Feb 20

Government Typo Will Require Certain Taxpayers to Delay Filing

Recently the government sent out Form 1095-A to Obamacare participants. However it appears that an error reported in the forms mailed out will need to be corrected.  As a result, affected taxpayers are requested to wait until they get corrected forms before filing.  The blog at healthcare.gov reads: “If you enrolled in a plan through …

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Permanent link to this article: http://betweenthenumbers.net/2015/02/government-typo-will-require-certain-taxpayer-to-delay-filing/

Feb 19

New Standard of Value for Appraisal under Louisiana Law

Louisiana has changed the applicable standard of value in its new Louisiana Business Corporations Act. Under the law, shareholders have a right to avoid the effects of certain corporate actions by selling the shareholder’s shares to the corporation, paid in cash.  Under certain circumstances more fully described in the bill, shareholders have such rights in …

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Permanent link to this article: http://betweenthenumbers.net/2015/02/new-standard-of-value-for-appraisal-under-louisiana-law/

Feb 17

Internet Real Estate Continues to Evolve with New gTLDs

The Internet Corporation for Assigned Names and Numbers (“ICANN”) announced that over 500 new generic top-level domains (“gTLDs”) have now been introduced into the Internet. The milestone 500th gTLD was .NTT, which represents Nippon Telegraph and Telephone. New domains are rolling out at an average of one per day.  ICANN has described its current process as the “Internet’s …

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Permanent link to this article: http://betweenthenumbers.net/2015/02/internet-real-estate-continues-to-evolve-with-new-gtlds/

Jan 28

Tax Deduction Available for Ponzi Scheme Related Theft

The current tax season brings some small consolation to victims of Ponzi schemes and certain other financial fraud, with the Internal Revenue Service (“IRS”) allowing duped investors to obtain partial relief in the form of a theft loss tax deduction.  Internal Revenue Code (“IRC”) 165(a) provides that a theft loss incurred in a transaction entered …

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Permanent link to this article: http://betweenthenumbers.net/2015/01/tax-deduction-available-for-ponzi-scheme-related-theft/

Jan 26

There’s Nothing Extraordinary About Your GAAP Based Financial Statements

The Financial Accounting Standards Board (“FASB”) has issued its first accounting standards update of 2015.  Simply put, FASB wishes to inform preparers of financial statements that there is nothing special about the results they are reporting, i.e., the end of the concept of “Extraordinary Items” on Income Statements. Accounting Standards Update No. 2015-01, Income Statement—Extraordinary and Unusual …

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Permanent link to this article: http://betweenthenumbers.net/2015/01/theres-nothing-extraordinary-about-your-gaap-based-financial-statements/

Jan 23

$1.5 Billion Clerical Error: Appellate Ruling Finds That Authorization Trumps Intent, Reverses Bankruptcy Court’s Opinion

In the recent matter of re: Motors Liquidation Co., et al. the Court of Appeals for the Second Circuit (the “Appellate Court”) ruled that a clerical error which unintentionally rendered $1.5 billion of debt unsecured due to the inclusion of an improper financial statement, was in fact authorized and thus enforceable. The Appellate Court determined …

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Permanent link to this article: http://betweenthenumbers.net/2015/01/1-5-billion-clerical-error-appellate-ruling-finds-that-authorization-trumps-intent-reverses-bankruptcy-courts-opinion/

Jan 22

Defense Asks Court to Let the Witness Speak!

In a recent patent infringement case, a Rule 30(b)(6) deposition (of the person most knowledgeable or “PMK” of a corporation on defined topics) included over 300 objections by plaintiff’s lawyer.  The defense subsequently argued for additional time to re-depose the PMK, claiming that the large number of objections effectively “ran down the clock” and prevented …

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Permanent link to this article: http://betweenthenumbers.net/2015/01/defense-asks-court-to-let-the-witness-speak/

Jan 21

Mathematical Rule Uncovers Several Hundred Thousand Dollar Fraud

An article recently published in the Wall Street Journal details how “the law of first digits”, also known as Benford’s Law, can uncover fraud. Benford’s Law, named after a 20th century American physicist, states that in nearly all real-world distributions of numbers the frequency of ones, twos, threes, and so on, in the first digit …

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Permanent link to this article: http://betweenthenumbers.net/2015/01/mathematical-rule-uncovers-several-hundred-thousand-dollar-fraud/

Jan 20

The Alarming Results of the First Independent Review of the G20’s Whistleblower Policies

The Australian division of Transparency International recently released a report assessing the adequacy of the G20’s whistleblower laws, regulations, and protections. The assessment was done in preparation for this past November’s G20 Summit, hosted in Australia, during which corporate and public fraud were top agenda topics. These nefarious activities have a substantial negative impact on …

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Permanent link to this article: http://betweenthenumbers.net/2015/01/the-alarming-results-of-the-first-independent-review-of-the-g20s-whistleblower-policies/

Jan 19

The Usual Suspect: Greece Again On the Verge of Instigating More Economic Turmoil in Europe

Greece, the problem child of the European Union (“EU”), is living up to its reputation. The EU continues to falter economically, with its peripheral members in various states of recession and with the central and northern nations stagnating or experiencing only minor growth. Overall, as of the beginning of 2015, Europe has not experienced anything …

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