Category: Public Policy

Good Deed Performed Too Early for SOX Award

The US Court of Appeals for the Second District has held that the Securities and Exchange Commission (“SEC”) was within its rights to deny a whistleblower award to Larry Stryker under Section 21F of the Dodd-Frank Act (“Dodd-Frank”), 15 U.S.C. § 78u-6. From 2004-2009, Mr. Stryker submitted information to the SEC regarding alleged wrongdoing by Advanced …

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DWP audit finds LA lost hundreds of millions

A recent audit of DWP billings following problems with its new billing system revealed that over $680 million was lost due to faulty billings.  The massive revenue impact is further exacerbated by the fact that the system cost $70 million to originally implement, followed by over $40 million spent so far on efforts to address …

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Permanent link to this article: http://betweenthenumbers.net/2015/03/dwp-audit-finds-la-lost-hundreds-of-millions/

Business Audit Rate Will Move Even Lower

With its budget continuing to shrink, the IRS is looking at even lower audit rates for the coming tax season.  The number of agents is current at under 12,000, the lowest number in the last decade. This related article provides additional info on IRS audit rates.

Permanent link to this article: http://betweenthenumbers.net/2015/03/business-audit-rate-will-move-even-lower/

A second shot at an end to pre-dispute mandatory arbitration clauses with brokers

Legislation that would free investors from the requirement to engage in pre-dispute mandatory arbitration with their brokers is getting a second life.  Congressman Keith Ellison, D-Minn, has once again introduced the bill to Congress, with the following findings: “(1) Investor confidence in fair and equitable recourse is essential to the health and stability of the securities …

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Permanent link to this article: http://betweenthenumbers.net/2015/03/a-second-shot-at-an-end-to-pre-dispute-mandatory-arbitration-clauses-with-brokers/

Anti-poaching settlement approved at $425 million

U.S. District Judge Lucy H. Koh has blessed a $415 million settlement in the antitrust class action suit against Apple Inc., Google Inc. and others.  The defendants were accused of illegally agreeing not to poach each other’s software engineers.  A prior settlement deal at $325 million was rejected by the Court as insufficient.

Permanent link to this article: http://betweenthenumbers.net/2015/03/anti-poaching-settlement-approved-at-425-million/

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/

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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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/

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 the 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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Permanent link to this article: http://betweenthenumbers.net/2015/01/the-usual-suspect-greece-again-on-the-verge-of-instigating-more-economic-turmoil-in-europe/

National Taxpayer Advocate Reports Grim Conditions Faced by US Filers Seeking Customer Service

With tax season just around the corner, the annual report from the National Taxpayer Advocate Service (“TAS”) is making headlines – for all the wrong reasons. This federally appointed office within the Internal Revenue Service (“IRS”) is responsible for assisting American taxpayers who are in burdensome, complex, and/or financially strenuous disputes with the IRS. In …

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Permanent link to this article: http://betweenthenumbers.net/2015/01/national-taxpayer-advocate-reports-grim-conditions-faced-by-us-filers-seeking-customer-service/