Penalties

News & Analysis as of

Employers Need To Be Aware Of Potential Pitfalls Of Providing Opt-Out Incentives To Company Health Insurance

In recent proposed regulations, the Internal Revenue Service (IRS) addressed how the Affordable Care Act (ACA) impacts the use of employer opt-out incentives, which are payments to employees who decline an employer’s group...more

Hedge Fund Seeks Absolution from the SEC Claiming the Potential Pay-to-Play Penalty Doesn’t Fit the Violation

Pershing Square Capital Management has found itself in the unenviable position of having to seek absolution from the Securities and Exchange Commission for the consequences of an unintended $500 pay-to-play error by one of...more

Singapore Announces Mandatory Retrenchment Notifications

The Ministry of Manpower’s new requirement for mandatory retrenchment notifications applies to employers with 10 or more employees. Beginning 1 January 2017, Singapore employers that employ at least 10 employees and...more

UK Payment Systems Regulator Publishes Consultation Paper on Proposed Financial Penalty Scheme

The UK Payment Systems Regulator published a consultation paper and proposed guidance on the Financial Penalty Scheme that is applicable to penalty payment amounts retained by the PSR...more

Aggressive Remediation: Embraer and JP Morgan

There is no question that the Justice Department has raised compliance program expectations in a number of areas. Whatever you may think about the efficacy or fairness of the FCPA Pilot Program, the Justice Department has...more

San Jose Ordinance: Offer Hours to Existing Employees before Hiring New Workers

On November 8, over 63% of San Jose voters approved a first-of-its-kind ordinance that requires San Jose employers to offer additional hours of work to qualified existing employees before hiring new employees, subcontractors,...more

Correction: Employers Could Face Scrutiny, Including From Immigration And Customs Enforcement, If They Cannot Produce Valid Social...

In a September 12, 2016 Fast Laner article, it was incorrectly stated that penalties that could be issued by the IRS for late or incorrect forms submitted pursuant to the Affordable Care Act (ACA) were capped at $1.5 million....more

U.S. Treasury’s Benchmark TIC SHC Survey and Implications for Investment Managers

TIC SHC is a mandatory benchmark study commissioned by the Treasury and administered by the FRBNY every five years.3 The survey reviews holdings of foreign portfolio securities – including short- and long-term securities and...more

JPMorgan Sons and Daughters FCPA Enforcement Action, Part III-St. Mark’s Revealed

This week I am exploring the JP Morgan Chase (JPM) and its subsidiary, JPMorgan Securities (Asia Pacific) Limited (JPM-APAC), (collectively ‘the company’) Foreign Corrupt Practices Act (FCPA) enforcement action which...more

The IRS and Courts Weigh in on the Deductibility of Fines and Penalties - Tax Update, Volume 2016, Issue 3

Taxpayers who make payments in conjunction with a forfeiture action should attempt to understand the characterization of a payment to see if the specific payment can avoid being treated as a fine or penalty. Originally...more

Did These 10 OSHA Rules and Initiatives Die With the Election of Donald Trump?

The election of Donald Trump surprised some Americans. In the days since his victory, our firm’s lawyers have fielded numerous questions from employers regarding what changes to workplace law they can expect under the Trump...more

JPMorgan Sons and Daughters FCPA Enforcement Action: Part I – Venice and Fog

JP Morgan Chase (JPM) and its subsidiary, JPMorgan Securities (Asia Pacific) Limited (JPM-APAC) resolved its Foreign Corrupt Practices Act (FCPA) matter last week, obtaining a Non-Prosecution Agreement (NPA) from the...more

New FINRA Capital Acquisition Broker Rules May Offer Limited Relief to Private Investment Fund Advisers

The U.S. Securities and Exchange Commission (“SEC”) recently approved a Financial Industry Regulatory Authority (“FINRA”) proposal to adopt a new regime for the regulation of electing broker-dealer firms that meet the...more

Furnish those documents to Plan Participants or Pay Through The Nose

Plan sponsors should understand that under ERISA, plan participants are entitled to certain disclosures and documents. We should all know that a participant is entitled to the summary plan description, summary annual report,...more

SEC Seeks Record Penalty Against Former Miami Budget Director - $450,000 Penalty Sought After Former Official Found Guilty of...

After a federal jury found the City of Miami's (City) former budget director guilty of defrauding investors in connection with a 2009 bond offering, the U.S. Securities and Exchange Commission (SEC) is seeking a record...more

China’s Controversial New Cybersecurity Law

Earlier today, the Chinese government in Beijing approved a sweeping new cybersecurity law aimed at centralizing control over computer networks operating within China’s borders. The new law is broadly drafted and...more

$100 Million FBAR Penalty - Ouch

Taxpayers who fail to file Reports of Foreign Bank and Financial Accounts (FBARs) disclosing their non-U.S. accounts can suffer a 50% penalty on the balance of the unreported accounts. In one of the largest penalties I have...more

Cal/OSHA Amends its Definition of “Repeat” Citation to Reconcile Differences from the Federal Program

Seyfarth Synopsis: Cal/OSHA has recently amended its definition of “repeat” for inspcetion citations to reconcile differences from the Federal OSHA program. The updated rules expand potential liability to California...more

MoFo New York Tax Insights - Volume 7, Issue 11

ALJ Permits Only Minimum Penalties for Failure to File Information Returns - A New York State Administrative Law Judge has rejected the maximum penalties imposed by the Department of Taxation and Finance on an...more

Lincoln’s Law Becomes Even More Absurd When Applied to the Health Care Industry

When Congress originally passed the False Claims Act (31 USC §§ 3729-3733), no one had the health care system in mind. The False Claims Act was also commonly referred to as the “Lincoln Law”. The original law was focused on...more

OSHA with Her: Stronger Together Under Hillary? What the Occupational Safety & Health Administration Might Look Like Under a...

The general election is only days away. On Tuesday, November 8, American voters will finally determine if Hillary Clinton or Donald Trump will succeed Barack Obama as our nation’s president....more

Construction Industry Scheme - taxing our landlords and tenants

The Construction Industry Scheme (‘CIS’) requires contractors to withhold tax from payments to subcontractors in relation to certain construction work. It is easy to assume that CIS only applies to mainstream contractors, but...more

FTC Settles Telemarketing Sales Rule Claim for $2.3 Million

On November 1, 2016, the Federal Trade Commission (“FTC”) announced its settlement with a “collection of entities” known as Consumer Education Group (“CEG”) for alleged violations of the Telemarketing Sales Rule (the “TSR”). ...more

FanDuel, DraftKings Settle Fantasy Sports Lawsuit with New York AG

This week, the office of the New York Attorney General (the “AG”) announced that it had reached a settlement with both FanDuel and DraftKings, resolving the State’s deceptive marketing practices lawsuit. We had previously...more

Antitrust Authorities to Prosecute Criminally Anticompetitive Hiring and Compensation Agreements

The United States federal antitrust authorities announced last week that companies who have in place formal or informal hiring or compensation agreements with competitors may now face criminal prosecution. This is a notable...more

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