Monthly Archive: August 2013

Aug 30

Swiss Banks No Longer a Haven?

Since 2009, the U.S. Department of Justice has charged more than 30 banking professionals and 68 U.S. accountholders with violations arising from their offshore banking activities, with ongoing investigations proceeding against 14 additional Swiss-based financial institutions.  In an effort to improve this process, the U.S. Department of Justice and the Swiss Federal Department of Finance jointly announced …

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Aug 29

IRS still needs to shore up its fraud detection efforts

With a self reported estimate of $19.2 billion worth of tax return fraud each year, the IRS is working to improve its detection efforts.  The Treasury Inspector General for Tax Administration (“TIGTA”) issued a July report highlighting weaknesses in the IRS’ Return Review Program (“RRP”).  The TIGTA recommended that the IRS Chief Technology Officer implement the …

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Permanent link to this article: http://betweenthenumbers.net/2013/08/irs-still-needs-to-shore-up-its-fraud-detection-efforts/

Aug 28

“Dirtiest Hotel in America” Loses Again

The owner of a Tennessee hotel named at the top of TripAdvisor’s 2011 list of America’s dirtiest hotels has lost its bid to sue the website for defamation.  A federal appeals court agreed with the 2012 ruling by U.S. District Judge Thomas Phillips’ determination that users would not reasonably conclude that the resort was literally “America’s dirtiest …

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Permanent link to this article: http://betweenthenumbers.net/2013/08/dirtiest-hotel-in-america-loses-again/

Aug 27

Best Places to Work in Los Angeles

The Los Angeles Business Journal (LABJ) just published its list of the best companies to work for in Los Angeles for 2013.  The LABJ ranks the top 100 companies in Los Angeles, and segregates the list into Large (250+ employees), Medium (50-249 employees) and Small (15-49 employees) companies. The best places to work in Los …

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Permanent link to this article: http://betweenthenumbers.net/2013/08/best-places-to-work-in-los-angeles/

Aug 26

Jackson Reforms Change the Economics of U.K. Litigation

In 2010 Lord Justice Jackson issued a report regarding recommended changes to England’s civil procedure in order “to promote access to justice as a whole by making costs of litigation more proportionate“.  On April 1, 2013 these recommendations became law, representing a substantial economic shift in the cost of litigation.  Under these newly introduced Jackson …

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Permanent link to this article: http://betweenthenumbers.net/2013/08/jackson-reforms-change-the-economics-of-u-k-litigation/

Aug 23

Will Shopping Center Be Held to Estimates In A Letter of Intent?

The California Court of Appeals has reversed a trial court’s decision to dismiss a tenant lawsuit against a shopping center landlord based on differences between the landlord’s estimates of certain charges outlined in a Letter of Intent (“LOI”) as part of lease negotiations versus the amounts charged by the landlord upon occupancy. Prior to entering …

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Permanent link to this article: http://betweenthenumbers.net/2013/08/will-shopping-center-be-held-to-estimates-in-a-letter-of-intent/

Aug 21

Sleeping Your Way to Riches: The Econometrics Edition

A recent paper by economist Dr. Nick Drydakis finds that more sexual activity is correlated with higher wages. The analysis is based on a survey of nearly 5,000 Greek adults, who self-report wages, frequency of sexual activity, and several additional characteristics. The paper uses a sophisticated econometric technique called a “two-stage regression” to make the …

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Permanent link to this article: http://betweenthenumbers.net/2013/08/sleeping-your-way-to-riches-the-econometrics-edition/

Aug 20

PCAOB Reports Auditors and Broker Dealers are Too Close for Comfort

The Public Company Accounting Oversight Board (“PCAOB”) has issued its second report regarding auditors of brokers and dealers registered with the Securities and Exchange Commission (“SEC”). This report relates to inspections of 60 audits conducted by 43 firms, which the PCAOB performed from March 1, 2012 to December 31, 2012. The overall result was dismal, and as follows:  In contrast to …

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Permanent link to this article: http://betweenthenumbers.net/2013/08/pcaob-reports-auditors-and-broker-dealers-are-too-close-for-comfort/

Aug 19

Whistleblower’s litigation costs are deemed deductible business expenses

A federal district court, in the matter of Bagley, No. 2:10-cv-00483-RT-FMO (C.D. Cal. 8/5/13), has determined that Richard Bagley was engaged in the trade or business of pursuing False Claims Act lawsuits against his former employer and was thereby entitled to deduct legal expenses related to that endeavor as ordinary and necessary business expenses. The False Claims Act (FCA) …

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Permanent link to this article: http://betweenthenumbers.net/2013/08/whistleblowers-litigation-costs-are-deemed-deductible-business-expenses/

Aug 16

Beer Companies Are Losing Ground, Especially With Younger Consumers

What alcoholic beverage do people like to drink?  Well Gallup conducted its annual Consumption Habits poll and the verdict is in.  Jeffrey M. Jones summarizes the survey results on behalf of Gallup (see here). A majority of American’s drink alcoholic beverages, with 63% percent of survey respondents since 1939 historically indicating that they drink occasionally.  …

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