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A recent report indicated that over a 10 year period approximately 1,600 Internal Revenue Service (“IRS”) employees willfully evaded their tax obligations. The wrongful activity included: failing to file timely claiming improper dependents claiming improper first-time homebuyer credits The law calls for the termination of such employees unless it is waived by the IRS commissioner. …
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Permanent link to this article: https://betweenthenumbers.net/2015/05/irs-workers-found-to-have-evade-tax-payment/
The U.S. Securities and Exchange Commission (“SEC”) recently announced an award of $1.4 – $1.6 million provided to a compliance officer of a large company. Neither the company’s nor the officer’s name was made public due to confidentiality laws, but the information was reported to having pertained to significant financial harm to the company and/or …
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Permanent link to this article: https://betweenthenumbers.net/2015/05/compliance-officer-gets-whistleblower-award/
A recent enforcement action by the Securities and Exchange Commission (“SEC”) is the first of its kind, concerning improperly restrictive language contained in a company’s confidentiality agreements that could potentially impede whistleblower rules and protections. The SEC charged KBR Inc. with violating Rule 21F-17 under the Dodd-Frank Act by requiring witnesses in internal investigations to …
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Permanent link to this article: https://betweenthenumbers.net/2015/04/sec-takes-action-on-overly-restrictive-confidentiality-agreements-affecting-whistleblowers/
The Financial Accounting Standards Board (“FASB”) has announced a proposal to delay by one year the effective date of implementation of the new revenue recognition standard under Generally Accepted Accounting Principles (“GAAP”), making the new date of change for public companies those reporting periods beginning after December 15, 2017. Private companies would have an additional …
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Permanent link to this article: https://betweenthenumbers.net/2015/04/new-revenue-recognition-rules-delayed/
A group of workers at Ameriprise Financial Inc. settled their federal lawsuit against the company regarding management of their 401(k) contributions that were invested in Ameriprise funds and generated millions in allegedly excessive fees for the company. The case was filed in 2011 by Roger Krueger and a group of Ameriprise plan participants. The plaintiffs disputed …
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Permanent link to this article: https://betweenthenumbers.net/2015/04/9358/
A Ninth Circuit Bankruptcy Appellate Panel has ruled that certain tuition related amounts are dischargeable in bankruptcy. Generally, education related debts are not able to be discharged. However, the Panel’s ruling did not apply this exception because the financial aid in question was a non-monetary tuition credit offered by a for-profit university. The Panel described the …
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Permanent link to this article: https://betweenthenumbers.net/2015/03/bankruptcy-treatment-of-education-debts-is-clarified-by-the-ninth-circuit/
The Government Accountability Office (“GAO”) recently published a summary of the testimony of US Comptroller General Gene L. Dodaro regarding government efficiency and effectiveness. The GAO reports annually to Congress on federal programs, agencies, offices, and initiatives (both within departments and government-wide) that are fragmented, overlapping, or duplicative. It also identifies opportunities for cost savings …
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Permanent link to this article: https://betweenthenumbers.net/2015/03/gao-reports-worsening-improper-payments/
Prejudgment interest is often applied to a personal injury award in an attempt to capture the lost value of the use of monies prior to the judgment date. A recent case, Bean v. Pacific Coast Elevator Corporation (“Pacific Coast”), has addressed whether costs awarded to a plaintiff in addition to damages are also subject to prejudgment interest. …
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Permanent link to this article: https://betweenthenumbers.net/2015/03/costs-excluded-from-prejudgment-interest-calculation-in-personal-injury-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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Permanent link to this article: https://betweenthenumbers.net/2015/03/good-deed-performed-too-early-for-sox-award/
The Ponzi scheme orchestrated by R. Allen Stanford is among the most notable of our time and the Golf Channel might find itself among its extensive list of victims. The Fifth Circuit has given the go-ahead for the receiver to pursue $6 million of advertising fees paid by Stanford to the Golf Channel. The basis …
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Permanent link to this article: https://betweenthenumbers.net/2015/03/golf-channel-may-lose-millions-in-stanford-ponzi-clawback/
