News & Analysis as of

Audits

A Summary of the Proposed Partnership Audit Regulations

by Davis Brown Law Firm on

This blog post is intended to identify the most material aspects of the proposed regulations the IRS has introduced to implement the BBA partnership audit rules, and provide guidance on what actions a partnership should...more

ICE Director Confirms Significant Increase in Workplace Immigration Enforcement

by Baker Donelson on

Thomas Homan, Acting Director of U.S. Immigration and Customs Enforcement, said his agency has plans to increase workplace immigration enforcement. In a speech to the Heritage Foundation in Washington, D.C. on Tuesday, Homan...more

Evolution of Customs Audits and the Customs-Trade Partnership Against Terrorism: ISA Members Beware!

by Kelley Drye & Warren LLP on

Since the advent of the Centers of Excellence and Expertise (CEE’s), US Customs and Border Protection (CBP) has moved its audit function to the Centers and is focusing on single issue audits rather than the focused...more

New Partnership Audit Rules – Plan Ahead Before the Tax Bill Arrives

by Carlton Fields on

A new set of rules for partnership audits (New Audit Rules), which generally take effect January 2018, fundamentally alter the manner in which the Internal Revenue Service (IRS) will conduct audits of partnerships,...more

Communications With Auditors and Audit Committees May Change

by Carlton Fields on

The SEC has proposed for comment major revisions in the disclosures auditors are required to make in their reports on financial statements audited pursuant to Public Company Accounting Oversight Board (PCAOB) standards....more

PCAOB Issues Alert on New Revenue Recognition Standard

The PCAOB has issued an alert to discuss certain significant matters relating to the application of PCAOB standards relevant to auditing the implementation of the new accounting standard for revenue from contracts with...more

Targeted ICE Investigations - in it for the Long Haul with Record $95 Million Plea Deal for I-9 Violations

by Seyfarth Shaw LLP on

Seyfarth Synopsis: With a record $95 million plea deal for I-9 immigration violations following a six year investigation, the outcome for a Pennsylvania company with operations nationwide serves as a reminder of the federal...more

Get Ready for the Countdown: Final Delaware Unclaimed Property Regulations Published

by McDermott Will & Emery on

On October 1, 2017, the Delaware Department of Finance published final regulations in the Register of Regulations repealing its former unclaimed property regulations and promulgating a new reporting and examination manual. ...more

Delaware Finalizes Much-Anticipated Audit Regulations

by Alston & Bird on

On October 1, the Delaware Department of Finance adopted its final set of unclaimed property audit regulations, as mandated by Section 1176(b) of Delaware’s newly revised Escheats Law. The regulations are effective on October...more

Pennsylvania Tree Removal Company Fined $95 Million for Hiring Undocumented Immigrants

A Montgomery County, Pennsylvania tree removal company was fined $95 million after pleading guilty before the U.S. District Court for the Eastern District of Pennsylvania to violating several federal immigration laws due to...more

Delaware Dilemma: VDA or Unclaimed Property Audit

Delaware is instituting an aggressive push forward on its controversial unclaimed property audit program, as indicated in two recent announcements. The Secretary of State has announced that his office will begin sending...more

PCAOB Staff Inspection Brief Highlights Areas of Focus During 2017 Inspections

by WilmerHale on

The staff of the Public Company Accounting Oversight Board recently published a Staff Inspection Brief regarding its 2017 inspections of registered audit firms. As described in the corresponding news release, the goal of the...more

To Audit Or Not To Audit? A Good Question For Self-Funded Group Health Plans

by Jackson Lewis P.C. on

The rise in insurance premiums for group health plans has prompted many employers to reexamine the decision whether to fund participant health benefits with insurance or self-fund benefits and limit their claims risk by...more

Worksite Enforcement Increasing Under Trump Administration

by Benesch on

With President Trump’s focus on immigration enforcement, employers are seeing an uptick in the workplace audits being conducted by U.S. Immigration and Customers Enforcement (“ICE”). Employers can avoid big fines by...more

CMS Expanding The "Targeted Probe And Educate" Audits Nationally This Fall

by Roetzel & Andress on

The Centers for Medicare and Medicaid Services (“CMS”) announced recently that it will be expanding its medical claims review program to cover the entire country by the end of this year. The expanded program, titled “Targeted...more

Preparing for the New Partnership Audit Rules

by BakerHostetler on

The Bipartisan Budget Act of 2015 substantially changed audit-related rules impacting entities taxed as partnerships, including both state-law partnerships and many limited liability companies (LLCs). The most significant...more

OIG Work Plan – September 2017 Update

by Baker Ober Health Law on

Beginning in June 2017, the OIG began making monthly Work Plan updates. These monthly updates create some practical challenges for health care providers and compliance professionals trying to make operational and compliance...more

Blog: ED’s New Audit Guide – 90/10 Compliance

by Cooley LLP on

As with many other areas of financial aid management discussed in our prior posts, the audit requirements relating to compliance with the “90/10 Rule” have increased significantly in ED’s new Audit Guide. These new...more

New Partnership Audit Regime and Partnership M&A Transactions

Background: - Congress has changed the way partnership audits will be conducted in the future. Beginning with tax years starting on or after January 1, 2018, audits will still be done at the partnership level; however...more

The New Partnership Audit Rules Are Here: Are You Ready? - Construction and Procurement Law News, Q3 2017

The January 1, 2018 effective date of the new federal partnership audit rules is almost here, and we encourage all entities taxed as partnerships to consider addressing the issues posed by these new rules as soon as possible....more

The Rise of Managed Care Audits and Reimbursement Demands in the Wake of the ACA

If the summer of 2017 demonstrated anything, it is that health care remains a complex and contentious industry. One of its many complications stems from the natural tension between health care providers and health care...more

CMS To Expand Use of TPE Audits Nationwide by End of 2017

by Dorsey & Whitney LLP on

Perhaps lost amid the healthcare news coverage of competing proposals regarding “Medicare for All” and the repeal of Obamacare, the Centers for Medicare & Medicaid Services (“CMS”) last month announced the expansion of its...more

Staying Out of Trouble: How to Avoid IRS and DOL Audits

by McDermott Will & Emery on

The Internal Revenue Service (IRS) and the Department of Labor (DOL) conduct different types of benefit plan audits, such as retirement plans and health and welfare plans, and for various reasons. In a presentation, Jeffrey...more

No Gifts in Proposed Partnership Audit Regulations

by Pepper Hamilton LLP on

New partnership audit and collection regime rules will soon go into effect, defining who can elect out and enabling the Internal Revenue Service to assess taxes directly against the partnerships it audits. Originally...more

SuperVision - Labor & Employment Law Insights - September 2017

...This issue of SuperVision is dedicated to questions our friends and clients may have regarding insurance and benefit topics. While not a common part of the Labor & Employment field, Spilman prides itself on having...more

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