On Friday, March 27, 2020, President Trump signed into law the CARES Act, which contains many provisions designed to mitigate the impact of the Coronavirus pandemic. Liskow & Lewis attorneys John T. Bradford and Jeffrey P. Birdsong wrote about four of those provisions which affected the implementation of the 2017 Tax Cuts and Jobs Act (“TCJA”) here. The following blog post walks through another round of changes to the Internal Revenue Code (“IRC”) contained in the CARES Act.
COVID-19 Federal Legislative Response
Day-to-day life has been dramatically impacted by the coronavirus disease 2019 (COVID-19), and many businesses have been forced to close or limit their service to slow the spread of COVID-19. In response, Congress has passed several pieces of legislation to assist individuals and businesses affected by the virus.
Supreme Court of Pennsylvania Weighs in on Hydraulic Fracturing and Subsurface Trespass
In January of this year, the Supreme Court of Pennsylvania tackled an issue that has been confronted by few other courts—whether the rule of capture precludes a claim for subsurface trespass due to hydraulic fracturing.[1]
Louisiana and Texas COVID-19 Stay-at-Home Orders and Effects on State Courts
Day-to-day life has been dramatically impacted by the coronavirus disease 2019 (COVID-19), and many courts in Louisiana and Texas have been forced to close or limit operations in conjunction with stay-at-home orders. A brief discussion of how COVID-19 has affected Louisiana and Texas courts is discussed here.
CARES Act Makes Significant Changes to Four Key Business Tax Provisions Enacted in the Tax Cuts and Jobs Act of 2017
On Friday, March 27, 2020, President Trump signed into law the CARES Act, which contains many provisions designed to mitigate the impact of the Coronavirus pandemic on businesses. Those provisions include the following four significant changes to the business tax provisions contained in the 2017 Tax Cuts and Jobs Act.
COVID-19 as a Force Majeure? The Texas and Louisiana Perspectives
Today, countries worldwide are responding to a pandemic of respiratory disease spreading from person-to-person caused by a novel coronavirus. The disease has been named “coronavirus disease 2019” (abbreviated “COVID-19”). The pandemic poses a serious public health risk, and government response has included closure of schools and businesses, declarations of emergency, and issuance of a variety of “stay home” orders—typically instructing all but “essential personnel” to remain in their residences other than to gather necessaries. These events have dramatically impacted the world economy, and wreaked havoc on the day-to-day functions of individuals and businesses in the United States and elsewhere. Does this pandemic and resultant disruption constitute a force majeure event under Louisiana and Texas law?
Commissioner of Conservation Issues Letter Addressing Emergency Measures to Help Louisiana Oil and Gas Industry
The impacts of COVID-19 have rapidly swept across the country and the globe. Coupled with the recent decline in oil and gas prices, many operators are left scrambling in an attempt to navigate unprecedented circumstances. With shutdowns and stay-at-home orders in place and regulatory deadlines looming, Louisiana operators are looking for guidance from regulators on how to proceed.
Maritime Industry COVID 19 Update
In response to the continuing COVID-19 epidemic, the United States Coast Guard, Centers for Disease Control and Prevention, U.S. Equal Employment Opportunity Commission, and U.S. Customs and Border Protection have issued a series of administrative guidelines or regulations broadly affecting international maritime commerce. In addition to this agency action, the AWO and other sectors of the maritime industry have voluntarily formulated several response plans aimed at protecting the nation’s vital maritime commerce during this public emergency. We have reviewed these guidelines and regulations, and have organized them into general topics of common questions in our industry.
SEC Gives Advisers Additional COVID-19 Regulatory Relief
The SEC announced on March 25, 2020 additional regulatory relief for investment advisers impacted by the Coronavirus. The SEC extended relief from May 15 until June 30, 2020 for filing an amendment to Form ADV Part 1A and the Brochure (ADV Part 2A) and related delivery obligations. https://www.sec.gov/rules/other/2020/ia-5469.pdf. The annual amendments for ADV are normally due March 30, 2020 for most firms. The SEC originally extended these deadlines in an order issued March 13, 2020. In the new order, the SEC also relaxed the requirements for qualifying for the extension. Under the new rule, the adviser no longer has to give an estimated date of compliance or to explain the circumstances of the delay.
Key Issues in OTC Derivatives Contracts as COVID-19 Disrupts Global Financial Markets
It has been an extraordinary few weeks as businesses face challenges presented by the COVID-19 outbreak. Companies are grappling with a multitude of issues — from the health and safety of employees to increased cyber security risks to financial and operational stability. Understandably, assessments of significant contractual and market exposures have been prioritized. Potential exposures under over-the-counter derivatives contracts should be included in those reviews. Many companies maintain active OTC derivatives portfolios to hedge commercial risk, whether interest rate, foreign exchange, commodity or other hedges. The OTC market has experienced large movements in reaction to COVID-19 and the related containment measures. Below we highlight key OTC considerations for companies in relation to COVID-19:
