Audits

News & Analysis as of

Check Cashing, Tax Evasion, Structuring and Asset Forfeiture; The Making of a Bad Day

The following fact pattern should is representative of a tax evasion and structuring case. A taxpayer receives checks in the ordinary course of business from customers. Some of those checks are deposited into the business...more

FAA’s commercial drone application process to be audited by the DOT

While by law, any aircraft operation in the national airspace requires a certificated and registered aircraft, a licensed pilot, and operational approval, § 33 of the FAA Modernization and Reform Act of 2012, permits the FAA...more

Compliance Corner: Hiring and Maintaining a Legal Workforce

We’re all busy and regardless of your industry, those responsible for hiring our workforce are pulled in many different ways and have to keep abreast of countless local, state and federal workplace related laws and...more

Will NYSDEC's Audit Agreement for Retail Pharmacies Provide a Path to Increased Compliance?

Federal and state hazardous waste handling and disposal requirements, which were established to address issues related to industrial waste generators and disposal facilities, are often a complicated and awkward fit for retail...more

At the edge of a new frontier: USCIS begins transition to Electronic Immigration System

In July 2015, the White House announced a series of technology initiatives aimed at modernizing the application process for certain immigration benefits. As part of this effort, the United States Citizenship and Immigration...more

Hard Hats Required: Sales Taxes & Capital Improvements - Some Practical Pointers

We recently authored an article in State Tax Notes analyzing New York’s complicated rules affecting sales taxation of contractor services and capital improvements. In this follow-up post, we want to highlight a few practical...more

Bridging the Week - August 2015 #4

CME Group Files Disciplinary Actions for Trading Ahead of Block Trades and Failure to Supervise an Employee Engaging in Disruptive Trading Activities - In two cases of first impression, CME Group exchanges brought and...more

ESOS Regulations: Are you ready to report?

The Energy Savings Opportunity Scheme Regulations 2014 (“ESOS”) came into force across the UK last July. The purpose of ESOS is to require large businesses to identify energy efficiency savings by carrying out energy audits;...more

This Week In Securities Litigation (Week ending August 21, 2015)

The Commission filed a settled FCPA action this week centered on hiring relatives of foreign officials tied to a sovereign wealth fund. In addition, the agency filed two actions involving Citigroup – one based on the market...more

Construction Industry Listed as a Top Priority for Misclassification Audits

Earlier this year, the U.S. Department of Labor (DOL) announced its 2015 Misclassification Initiative aimed at combatting misclassification of employees as independent contractors. At the top of its target list? Employers in...more

What’s So Interesting About Interest Rates?

For those of us who regularly handle state audits, the focus is usually on the legal or factual arguments as to why no additional taxes are due. And it’s great when our clients can walk away with no additional taxes to pay....more

IRS auditor loses flash drive exposing SSNs of almost 12,000 people

Katy Independent School District (ISD) was randomly audited by the IRS on August 5th. In order to conduct the audit, the IRS auditor had a flash drive with the names, addresses, birth dates and Social Security numbers of...more

INTERPOL and the tax man

A reader recently sent in the following questions: Can you tell me would the IRS issue a diffusion notice in a civil tax audit involving offshore banking? Would Interpol even accept a diffusion notice on a non criminal...more

Top Ten Resources for Engaging Your Board in Your Ethics & Compliance Program

Resources to help you engage your board of directors in the success of your ethics and compliance program. A successful board engagement strategy can help ethics and compliance professionals gain significant program...more

Ninth Circuit Reverses Tax Fraud Conviction Where Returns Were Not “Filed” With Internal Revenue Service

Yesterday the Ninth Circuit addressed the question of whether an individual can be convicted of filing false tax returns pursuant to 26 U.S.C. 7206(1) where the tax returns in question were tendered to an IRS agent during an...more

Connecticut Enacts Health Care Legislation in June Special Session

On June 29 and 30, 2015, the Connecticut General Assembly conducted a special legislative session following the close of the 2015 regular session. Among other things, the General Assembly passed a bill to implement the state...more

Risky Business: Assessment of Inherent Risks of Money Laundering and Terrorist Financing in Canada and Guidance on the Risk-Based...

In preparation for the audit of Canada’s anti-money laundering and terrorist financing regime by the Financial Action Task Force (FATF) in the fall of 2015, the Department of Finance and the Financial Transactions and Reports...more

ALJ Strikes Down Aggressive Attempt by New York State Department of Taxation and Finance to Tax Nonresident Attorney

An Administrative Law Judge (“ALJ”) with the New York State Division of Tax Appeals recently struck down an aggressive attempt by the New York State Department of Taxation and Finance (the “Department”) to tax the income of a...more

Rejection of Oracle's claims for copyright infringement against one of its users and condemnation of the practice of aggressive...

Dealing with a matter involving the Enterprise Resource Planning (ERP) Oracle E-Business Suite, the Paris First Instance Court took the opportunity to clarify the differences between copyright infringement and contractual...more

OIG finds CFPB headquarters renovation costs to be reasonable

The Office of Inspector General for the Fed and CFPB (OIG) has issued a report on the results of its audit of the construction costs for the CFPB’s Washington, D.C. headquarters renovation. The renovation costs have been the...more

Blog: New Study Gives Mixed Reviews To Companies Filing Conflict Minerals Reports

A new study on conflict minerals compliance from Tulane University and Assent Compliance, a compliance software and services firm, revealed that, about 90% of filers of conflict minerals reports indicated that they were...more

DoD Inspector General Publishes List of Postaward Fraud Indicators

On July 29, 2015, the Office of the Inspector General for the Department of Defense published on its website new “Contract Audit Fraud Scenario and Indicators for Material Pricing Deficiencies in a Postaward Audit.” While...more

Delaware Legislation Reduces Unclaimed Property Audit Frustrations but Reanimates Interest Assessment

On July 22, 2015, the governor signed Senate Bill 141, which makes significant revisions to the Delaware Abandoned and Unclaimed Property statute. Senate Bill 141 is the legislature’s third set of revisions to the Delaware...more

Orrick Technology IPO Insights - Q2 2015

After a slow start to initial public offerings in the first quarter of 2015, overall IPO activity began to pick up in the second quarter. However, concerns about turmoil in Greece, market declines in China and questions about...more

Your Questions: Let’s Talk Risk - A Q&A Session about How to Achieve a Risk-based Approach to Compliance Management

Risk is at the heart of every compliance program. But that’s sometimes easier said than done. In January 2015, Kwamina Williford, Partner at Holland & Knight; Chris Caron, Compliance Director at Kiewit; and Joe LeBas of...more

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