News & Analysis as of

Voluntary Disclosure

Notes on the Financial Surveillance Special Voluntary Disclosure Programme process

by Hogan Lovells on

The Financial Surveillance Special Voluntary Disclosure Programme (the FinSurv SVDP) was announced by the Minister of Finance in the February 2016 Budget Speech....more

Will Your Offshore Bank or Cryptocurrency Exchange Turn You In to the IRS?

by Sanford Millar on

Well the results of the Foreign Account tax Compliance Act (“FATCA”) are coming in and the IRS will be stepping up audit of “holder” of unreported account. The exam targets will be U.S. taxpayers who own or control foreign...more

Voluntary Disclosure/Multi-Media Enforcement: U.S. Environmental Protection Agency and Clean Energy Production Company Enter into...

The United States Environmental Protection Agency (“EPA”) published a Notice in the Federal Register announcing a Consent Agreement (“CA”) with ENEL Green Power North America, Inc. (“EGP”) resolving alleged violations of...more

A UK Version of OFAC?

The Office of Financial Sanctions Implementation ramps up enforcement activities in London - A new UK sanctions enforcement body with added civil enforcement tools is ramping up activities. ...more

Criminal sanctions against defaulting taxpayers

by Hogan Lovells on

With the expiry of the deadline for participation in the special voluntary disclosure programme, SARS is not relenting in identifying defaulting taxpayers. In a media release issued on 28 September 2017, SARS has indicated...more

You or Your Business Gets an IRS Audit Notice: What Do You Do? Defending an IRS Audit (Part 10)

by McNair Law Firm, P.A. on

The United States has a voluntary tax reporting system. Once a tax return is filed, however, the IRS will seek to verify that filed tax returns comply with the tax laws. To achieve this, an IRS audit (“examination”) must take...more

California Expands Voluntary Disclosure Program for Out-of-State Trusts

by Reed Smith on

On September 25, Governor Brown signed into law Senate Bill No. 813, which updated the California Voluntary Disclosure Program (VDP) to include out-of-state trusts with California beneficiaries and non-resident partners of...more

New CFTC Enforcement Policy Encourages Self-Reporting

by WilmerHale on

In January of this year, the Commodity Futures Trading Commission's (CFTC or Commission) Division of Enforcement (the Division) issued revised cooperation credit guidelines for companies, and its first-ever cooperation...more

SALT Alert: MTC Announces Online Retailer Voluntary Disclosure Program with No Tax Payment Required

by Williams Mullen on

Normally, voluntary disclosure programs require payment of tax, and perhaps interest and penalties, during a specified lookback period. On September 1, the Multistate Tax Commission (“MTC”) announced a limited-time voluntary...more

23 States Join the Multistate Tax Commission Amnesty Ending on October 17, 2017: “Fulfillment by Amazon” Companies Targeted

This article provides practitioners with a practical overview of (1) the changing law of nexus; (2) the Multistate Tax Commission Amnesty Program ending on October 17, 2017; and (3) on-going state voluntary disclosure...more

New York City Comptroller Launches Campaign for Corporate Board Diversity, Independence, and Climate Expertise

New York City Comptroller Scott M. Stringer and the New York City Pension Funds launched the “Boardroom Accountability Project 2.0.” The campaign seeks to make corporate boards more diverse, independent, and...more

Limited-Time Tax Amnesty for Marketplace Sellers

The Multistate Tax Commission (“MTC”) has implemented a limited-time voluntary disclosure initiative for online marketplace sellers (the “VDI”). The VDI creates an opportunity in many states to have a retailer’s historic...more

The Era of Private Ordering for Corporate Governance

by Dorsey & Whitney LLP on

Following the 2016 election, corporate governance circles have focused intently on what will happen in the nation’s capital with regard to a potential roll back of the current regulatory regime. The Trump Administration...more

Soft Skills in Remediation: Part V – Post Resolution

by Thomas Fox on

I conclude my five-part series on the soft skills a Chief Compliance Officer (CCO) needs to employ when working through the remediation component of a potential Foreign Corrupt Practices Act (FCPA) compliance violation. I...more

OFAC Pushes Iran Sanctions Enforcement

by Michael Volkov on

Many companies have been laser-focused on anti-corruption compliance, and with good reason given the risks and consequences of an anti-corruption enforcement action. In doing so, companies have to be careful to avoid ignoring...more

MTC Marketplace Seller Voluntary Disclosure Initiative Underway

by McDermott Will & Emery on

On August 17, 2017, the application period opened for the limited-time MTC Marketplace Seller Voluntary Disclosure Initiative opened and it will close October 17, 2017. Since our last blog post on the topic detailing the...more

2017 EY Survey Reports Steady Increase in Voluntary Audit-Related Disclosures

by WilmerHale on

In its sixth annual report on voluntary audit committee reporting to shareholders, Ernst & Young observed “similar increases in voluntary audit-related disclosure as in the past several years, with steady growth in certain...more

Federal Circuit Says PTO Submissions can Waive Privilege to Future Communications

On July 20, 2017, the United States Court of Appeals for the Federal Circuit in In re OptumInsight denied OptumInsight’s petition for writ of mandamus on privilege waiver. The court held that the District Court for the...more

Unfiled Tax Returns: What Do You Do? (Part 2)

by McNair Law Firm, P.A. on

The United States has a voluntary income tax reporting system. U.S. citizens, permanent residents, and businesses here must annually file income tax returns with the IRS, reporting their “worldwide income”, deductions, and...more

Here is what you need to know about a Domestic Voluntary Disclosure (DVD)

by Foodman CPAs & Advisors on

DVD can be an option for a Taxpayer without foreign financial accounts or foreign financial issues. It is a choice for Taxpayers that are out of domestic compliance, want to come into compliance and inoculate as much as...more

FINRA and the MSRB Issue FAQs on Bond Mark-Up Disclosure

by WilmerHale on

On July 12, 2017, the Financial Industry Regulatory Authority (FINRA) and the Municipal Securities Rulemaking Board (MSRB) published new implementation guidance on the bond mark-up disclosure requirements set to take effect...more

San Francisco Passes Pay Parity Ordinance Affecting Employee Onboarding

by Arnall Golden Gregory LLP on

San Francisco’s Board of Supervisor’s passed a pay equity ordinance on July 11, 2017 which is now awaiting the Mayor’s signature. The “Parity in Pay” ordinance will become operative July 1, 2018. The ordinance will ban...more

Delaware Reworks Its Recent Unclaimed Property Overhaul Legislation

by Alston & Bird on

On June 29, 2017, Delaware Governor John Carney signed into law Senate Substitute 1 for Senate Bill 79, which revises parts of Senate Bill 13, the major unclaimed property legislation passed earlier this year. Perhaps...more

Justice Department Resolves Two Cases Under FCPA Pilot Program

by Michael Volkov on

The Justice Department recently resolved two separate FCPA investigations under its Pilot Program. To be sure, DOJ’s resolution of these two matters reinforces the real and tangible benefits of its Pilot Program....more

A Second Superior Result – CDM Smith Obtains a Declination

by Thomas Fox on

Last week the Department of Justice (DOJ) issued its second Declination under the Sessions regime. Short with brevity, the matter nonetheless has some significant points for the compliance practitioner to help move their...more

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