Audits

News & Analysis as of

Delaware Moves to Revamp Its Unclaimed Property Law

On January 12, 2017, the Delaware Senate introduced legislation that represents a complete rewrite of the state’s Escheats Law, currently codified at 12 Del. Code Ann. § 1130 et seq. The bill – SB 13 – is...more

Key Takeaways From Delaware’s Unclaimed Property Overhaul

A bill has been introduced in the Delaware Senate that would overhaul Delaware’s unclaimed property law. The bill is on a fast track and could be enacted by the end of January. If enacted, companies currently under audit will...more

Delaware Unclaimed Property Legislation – Lipstick on a Pig?

The Delaware General Assembly has introduced legislation that would significantly rewrite the Delaware unclaimed property statute by repealing the three current subchapters and replacing them with a single unclaimed property...more

2016 Year In Review: Securities Litigation And Regulation

2016 was an active year in securities litigation. In the first half of 2016 alone, plaintiffs filed 119 new federal class action securities cases. It was also a busy year for SEC enforcement proceedings, with a record 868...more

OFCCP Sues Google, Seeking Pay Data

On January 4, 2017, the Office of Federal Contractor Compliance Programs (OFCCP) sued Google, claiming that the tech giant is illegally withholding information about the compensation it provides its employees.  OFCCP seeks...more

Appellate Division Rules That Paid Blogger Was Not An “Employee” Entitled To Unemployment Benefits, Signaling Trend Toward More...

One of the recurring themes in workplace law in 2016 was the continued crackdown on independent contractor misclassification. Both federal and state agencies, as well as the plaintiffs’ bar, invested significant resources to...more

MarkIt to Market® - December 2016

The December 2016 issue of Sterne Kessler's MarkIt to Market® includes practical tips for businesses trying to kick-start the year with an annual year-end trademark audit and lists the new gTLD Sunrise periods. Please...more

Congress Offers Technical Corrections to Help Implement the New Partnership Audit Rules

As discussed in a previous post, in late 2015 Congress enacted the Bipartisan Budget Act of 2015 (the “BBA”) which completely revamped the way partnerships (including LLCs taxed as partnerships) will be audited beginning in...more

Data Protection Audit in Qatar

New national Privacy Law in Qatar - countdown to compliance - With the new national Privacy Law (13 of 2016 Concerning Privacy and Protection of Personal Data) to be gazetted any day now in Qatar, a new era of compliance...more

Financial Services Quarterly Report - Fourth Quarter 2016: The Impact of New U.S. Partnership Audit Rules on Investment...

The U.S. Bipartisan Budget Act of 2015 amended the provisions of the U.S. Internal Revenue Code of 1986, as amended (Code), governing partnership audit proceedings. The new provisions are designed to simplify the ability of...more

Compliance Expertise Needed on the Board

This week I have been exploring the different types compliance committee’s which an organization can utilize to help effect a best practices compliance program. I have written about compliance committee’s at the Board of...more

OIG Semiannual Report Highlights FY 2016 Fraud Recoveries, Enforcement Actions

The HHS Office of Inspector General’s (OIG) latest its Semiannual Report to Congress highlights top audits, investigations, and enforcement activities for the period of April 1 to September 30, 2016 and summarizes overall...more

Medical Litigation Newsletter - December 2016

Defending Audits Before They Happen: A Practical Guide to Documenting to Sustain A Challenge to E/M Codes - Although many believe malpractice suits to be the primary risk-management issue facing healthcare providers, an...more

Tax Developments in 2016: Federal Tax (Part I) - Sections 355, 382, and 385; and new rules on partnership audits dominate...

Section 385 Proposed Regulations — Impact on Related-Party Financing - Section 385 has been in the Internal Revenue Code since 1969. It was enacted to provide guidance for whether to classify an interest in a corporation...more

Godspeed to John Glenn and Failures at Deloitte

Last week, I paid tribute to Greg Lake. It turned out that the first full week of December was the final week for several important, if not seminal, figures. So this week I will pay homage to those who have left us, today I...more

CFTC Approves Final Rule Amendments to CPO Financial Report Regulations

On November 21, 2016, the U.S. Commodity Futures Trading Commission (CFTC) approved final rule amendments to its regulations that allow commodity pool operators (CPOs) to use certain additional alternative generally accepted...more

IRS Updates Conservation Easement Audit Techniques Guide

On November 4, 2016, the IRS updated its Conservation Easement Audit Techniques Guide (CE Audit Guide) for the first time since March 15, 2012. According to the IRS’s introduction on its Audit Techniques Guide website,...more

What Employment Law Changes Should We Expect From the Trump Administration? Ask the Magic 8 Ball

If you had asked me one month ago to predict the winner of the presidential election, I would have been wrong. Therefore, rather than make my own [ill-fated] predictions of the changes that await employers when PEOTUS takes...more

Busting the Myth of the Unlimited RCEs

In June, the Government Accounting Office (GAO) issued a performance audit of the U.S. Patent and Trademark Office (USPTO), “Patent Office Should Define Quality, Reassess Incentives, and Improve Clarity.” The report was...more

Prosecution of Employers Who Hire Illegal Aliens

To manage the flow of illegal immigration the Trump Administration will have to do more that build a physical wall. It will need to enforce existing employ laws. According to the Center for Immigration Studies...more

This Week In Securities Litigation

In a holiday shortened week, the SEC brought actions involving: a financial fraud naming against the president of the firm who, assisted by two other officers named as defendants in an earlier Commission enforcement action,...more

Coverage is always the biggest problem

When you look at the problems of retirement plans, one that gets short shrift is coverage and that is one of the pillar of qualified plans needed to be fulfilled in order to be a qualified plan. It’s a forgotten rule of...more

2017 ISS and Glass Lewis Updates to Canadian Proxy Voting Guidelines

Institutional Shareholder Services (ISS) and Glass, Lewis & Co (Glass Lewis) have both released their updates to their respective Canadian proxy voting guidelines for the upcoming 2017 proxy season. The ISS updates apply to...more

European Court of Auditors Special Report on Single Supervisory Mechanism

On November 18, 2016, the European Court of Auditors published a report on the Single Supervisory Mechanism (“SSM“) (No 29/2016). The SSM was set up by the European Central Bank (“ECB“) to ensure the consistent application of...more

The New Insurance Act: What GCs Need to Know and Do

We recently hosted a round table discussion on the new Insurance Act which addressed: - How the law has changed and how it will affect your organisation - What practical changes are needed to ensure compliance with the...more

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