IRS Tax Credit: Employee Retention Credit (ERC)

by ZOMMA Group

The Employee Retention Credit is a fully refundable tax credit for employers up to $5,000 for each full-time employee that the employers retained between March 13 and Dec. 31, 2020 and up to $28,000 for each retained employee between Jan.1 and Dec. 31, 2021 ($7,000 each quarter). Applications are allowed despite receiving PPP loans, but the ERC can only be claimed for qualified wages not treated as payroll costs in obtaining forgiveness of the PPP loans.

Most employers, including tax exempt organizations, can qualify for the credit. Qualification is determined by one of the following two factors:

  1. A trade or business that was fully or partially suspended or had to reduce business hours due to a government order. The credit applies only for the portion of the quarter the business is suspended, not the entire quarter.
  2. An employer that has a significant decline in gross receipts, by at least 50% of what they earned the same calendar quarter in 2019 (compared to 2020) and by at least 20% for 2021 (always compared to year 2019).

Employers will use Form 941 (Employer’s Quarterly Payroll Tax Return) to immediately claim the credit by reducing payroll taxes sent to the IRS, for the applicable quarters of 2021 in which the qualified wages were paid or will use Form 941-X (Adjusted Return) to retroactively file for year 2020.

It is important to underline that there is no size limitations in the number of the employees, and that if the credits exceed payroll taxes, employers can request a direct refund from the IRS.

ZOMMA Group has established a dedicated team that is continuously monitoring new guidance from SBA, Treasury, Congress, and IRS, to ensure we have the latest information when advising our clients.

To discuss your eligibility for the ERC and/or accurately calculate your potential credit, feel free to contact us: luca.cancellieri@zommagroup.com

 

Prosecco DOC Rosè

by Valdo USA

In 2020 a modification of the disciplinary rules that define the Prosecco DOC appellation was approved, allowing the production of the most popular sparkling wine in the world in a Rosé version. The only two grapes allowed are Glera (85-90%) and Pinot Nero (15-10%) harvested in the Prosecco DOC region which is an area in the North East of Italy encompassing 9 provinces:

Treviso, Venezia, Vicenza, Padova, Belluno in the Veneto region and Pordenone, Udine, Gorizia, Trieste in the Friuli region.

It is mandatory to display the vintage year on the label (Millesimato) and this wine will only be available “Spumante” version (therefore not semi-sparkling, or Frizzante).

In terms of sweetness level, Prosecco DOC Rosé can be made Brut (which means dry, 0-12 grams/liter of Residual Sugar) or Extra Dry (which is more sweet, 12-17 g/l RS)

Wines must follow the Charmat/Martinotti production method, in which the second fermentation that produces bubbles happens in pressurized steel tanks, rather than in individual bottles, as in Champagne.

Prosecco Rosé ages minimum 60 days in tanks to gain more flavor.

Valdo, leader of the Prosecco Spumante market in Italy and Germany, has launched the new Marca Oro Prosecco DOC Rosè Brut in the US market. Glera blends with Pinot Nero giving rise to a fresh and lively sparkling wine with elegant fine bubbles obtained after 90 days Martinotti Method and a refined silky pink colour.

It features a persistent mousse and inviting aromas reminiscent of apple and small red fruits

The flavour is delicate, interwoven with fruity sensations, pleasantly harmonious and with a lingering finish.

With a moderate alcohol of 11%, it is perfect as an aperitif wine and it can also be paired througout the whole meal with white fish and Mediterranean cuisine.

It should be served in a large-stem glass, at a temperature of 4-6°C.

 

Possible Tax Developments under the New Biden Administration

by Salcedo Attoneys at LAW PA

The new Biden administration was sworn on January 20, 2021 and quickly began implementing its agenda of measures intended to contrast the health and economic fallout caused by the COVID-19 pandemic. It is possible that, when the COVID-19 emergency has settled, the Biden administration may turn its attention to making changes to some key tax provisions. Some of these possible changes as they were announced are summarized below.

Individual Income Tax

The current top rate for individuals’ federal income tax is 37%. The Biden camp has proposed to raise such rate to 39.6% for taxpayers whose income exceeds $400,000. Also, long term capital gains which currently enjoy a favorable reduced rate of 20% would be taxed at the applicable ordinary income tax rate.

Corporate Income Tax

One of the TCJA’s most publicized changes was the introduction of a flat 21% rate for corporations’ income. During his campaign, President Biden proposed to raise such rate to 28%. Also, income derived abroad by U.S. corporations will continue being subject to the minimum tax regime established under the GILTI provisions of the TCJA. The GILTI minimum rate would increase from 10.5% to 21% under a proposal of the Biden camp.

Estate Tax

The estate tax has been one of the areas in which the two candidates’ differences became more apparent. The TCJA had introduced a historically high exemption for the estate tax, currently standing at $11.7 million for U.S. domiciliaries, which thanks to a portability provision can be effectively doubled for spouses. The Biden camp proposed to reduce the estate tax exemption to $3.5 million and to increase the top estate tax rate to 45%. Another proposal suggested that there would no longer be a free “step-up” in the basis of capital assets held at death or that there would be automatic income realization at death. There has been no mention of changes to the very low ($60,000) exemption currently applicable to non-U.S. domiciliaries.

 

Voucher internazionalizzazione 2021 – III ed.

by EXP Legal

Cos’è

Il voucher per l’internazionalizzazione, gestito da Invitalia per conto del MAECI, è rivolto alle micro e piccole imprese (MPI) che vogliono espandersi o consolidarsi sui mercati esteri.

Possono richiedere il contributo le MPI manifatturiere (codice Ateco C) con sede legale in Italia, anche costituite in forma di rete.

Cosa finanzia

Il voucher finanzia le spese sostenute per usufruire di consulenze da parte di Temporary Export Manager (TEM) con competenze anche digitali, inseriti temporaneamente in azienda e iscritti nell’apposito elenco del Ministero degli Esteri.

Le prestazioni devono avvenire nell’ambito di un contratto di consulenza manageriale della durata di 12 mesi per le micro e piccole imprese e della durata di 24 mesi per le reti.

La consulenza dei Temporary Export Manager deve essere finalizzata a supportare i processi di internazionalizzazione attraverso:

  1. analisi e ricerche sui mercati esteri;
  2. individuazione e acquisizione di nuovi clienti;
  3. assistenza nella contrattualistica per l’internazionalizzazione;
  4. incremento della presenza nelle piattaforme di e-commerce;
  5. integrazione dei canali di marketing online;
  6. gestione evoluta dei flussi logistici.

Come funziona

Il contributo è concesso in regime “de minimis”:

  • 20.000 euro alle micro e piccole imprese a fronte di un contratto di consulenza di importo non inferiore, al netto dell’Iva, a 30.000 euro;
  • 40.000 euro alle reti a fronte di un contratto di consulenza di importo non inferiore, al netto dell’Iva, a 60.000 euro.

È possibile ricevere un contributo aggiuntivo di 10.000 euro se si raggiungono i seguenti risultati sui volumi di vendita all’estero:

  • incremento di almeno il 15% del volume d’affari derivante da operazioni verso paesi esteri registrato nell’esercizio 2022, rispetto allo stesso volume d’affari registrato nell’esercizio 2021;
  • incidenza – nell’esercizio 2022 – almeno pari al 6% del volume d’affari derivante da operazioni verso paesi esteri sul totale del volume d’affari.

La domanda

La domanda si potrà presentare esclusivamente online tramite procedura informatica, attraverso il link alla piattaforma web che sarà pubblicato sul sito di Invitalia.

La prima finestra temporale sarà attiva dalle ore 10.00 del 9 marzo 2021 alle ore 17.00 del 22 marzo 2021 per compilare la domanda, firmarla digitalmente e caricarla sul sistema. La successiva finestra temporale sarà attiva dal 25 marzo al 15 aprile 2021, dalle ore 10.00 alle ore 17.00, con esclusione dei giorni festivi e prefestivi. L’orario di arrivo, prodotto su apposita ricevuta, determinerà l’ordine cronologico di ammissione ai contributi.

Lo Studio EXP Legal è a disposizione delle aziende per raccogliere le manifestazioni di interesse all’ottenimento del voucher e la predisposizione del programma di internazionalizzazione richiesto in fase di presentazione della domanda.

 

Second Draw PPP Loan Approved by SBA

On January 15th, the Small Business Administration (SBA) has begun accepting applications for the second round of Paycheck Protection Program (PPP) loans.
To be eligible for a second PPP loan — which cannot exceed $2 million — a business must have 300 employees or fewer, have previously received a First Draw PPP Loan, have used or will soon use all of the money from its previous PPP loan, and can demonstrate a 25% reduction in gross receipts between comparable quarters in 2019 and 2020. Keep in mind that alternative calculations are provided for applicants that were not in business for all of 2019.
For most applicants, the maximum loan amount of a Second Draw PPP Loan is 2.5x the average monthly 2019 or 2020 payroll. For borrowers in the Accommodation/Food Services industry, the maximum loan amount for a Second Draw PPP Loan is 3.5x the average monthly 2019 or 2020 payroll costs. Both always up to $2 million, as previously mentioned.
The applicant must submit documentation able to establish that the applicant experienced a reduction in revenue on a quarter year-over-year basis, at the time of application, on or before the date of the loan forgiveness application, or at SBA’s request. Such documentation may include relevant tax forms, a copy of quarterly income statements or bank statements.
We expect participating lenders to accept applications across various formats and timeframes. Businesses should consider where to apply, evaluate eligibility, and gather the appropriate documentation for the respective applications.
ZOMMA Group has established a dedicated team that is continuously monitoring new guidance from the SBA, the Treasury, Congress, and the IRS, to ensure we have the latest information when advising our clients. To discuss your eligibility for a Second Draw PPP Loan and/or accurately calculate your borrowing capacity, feel free to contact us. luca.cancellieri@zommagroup.com

BANDO “LINEA INTERNAZIONALIZZAZIONE PLUS” di REGIONE LOMBARDIA

by EXP Legal

È in fase di pubblicazione, da parte della Regione Lombardia – Finlombarda S.p.A., il nuovo bando «Linea Internazionalizzazione plus».

L’intervento, che mira a finanziare programmi integrati di sviluppo internazionale per potenziare e/o consolidare la presenza e la capacità di azione delle PMI lombarde nei mercati esteri, è stato strutturato in modo da poter rispondere in maniera efficace alle esigenze del tessuto imprenditoriale locale a seguito dell’insorgere della situazione di emergenza causata dalla pandemia da COVID-19.

Questo nuovo intervento prevede un contributo massimo di € 500.000, a copertura anche del 100% delle spese ammissibili, di cui l’80% sotto forma di finanziamento a tasso zero con durata compresa tra i 3 e i 6 anni, ed il restante 20% sotto forma di contributo a fondo perduto.

Tra le spese ammissibili:

  • partecipazione a fiere internazionali, anche virtuali;
  • istituzione temporanea di spazi espositivi all’estero; esposizioni virtuali;
  • azioni di comunicazione all’estero;
  • spese per lo sviluppo di siti web e per l’accesso a piattaforme on line, anche per l’e-commerce;
  • consulenze relative al progetto di internazionalizzazione;
  • spese per certificazioni estere;
  • spese per il personale dipendente impiegato nel progetto di internazionalizzazione, nella misura forfettaria del 20% del totale delle spese di cui ai punti precedenti;
  • spese generali forfettarie nella misura del 7% del totale delle spese di cui ai punti precedenti.

Le agevolazioni sono concesse a tutte le PMI, iscritte al Registro delle Imprese ed attive da almeno 24 mesi, con sede legale o operativa (attiva) in Lombardia, con esclusione di quelle operanti nei seguenti settori: agricoltura, attività immobiliari, attività finanziarie e assicurative.

L’importo minimo finanziabile è pari a € 40.000. Le domande saranno selezionate tramite una procedura valutativa a sportello, sino ad esaurimento fondi.

Come accaduto in occasione della precedente e analoga misura agevolativa, la gestione della procedura sarà affidata a Finlombarda S.p.A. e le modalità e le tempistiche per la presentazione della domanda saranno resi noti con il bando di prossima pubblicazione.

Lo Studio EXP Legal è a disposizione delle imprese, sin da subito, per la valutazione dei progetti di sviluppo estero e la presentazione delle domande di accesso al Bando «Linea Internazionalizzazione plus».

Avv. Stefano Rossi

Cybersecurity and 5G

by Digitance

Smart cities, self-driving cars, advanced home and building automation, digital healthcare, augmented reality, virtual reality. These are just a few examples of innovative applications that 5G mobile networks will make available in the near future.

5G will offer ultra-high transmission speed with low latency and will be able to provide services to a huge number smartphones and IoT devices.

It is, therefore, essential to secure the full and continuous operation of 5G networks and protect them from attacks that may lead to critical disservices or to the disclosure of personal and confidential data.

But, nowadays, there is a significant lack of adequate skills, both in private companies and public administrations. Hence the need to train a generation of technicians and managers able to efficiently support 5G cybersecurity in terms of infrastructures, applications and data.

In order to tackle these challenges, CNIT (Consorzio Nazionale Interuniversitario delle Telecomunicazioni) and Digitance have signed a MoU in Rome (Italy) on 2020.10.12, joining their effort to deliver a Continuing Education Program on 5G Cybersecurity.

The program will address both public administrations and companies aiming to invest in training technicians and managers on fundamental security issues of 5G infrastructures and applications. It will be supported by the most advanced training methodologies and with a total interchangeability between face-to-face and remote teaching. This way, it will answer not only to the needs of the present socio-health emergency, but also to the efficiency and optimization issues of all its users.

Current time schedule to training kick off is March 2021.

Finally, CNIT and Digitance intend to align, as far as possible, methodologies and contents of this initiative to what is proposed by the UN Agenda 2030, in terms of Sustainable Development.

Information and contacts

Website: http://5gsec.cnit.it

e-mail: 5gsec@cnit.it , 5gsec@digitance.group

 

Barakat + Bossa created to serve business legal needs locally and in many jurisdictions

by Bakata+Bossa 

Brian Barakat and Giacomo Bossa have formed Barakat + Bossa, a business law practice combining their extensive expertise in Partnership and Business Disputes, Contracts, Corporate Law, Real Estate, Non-Competes and Fraud to serve clients in Florida, the United States and Europe. The firm will be headquartered in Coral Gables, where Barakat has many community ties including his current Chairmanship of the Coral Gables Chamber of Commerce. Bossa, having practiced in Italy, Spain, Belgium and the United States will head up International and Real Estate cases.

Barakat + Bossa will provide services in English, Spanish, Italian, French, Portuguese, German, Czech and Mandarin with plans to add more as growth occurs. They offer a depth of cultural knowledge in different jurisdictions which is highly valued for today’s global business interactions. Before this new partnership, Barakat was the principal at Barakat Law, founded 15 years ago and Bossa was formerly with Morris Law in Miami.

The need for the new firm was evident to both partners who have helped hundreds of their clients with business disputes for years in the Miami area. As many entrepreneurial companies grew, their legal needs expanded – often with cases outside the area and into other countries. Plus, many companies had business opportunities overseas and required help about legal issues and other details involved with such contracts.

“Our goal is to provide aggressive and professional legal counsel to solve business problems in the most cost-effective way,” adds Giacomo Bossa. “We want to maximize profits and minimize

risks for our clients both locally and wherever they have business interests outside our area.”

Barakat + Bossa is located at 2701 Ponce de Leon Boulevard, Suite 202, Coral Gables, FL 33134.

Contact the firm via 305-444-3114 or at info@triallaw.com.

More details are available on the Barakat + Bossa website: B2B.Legal

Areus provides the IACCSE with top technology to purify air in office space

by Vimi LLC

Vimi LLC is an official distributor of Aerus, an American company located in Texas, established in 1924 as Electrolux which then became Aerus in 2003. The products Vimi LLC distributes are Air Purifiers that use ActivePure technology proven to kill COVID-19 on surfaces according to FDA-complaint lab.

The Italian Chamber of Commerce currently enjoys one of our most popular machines, the Beyond Guardian Air, it covers an area of up to 2,000 sq. ft.

ActivePure Technology is the most powerful surface and air purification technology ever discovered, and the only one in its class recognized by the Space Foundation as Certified Space Technology and inducted into the Space Foundation Hall of Fame in 2017. It has been engineered based on technology originally developed by NASA. ‘ActivePure Technology’ continuously disinfects surfaces and air 24/7, minimizing contamination, recontamination and cross contamination in real time. It is safe to use in occupied spaces, and works without chemicals or ozone, breaking down viral contaminants into harmless byproducts.

Vimi LLC distributes products that have a technology demonstrated in independent lab studies to kill COVID-19 indoors and gets the world back to work, back to school and back to life in a safer manner. Their machines work in real time to destroy 99.98% of new COVID-19 viruses reintroduced to the space, after just seven hours of installation.

If you would like more information about our product or contact us you can visit our links bellow:

Info@vimiaerusdistributor.com

www.vimiaerusdistributor.com

 

A Renaissance of e-Learning and Digital Training

by Digital Tales

Like most industries, Learning and Development is struggling in the current environment, having to cope both with severe budget constraints and challenges connected to remote work. Yet training employees and growing their skills has never been more critical for companies across the board, not only to support their staff out of office but also to ease them back to a potentially different workplace.

Every cloud has a silver lining, though, since these distressed conditions have provided opportunities to test or further acknowledge the advantages of distance and digital learning. It is not just a matter of facilitating social distancing in these troubled times, but rather a chance to experience alternative or complementary approaches to training, which are proving as effective as traditional classroom learning or even more, as is the case with Virtual Reality: a recently-published study by pWC (The Effectiveness of Virtual Reality Soft Skills Training in the Enterprise – June 25, 2020) has shown that VR training, already known to be effective for developing and practicing hard skills in a safe and dynamic environment (equipment operation, maintenance, etc.), is also great for teaching soft skills. As a matter of fact, it is both more effective (4 times faster) and more cost-effective (52%) than traditional training methods.

Other trends, such as A.I. or Gamification applied to learning, are also disrupting the L&D industry, and solution providers like Digital Tales constantly strive to improve the conversion of information into knowledge through active engagement and cutting-edge technologies. That is why it is now launching on the US market its gamified and VR-ready Learning Management System, eLearningtales.com: leveraging over 10 years of experience at the side of companies like Bulgari or Vodafone, Digital Tales blends the well-known Italian creativity and attention to detail with tailor-made execution, delivering a bespoke platform to make training truly memorable.


An image illustrating the graphical user interface for Digital Tales’ VR Soft Skills Simulator

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