FCPA Compliance and Ethics Report-Episode 109-interview with Bill Michael on the SEC FCPA enforcement action against FLIR employees
FCPA Compliance and Ethics Report-Episode 94-Internal Controls for Gifts, Travel and Entertainment in a FCPA Compliance Program, Part II
A large US Bank with operations in the UK (Bank) recently won a widely discussed case in the UK's Employment Tribunal after a senior analyst (Employee) sued the Bank for unfairly dismissing him over an expense form relating...more
Two recent Foreign Corrupt Practices Act (FCPA) actions – a Department of Justice (DOJ) Opinion letter and an SEC settlement – underscore key diligence questions that legal and compliance departments should address when...more
Withdrawing Value- Any tax adviser who has represented closely held businesses and their owners long enough realizes there are certain recurring themes that transcend the otherwise unique characteristics of the industry of...more
The Cohan Rule: Tax Deductions with Incomplete Records - The “Cohan rule” is derived from the Second Circuit’s 1930 decision, Cohan v. Commissioner, which allowed the taxpayer to approximate travel and entertainment...more
After much political gridlock, Congress passed an omnibus government-spending bill (Appropriations Act), which includes another COVID-19 relief package. The Appropriations Act contains many tax-related provisions. Some of the...more
This final alert in our four-part series on coronavirus stimulus legislation covers the various other significant stimulus proposals focused on businesses contained in the Democrat’s Health and Economic Recovery Omnibus...more
The Internal Revenue Service (IRS) has released its proposed regulations regarding tax treatment for business meals and entertainment activities. The proposed regulations are consistent with the prior guidance released by the...more
The IRS continues to aggressively audit how free meals and snacks offered to employees in many workplaces are treated for federal tax purposes. Recent IRS guidance in this respect is Technical Advice Memorandum 201903017 (the...more
The IRS recently issued a Technical Advice Memorandum (TAM) demonstrating the level of scrutiny that the IRS will apply in the case of the business meal exclusion....more
Based upon the language of the Foreign Corrupt Practices Act (FCPA), 2012 FCPA Guidance, FCPA enforcement actions and relevant Opinion Releases, and allowing for inflation over the past 40 years, it would appear reasonable...more
There’s nothing like a looming deadline to prompt action. Back in August, Governor Rauner signed into law an amendment to the Illinois Wage Payment and Collection Act that, for the first time, requires Illinois employers to...more
The Tax Cut and Jobs Act (TCJA) amended Section 274 of the Internal Revenue Code (IRC) created a confusion for Taxpayers by disallowing a deduction for expenses with respect to “entertainment”, amusement, or recreation and...more
The National Business Aviation Association (NBAA) on Nov. 5, 2018, filed the attached comments with the Internal Revenue Service (IRS) regarding IRS Notice 2018-76, which generally permits the deduction of business meals and...more
As we discussed in our February 27, 2018 blog post, the Tax Cuts and Jobs Act ("TCJA") eliminated the deduction for entertainment expenses. Despite commentary to the contrary, we have consistently reported that meals continue...more
Hard to imagine that any financial news could come close to making headlines on Thursday, and yet, the SEC and Elon Musk came close. Specifically, the SEC filed suit against Musk, accusing him of “making false public...more
Health care practitioners should need no reminder that government authorities closely scrutinize practitioner relationships with the medical device and pharmaceutical industries. Reports of payments under the federal...more
BACKGROUND - The Tax Cuts and Jobs Act (“TCJA”) creates, modifies or eliminates a number of employment and employee fringe benefit related provisions of the Code. Both employers and employees need to be aware of these...more
This WSGR Alert provides a high-level comparison of the latest tax reform proposals from the U.S. House of Representatives and the U.S. Senate as they relate to compensation and benefits matters....more
Today, the Republicans in the U.S. House of Representatives released their long-anticipated tax reform bill, entitled the “Tax Cuts and Jobs Act”. While there have been multiple statements from the Republican majority in the...more
The New York State Department of Financial Services (DFS) has announced new regulations aimed at reforming various title insurance industry practices, including practices involving title company and agency marketing...more
Mediante los Decretos N° 3.068 y N° 3.069 publicados en Gaceta Oficial N° 41,231, de fecha 7 de Septiembre de 2017, el Presidente Nicolás Maduro aumentó el salario mínimo mensual en un cuarenta por ciento (40%) y ajusta la...more
Through Decrees N° 3.068 and 3.069, published in the Official Gazette N° 41.231 on September 7, 2017, Venezuela’s President Nicolás Maduro increased the monthly minimum wage by 40% and "the meal benefit” calculation base to...more
Overview - In a surprising decision, the Tax Court has allowed the owners of the Boston Bruins hockey team (a subchapter S corporation) to deduct 100 percent of the cost of pre-game meals at hotels for employees while...more
State Budget Law 42/2016 of December 28, 2017 - Enacted Legislation - Effective January 1, 2017, State Budget Law for 2017 introduced various modifications to the labor law landscape, which have had an immediate...more
Mediante los Decretos N° 2.832 y N° 2.833 publicados en Gaceta Oficial N° 6.296 Extraordinario, de fecha 2 de mayo de 2017, el Presidente Nicolás Maduro aumentó el salario mínimo mensual en un sesenta por ciento (60%) y...more