October 2013 archive

IRS fumbles around $125 Billion in the last decade for incorrect EITC

The Earned Income Tax Credit (EITC) is a refundable tax credit that allows those completing a tax form to get a refund in excess of any tax that might have been paid. The Internal Revenue Service (IRS) is responsible for administering the EITC. Congress originally approved the EITC legislation in 1975. In an August 28 …

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Federal Judge Certifies Class in Silicon Valley’s Antitrust Suit

Last week on Thursday, US District Judge Lucy Koh approved a class of employees in a class action lawsuit brought against some of Silicon Valley’s most recognized companies concerning their hiring practices. The lawsuit involving Apple, Intel, Google, Adobe, Pixar, Lucasfilm, and Intuit, alleges that the companies engaged in an “overarching conspiracy” and formed secret …

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IRS Tax Filing Delay is for Them, Not You

The government shutdown has led to the IRS’ recent announcement that it will delay the start of the 2014 tax filing season at least a week and likely more.  The tax season was scheduled to begin on January 21, 2014.  This delay provides the IRS with needed time to program and test tax-processing systems, efforts …

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Bottega Veneta successfully trademarks it’s signature design element

The Trademark Trial and Appeal Board (“TTAB”) has ruled in re: Bottega Veneta International S.a.r.l., no. 77219184 (TTAB Oct. 4, 2013) that protection is appropriate for Bottega Veneta’s signature “weave design, described as a: “configuration of slim, uniformly-sized strips of leather, ranging from 8 to 12 millimeters in width, interlaced to form a repeating plain or …

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Embezzler’s 401k is off limits to victim employer

Recently, in the matter of Richard Todd Thomas v. James S. Bostwick, the Northern District of California rejected a motion to dismiss, allowing a convicted embezzler to pursue retirement funds retained by his former employer (the victim of his crimes). Thomas was an employee of James S. Bostwick, a Professional Corporation (“Bostwick, Inc.”) from 1996 …

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Fake Prince Rationalizes Embezzlement, Asks for Leniency

A recent article about a convicted Kiwi fraudster demonstrates the fraud triangle (described here) at work.  Hohepa Morehu-Barlow claims his 14 year jail sentence is too harsh given that, while he defrauded the Australian state of Queensland out of more than A$16 million, the judge failed to consider the impact of the theft on the victim, …

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The Popularity Spike of Nobel Prize Winners in the “Dismal Science” has Dismal Staying Power

The announcement of the Nobel Prize winners every October means that at least once a year a handful of economists become relatively popular. We can observe this spike in popularity using web search data reported by Google Trends. The chart below traces each Nobel laureate’s popularity before, during, and after the Prize was announced using …

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Too Many Fail to Audit their Licensing Agreements, Leaving Royalties on the Table

A patent and license portfolio can provide a consistent and reliable revenue stream. However, many companies have technology, trademarks, and merchandising opportunities that are not fully exploited. Even if fully licensed, there is often considerable upside available via vigilant enforcement of audit provisions to ensure all amounts due are paid. Unlike almost any other business …

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And the biggest whistleblower award goes to…

…nobody knows.  The recipient of a $14 million plus whistleblower award, the largest thus far, has chosen to remain anonymous and the SEC is legally obligated to protect his or her anonymity. In announcing the award, the SEC would only say that the original information and assistance provided by the whistleblower led to an SEC …

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$1.9 Million to Whistleblower CFO

The U.S. Department of Labor’s Occupational Safety and Health Administration (“OSHA”) ordered Clean Diesel Technologies Inc.(“CDTI”) to pay $1.9 million to its former chief financial officer in association with a violation of the whistleblower provisions of the Sarbanes-Oxley Act. OSHA determined that CDTI wrongfully terminated the former CFO in April 2010 after he warned the board …

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