme Court Affirms, but Limits, the SEC's Disgorgement Power
On June 22, 2020, the Supreme Court of the United States issued its decision in Liu v. SEC further limiting the SEC’s remedial powers. While the Court affirmed the SEC’s ability to obtain disgorgement for violations of federal securities laws...
VAT and Customs Duty Increases in Saudi Arabia – Implications for Investment into the Kingdom
Co-authored by Brian Conn (Partner, BDO) and Mohammed Mahmoud Madbouly (Senior Manager BDO KSA) The old adage that nothing is certain except for death and taxes has, until recently, told only half the story in Saudi Arabia. As the world’s...
UAE Economic Substance Regulations - Awareness Session
On 30 April 2019, the UAE Cabinet, in response to the European Union’s review of the UAE’s tax framework and the UAE’s commitment to the Organisation for Economic Cooperation and Development (OECD), anti-Base and Profit Sharing (BEPS) Action Plan, issued...
SBA Issues Fresh Guidance and Streamlined Forgiveness Application
On June 16, the Small Business Administration released an updated PPP Loan Forgiveness Application ( SBA Form 3508 ) and a simplified version for certain eligible borrowers (SBA Form 3508EZ ), both reflecting program changes implemented by the recently-enacted Paycheck...
LNG Developments Post-COVID-19
How might LNG SPAs of the future be impacted by the COVID-19 pandemic? Nick Neuberger, a senior associate in Bracewell’s London office, looks at 5 likely outcomes.
Treasury and the IRS Fuel Taxpayers' Confidence Regarding Section 45Q Credits following Call for Suspension of the Credits
On May 28, 2020, the Department of Treasury and the Internal Revenue Service (IRS) issued proposed regulations (Proposed Regulations) under Section 45Q of the Internal Revenue Code (Section 45Q) for the capture, utilization and storage of carbon oxide (Section 45Q...
Supreme Court Rules Title VII Bars Discrimination on the Basis of Sexual Orientation and Gender Identity
Today, June 15, 2020, the Supreme Court of the United States issued a landmark decision in Bostock v. Clayton County, Georgia , holding that Title VII of the Civil Rights Act of 1964 (“Title VII”) protects lesbian, gay, bisexual, and...
UAE Economic Substance Regulations – Self Assessment Notifications
Co-authored by Brian Conn (Partner, BDO) and Verona Hoh (Associate Director, BDO) On 30 April 2019, the UAE Cabinet, in response to the European Union’s review of the UAE’s tax framework and the UAE’s commitment to the Organisation for Economic...
Regulation BI Challenged in Second Circuit
As we reported in a previous alert , the SEC and FINRA recently confirmed that Regulation Best Interest (“Regulation BI”) will go into effect on the scheduled compliance date of June 30, 2020, despite the impact of the COVID-19 outbreak...
Treasury Releases Long-Awaited Proposed Regulations under Section 45Q
On May 28, 2020, the Department of the Treasury issued proposed regulations (the Proposed Regulations) under Section 45Q of the Internal Revenue Code of 1986, as amended (Section 45Q), which provides a credit for the capture and sequestration of carbon...
Major Changes Coming To PPP With Paycheck Protection Flexibility Act
The Paycheck Protection Program Flexibility Act (PPFA), passed by both houses as of June 3, makes significant changes to the Paycheck Protection Program affecting both new and existing loans, including reducing the amount of loan proceeds that must be spent...
IRS Provides COVID-19 Relief for Taxpayers Seeking PTCs and ITCs
On May 27, 2020, the IRS released Notice 2020-41 (the Notice) providing relief to taxpayers seeking the production tax credit (PTC) or the investment tax credit (ITC) and encountering industry-wide construction and supply delays caused by COVID-19. Since the earliest...
Nigerian Marginal Fields: New Bid Round and New Guidelines
Nigeria’s Department of Petroleum Resources (“ DPR ”) announced on 1 June 2020 the launch of a new marginal field bid round. Fifty-seven marginal fields have been made available, being a mix of onshore, swamp and shallow-offshore fields. The DPR...