Last week a Kentucky state court ruled against three insurers and for a new state unclaimed property law. This law expands existing due diligence requirements by directing life insurance companies to check their insured lists against the Social Security Administration’s Death Master File and to take ‘good faith’ steps to notify beneficiaries.”
Today, President Obama released his Fiscal Year 2014 Budget. In spite of the sequester the IRS will actually see an increase in its budget over 2012 levels with one goal in mind - increased enforcement and collection measures.
The NY Times is reporting on another overbilling lawsuit. This time involving a corporate client overcharged by law firm DLA Piper. The suit offers a peek into the world of inflated billable hours - one our clients do not have to worry about!
Yesterday Bloomberg reported that between 2009 and 2012 JP Morgan Chase paid $8.5 billion in settlements with regulators over non-compliant behavior. Still think your organization can overlook all of its compliance requirements?
On February 27, 2013 the U.S. Court of Federal Claims (Federal Claims No. 11-724T 227-13) found that discounted stock options can be considered noncompliant nonqualified deferred compensation (NQDC) arrangements under Internal Revenue Code (IRC) Section 409A.
According to the Manhattan U.S. Attorney's Office Ernst & Young admitted earlier this week to participating in a five-year tax fraud scheme on behalf of 200 clients and $2 billion in assets.
The IRS Voluntary Classification Settlement Program (VCSP) is a program allowing organizations who have been treating certain workers as independent contractors to voluntarily reclassify their workers as employees for future tax periods for employment tax purposes. However there are several issues your organization should think about prior to applying for the program.
On January 28, 2013 the Internal Revenue Service (IRS) announced that eight new members have been selected for the Information Reporting Program Advisory Committee (IRPAC). Among those new members includes a CPA from one of our long time clients: State Street Bank and Trust Company.
The Foreign Account Tax Compliance Act (FATCA) Final Regulations, TD 9610, have been posted by the IRS as of January 17, 2013. The final regulations will formally be published on January 28, 2013 but we have attached them here for you to download.
According to a recent survey of financial institutions fully 65% are struggling to put in place policies and procedures as well as actually complete the client identification process required by the Foreign Account Tax Compliance Act (FATCA). Needless to say this does not bode well for non-financial AP departments preparing for due diligence changes of their own as imposed by FATCA.
