Tax Consumer Protection

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News & Analysis as of

What is public can still be ‘private’: European Court of Human Rights halts journalists from re-publishing Finnish citizens’...

In a ruling by the European Court of Human Rights (“ECHR”) handed down in July 2015, the right to respect for individuals’ privacy balance trumped journalists’ right to freedom of expression....more

Top takeaways from the 2015 Las Vegas Marijuana Business Convention

Joan Lebow, Carl Rowley, and Fred Roth of Thompson Coburn's cannabis practice attended Marijuana Business Media’s 2015 Marijuana Business Conference at the Rio Hotel, Las Vegas, where more than 5,500 attendees attended...more

FINRA Issues Investor Alert Regarding IRS Phone Scam

The Financial Industry Regulatory Authority issued an Investor Alert warning investors about a phone scam involving phone calls allegedly coming from the Internal Revenue Service. Since 2013, more than 700,000 investors have...more

IRS, States, Industry Continue Progress to Protect Taxpayers from Identity Theft

On October 20, 2015, the IRS, state taxing authorities, and leaders of the tax industry announced continued progress to expand and strengthen protection against identity theft in refund fraud for the 2016 tax season. “We are...more

Senate Legislation Seeks To Protect Taxpayer Data In Response To IRS Data Breach

On September 11, 2015, Senate Finance Committee Chairman Orrin Hatch (R-UT) and Ranking Member Ron Wyden (D-OR) introduced a bill aimed at combating identity theft and tax rebate fraud. The legislation comes as the Internal...more

Insurance Newsletter September 2015

On May 26, 2015, the United States Court of Appeals for the District of Columbia upheld a District Court decision and ruled that the Internal Revenue Service could not impose excise tax on certain wholly-foreign retrocessions...more

IRS Sued For Failing To Protect Online Taxpayer Data From Hackers

On August 20, 2015, affected taxpayers filed a class action lawsuit in the United States District Court for the District of Columbia against the Internal Revenue Service (the “IRS”) for failing to secure the personal...more

Dodd-Frank at 4: Where do we go from here?

Where do we go from here? As we mark another milestone in regulatory reform with the fourth anniversary of the enactment of the Dodd-Frank Act, it strikes us that although most studies required to be undertaken by the Act...more

Complying with Regulation X §1024.17(k)(5) - Timely Disbursements from Escrow

As part of its 2014 Mortgage Servicing Rules, the Consumer Financial Protection Bureau (CFPB) issued §1024.17(k) of Regulation X, which is devoted to Escrow Accounts and the requirements for disbursements made from those...more

Los Angeles Proposing Strict Regulations on Short-term Vacation Rentals, But to What Effect?

In recent years, the short-term online vacation rental market has flourished, and connecting travelers with short-term bedroom, apartment, or home rentals has become what many value as a billion dollar industry. The industry...more

FinCEN Issues Geographic Targeting Order to Combat Stolen Identity Tax Refund Fraud in South Florida

On July 13, FinCEN issued a Geographic Targeting Order (GTO) requiring check cashers in two South Florida counties to strengthen identification requirements for customers cashing certain Federal tax refund checks. According...more

FinCEN Announces Another Geographic Targeting Order

South Florida check cashers will soon be required to obtain additional identifying information about customers cashing federal tax refund checks over $1,000. The Financial Crimes Enforcement Network issued another Geographic...more

Advertising Law - July 2015 #3

Harlem Globetrotters Get an Assist From CARU - In a rare loss, the Harlem Globetrotters agreed, at the direction of the Children's Advertising Review Unit (CARU), that their age-screening practices for the company's...more

Eighth Circuit Affirms Denial of “Predominance” Class: The Long Arm of the Missouri Merchandising Practices Act Does Not Reach...

In 2012, California resident Ronald Perras brought suit in federal district court against H&R Block and its affiliates (H&R), which are headquartered in Kansas City, Missouri. Perras alleged that H&R violated the Missouri...more

Taxpayer Identity Theft

Recently, there has been a spike in felons filing fraudulent income tax returns seeking refunds. The identity thief merely acquires a taxpayer’s name, address and Social Security Number, and files a return with a different...more

State Regulation of Virtual Currency: A Recap

This may be the year of the virtual currency. Virtual currencies have garnered much media, investor, and government attention. But, as venture capital funding continues to pour into the industry—more than $1 billion is...more

Focus on Tax Controversy and Litigation - Supreme Court Decides Maryland v. Wynne and Rules that Maryland Tax Scheme Is...

In This Issue: - Maryland’s Tax Scheme Ruled Unconstitutional - “FTC Generator” Case Update - FSA Rules that Equitable Disgorgement May be Deductible Expense - District Court Upholds Attorney Client...more

IRS Data Breach Draws Congressional Ire

Responding to the recently disclosed Internal Revenue Service (“IRS”) data breach, congressional leaders are demanding answers from the agency regarding its handling of confidential tax information. Senate Finance Committee...more

With the IRS breach, it’s clear your data is at risk

The Internal Revenue Service (IRS) released on Tuesday, May 26, 2015, news of a major data breach, estimated to have affected 100,000 U.S. households’ tax returns. The data was wrongfully obtained from an IRS application...more

IRS Data Breach Results in Thousands of Fraudulent Tax Returns

On Tuesday, May 26th, 2015, the IRS disclosed that a data breach of its online Get Transcript application occurred when sophisticated hackers attempted to access over 200,000 personal tax accounts. More importantly, however,...more

Second Circuit Rules FDCPA Does Not Require Disclosure of Settlement’s Tax Consequences

The U.S. Court of Appeals for the Second Circuit has ruled that the Fair Debt Collection Practices Act (FDCPA) does not require a debt collector to disclose the possible tax consequences of a debtor’s acceptance of a...more

CFPB Files Amicus Brief Regarding TILA’s Definition of “Consumer Credit”

In its most recent amicus brief, filed with the Fifth Circuit on April 9, 2015 in Billings v. Propel Financial Services, LLC, the Consumer Financial Protection Bureau (CFPB) argues that entities who lend consumers money to...more

TurboTax’s software maker Intuit on the hot seat for lax security measures to prevent tax fraud

Intuit, Inc., the maker of the software used by TurboTax customers to file electronic tax returns stopped its e-filing return program in February after receiving notices from multiple states that thousands of fraudulent tax...more

CFPB and Navajo Nation Partner in UDAAP Action Against Companies Involved in Alleged Tax Refund Scheme

On April 14, the CFPB along with the Navajo Nation jointly announced an enforcement action against two companies and their respective owners (Defendants) for running an alleged tax-refund scheme, marking the CFPB’s “first...more

CFPB files amicus brief in Fifth Circuit TILA case

The CFPB has filed an amicus brief in Billings v. Propel Financial Services, LLC, a case on appeal to the U.S. Court of Appeals for the Fifth Circuit. The issue in the case is whether a private lender extends“consumer credit”...more

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