June 2013 archive

New Guidelines for Fraud Deterrence

The Committee of Sponsoring Organizations of the Treadway Commission (“COSO”) has released an updated Internal Control – Integrated Framework in the fight against fraud.  It provides expanded practical advice regarding effective implementation of internal controls.  COSO is a joint initiative of five private sector organizations with a shared interest in enterprise risk management, internal control and fraud …

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Whistleblower protection does not require fraud on shareholders

A recent decision has clarified the reach of the protections offered to whistleblowers under Section 806 of the Sarbanes-Oxley Act of 2002 (“SOX”).  In the matter of Lockheed Martin Corporation v. Administrative Review Board, United States Department of Labor, it has been determined that SOX whistleblower protection extends beyond employee reporting of frauds on shareholders.  …

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Social Security Taxes Just Keep Going Up!

Social Security taxes, as they are commonly referred to, are made up of two taxes assessed on employees, employers and those who are self-employed by the Federal Insurance Contributions Act (“FICA”).  The first of the taxes is the Old-Age, Survivors, and Disability Insurance (OASDI) aka Social Security Tax and the second is the Hospital Insurance …

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Should we be using Latin for “the new normal”?

Lawyers love Latin and are known for using such phrases, shall we say, ad nauseum. Which is why I’m surprised I haven’t noticed one using Latin for “the new normal.” Instead, they’re just using “the new normal.” Perhaps it’s because attorneys reserve Latin only for topics they enjoy explaining to others. But “the new normal” …

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Selection Bias Impairs Designated Driver Study

A recent paper published in the Journal of Studies on Alcohol and Drugs (link here) concludes that approximately 40% of designated drivers (DD) had at least one alcoholic drink. More concerning is that 18% of DDs had a blood alcohol content (BAC) indicating impairment. These sobering results have generated significant media coverage, most of which …

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Permanent link to this article: https://betweenthenumbers.net/2013/06/selection-bias-intoxicates-designated-driver-study/

Distribution of world’s 12 million millionaires still favors U.S.

The Economist’s chart of the day shows millionaire population counts for the twelve countries that boast the most millionaires (measured in USD). The United States dominates this comparison, with 3.4 million millionaires, nearly twice the number of millionaires in the second place country, Japan. Of the BRIC countries (Brazil, Russia, India, and China), which many …

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Permanent link to this article: https://betweenthenumbers.net/2013/06/distribution-of-worlds-12-million-millionaires/

Medical Device Manufacturers May be Fighting More Personal Injury Lawsuits in the Near Future

The 2008 Supreme Court ruling in Riegel v. Medtronic held that if a medical device passed the Food and Drug Administration’s (FDA’s) safety review and received premarket approval, federal law barred common-law state claims that challenge the device’s saftey and effectiveness or whether it was being marketed consistent with FDA premarket approval.  Since this ruling, some …

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SEC Whistleblowers Rewarded

The Securities and Exchange Commission(“SEC”)  announced the agency has approved its second Dodd-Frank whistleblower award since the program’s 2011 inception, this time to three individuals who were each deemed to have provided information related to a $7.5 million enforcement action that was (i) voluntary, (ii) original, and (iii) led to the successful result. The SEC’s “fact …

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Permanent link to this article: https://betweenthenumbers.net/2013/06/sec-whistleblowers-rewarded/

Are Those Soap and Shampoo Bottles at Hotels Taxable?

Not to the hotel.  Scott Smith of Baker, Donelson, Bearman, Caldwell & Berkowithz, PC reports that in an April 11, 2013 decision a Texas Court of Appeals ruled that: Red Lion charged a hotel guest asset fee for overnight lodging, which was subject to state and local hotel occupancy taxes.  In addition to the use …

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Statute of Limitations Interpretation on Filing a Medical Malpractice Suit May Vary Even Within States

Many states have laws requiring patients to file medical malpractice claims by a defined time period.  If the patient misses the defined time period, he/she may see the claim quickly tossed.   However, a recent Wyoming Supreme Court reversed a malpractice ruling citing that the District Court Judge wrongly ruled that plaintiff failed to timely file …

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