News & Analysis as of

Audits

Protecting Privilege In FCA Cases From Start To Finish

The False Claims Act has been a hot area of litigation for years, and current statistics signal that this trend will not end any time soon. With lucrative rewards for whistleblowers and the possibility of treble damages and...more

No Immigration Surprises in President’s Proposed Budget - Mandatory E-Verify, Boosted Enforcement Among Priority Requests

by Fisher Phillips on

President Trump’s proposed budget released by the White House earlier this week contains no real surprises when it comes to the immigration provisions. The budget supports President Trump’s promises to increase immigration...more

Blog: Does It Pay To Challenge The SEC Over Non-GAAP Financial Measures?

by Cooley LLP on

As discussed in this article, the WSJ engaged Audit Analytics to perform an analysis of SEC comment letters and company responses regarding the use of non-GAAP financial measures. What did they find? Companies are winning...more

Intellectual Property and E-commerce Shops

by Revision Legal on

If you’re the owner of an e-commerce shop, you deal with intellectual property everyday. Intellectual property refers to the creations of the human mind. This includes symbols, images, names, inventions, and literary and...more

Trust No One - Lunchtime Deals Should End in Intention, Not Retention

by Burr & Forman on

What You Can Learn about Vendor Management from the DocuSign Breach While some industries may get away with the “trust but verify” model, heavily regulated industries such as financial services have no such luxury. Trust...more

All Partnerships Need to Adapt to the New Partnership Audit Rules Now

by Hinshaw & Culbertson LLP on

Historically, partnerships and multiple-member limited liability companies ("LLCs") taxed as partnerships generally have not had to pay income taxes at the partnership level. As a result of federal tax law changes effective...more

501(r) Audits Are Here: What You Need to Know

by Nilan Johnson Lewis PA on

The Affordable Care Act imposed new requirements on tax-exempt hospitals under Section 501(r) of the Internal Revenue Code. Section 501(r) and its implementing regulations present a complex framework intended to promote...more

Yes, DOL audits are more terrifying

by Ary Rosenbaum on

I have to see that as after 18 years, there is very little I fear and I fear of retirement plan audits by the Department of Labor (DOL). I’m going to have a larger fear as it’s clear that DOL audits will increase thanks to...more

Defense Department Inspector General Issues Summary of Audits Assessing Contractor Performance

by Holland & Knight LLP on

The Department of Defense Inspector General (DoDIG) recently published audit report DoDIG-2017-081 entitled, "Summary of Audits on Assessing Contractor Performance: Additional Guidance and System Enhancements Needed." This...more

Protecting Your Qualified Retirement Plan Now that the IRS Determination Program is (Mostly) Closed

A lot has been written over the last few months about what to do now that the IRS has closed its determination letter program for ongoing individually designed tax-qualified retirement plans....more

Compliance and Financial Audits – Distinctions With Substance

by Michael Volkov on

Chief compliance officers and internal auditors are natural friends and allies. In the corporate governance world, they share many common interests....more

GAO Review Calls for Greater Oversight of DoD’s “Pilot” Mentor-Protégé Program

by Bass, Berry & Sims PLC on

Last month, the Government Accountability Office (GAO) released results from its investigation into the effectiveness of the Department of Defense (DoD) Pilot Mentor-Protégé Program. In accordance with the National Defense...more

IRS Implementation of ACA’s Employer Shared Responsibility Provision Falls Short Based on the Results of a Recent Audit

by McDermott Will & Emery on

Based on a recent audit conducted by the Treasury Inspector General for Tax Administration (TIGTA), the IRS’ processes and procedures to ensure compliance with the employer information reporting requirements mandated by the...more

IRS Implementation of ACA’s Employer Shared Responsibility Provision Falls Short Based on the Results of a Recent Audit

by McDermott Will & Emery on

Based on a recent audit conducted by the Treasury Inspector General for Tax Administration (TIGTA), the IRS’ processes and procedures to ensure compliance with the employer information reporting requirements mandated by the...more

OSHA Rescinds Fairfax Memo

by Cozen O'Connor on

In 2013, OSHA issued what is commonly referred to as the “Fairfax” memo, a standard interpretation letter that, among other things, permitted non-employee, union representatives to participate in the walk-through portion of...more

IP Audits - What They Are & Why You Need One

by Revision Legal on

One of a company’s most valuable business assets is intellectual property (IP) rights. They are integral for protecting the company’s position in the market and can have immense value if they are properly obtained, managed,...more

6 Ways to Achieve Compliance without an Audit

by Hinshaw & Culbertson LLP on

No doubt there is a need for compliance audits. I do them. You do them. Almost every regulatory & compliance lawyer and consulting company that exists does them. In fact, some state and federal laws mandate that you do a...more

Audit Chances

by Pessin Katz Law, P.A. on

As in the past, PK Law reports on the Internal Revenue Service’s (“IRS”) data book (IR 2017-69) regarding a taxpayer’s chances of undergoing an audit. The annual data book reflects data collected during the fiscal year 2016...more

IRS Targets Globally-Mobile Individuals and Businesses: The Importance of Proactive Planning

IRS targets globally-mobile individuals and businesses through its Global High Wealth Industry Group and its Large Business and International Division. Targeted taxpayers find these audits distracting, taking time from...more

Focus on Tax Strategies & Developments - April 2017

by McDermott Will & Emery on

Impact of Country-By-Country Reporting on Multinational Enterprises - Perhaps the most challenging component of the Base Erosion and Profit Shifting (BEPS) initiative adopted by the OECD and G20 countries, Action 13...more

OIG to Audit FAA Drone Waiver Processes

The Office of the Inspector General (OIG) of the U.S. Department of Transportation (DOT) has announced an audit of the Federal Aviation Administration’s (FAA) “approval and oversight processes” for Part 107 waivers for...more

News Round Up - April 2017

by Morrison & Foerster LLP on

Momentum Builds in the U.S. IPO Market - Renaissance Capital reported a strong start to the year in its U.S. IPO Market 1Q 2017 Quarterly Review. The first quarter of 2017 saw 25 IPOs, which raised $9.9 billion, a jump...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

Late last week, financial services company Raymond James agreed to resolve allegations of conspiring with the owner of several VT ski resorts (and others) in a Ponzi scheme targeting foreign investors through the EB-5...more

Medicare Two-Midnight Rule and Observation Status Updates

by Baker Ober Health Law on

What's new from Medicare in the areas of the Two-Midnight rule and observation services? CMS recently published updates to a Medicare manual reflecting clarifications to its Two-Midnight policy, a Medicare Quality Improvement...more

Should You Convert Your Delaware Unclaimed Property Audit to a VDA?

by Reed Smith on

The Delaware Secretary of State recently issued a statement to businesses encouraging them to convert their unclaimed property audits to voluntary disclosure agreements (“VDAs”). However, the position presented by the State...more

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