FDA Food Safety Modernization Act Adds Requirements for Grocery Stores
02/28/11
In addition to the key elements we have previously reported, the FDA Food Safety Modernization Act of 2010 adds new … Learn More
Tax Court Rules in Favor of Taxpayers in Foreign Tax Credit Cases
02/28/11
In PPL Corp. v. Commissioner, 135 T.C. No. 8 (Sept. 9, 2010), found here and Entergy v. Commissioner, T.C. Memo … Learn More
United States Tax Court Denied Motion to Interplead the Government of the Virgin Islands Regarding Tax Credits Under the Virgin Islands Economic Development Program
02/28/11
In a recent opinion, Judge Jacobs of the United States Tax Court refused to allow a taxpayer to interplead the Government of the Virgin Islands as a party to Tax Court litigation under U.S. Tax Court Rule 1(b) Learn More
4th Circuit Rules in Favor of Taxpayers in Son of Boss Case in Home Concrete v. United States
02/28/11
The Fourth Circuit, in an opinion available here, has added itself to the list of Federal circuits in conflict by … Learn More
House Ways And Means Committee Approves Repeal Of Expanded Form 1099 Provisions
02/28/11
The House Ways and Means Committee approved a bill that would repeal the expanded Form 1099 reporting requirements. The House … Learn More
E-Cigarette Distributor Sues to Stop FDA from Preventing the Importation of Electronic Cigarettes
02/25/11
In an ongoing saga of litigation between electronic cigarette (“E-Cigarette”) distributors and the FDA regarding the power of the FDA … Learn More
New Bill Seeks to Limit the Way Manufacturers Handle Recalls
02/25/11
Last week, United States Senator Charles Schumer (D-NY) introduced a bill aimed at limiting the options that manufacturers may pursue … Learn More
Swiss Bankers Indicted in Virginia by Department of Justice Tax Division for aiding tax evasion
02/25/11
On February 23, 2011, a federal indictment was unsealed in the United States District Court for the Eastern District of … Learn More
FinCEN Issues Guidance To Financial Institutions On Ongoing Events In Libya
02/25/11
On February 16, 2011, the Financial Crimes Enforcement Network (FinCEN) issued a guidance advising reminding financial institutions as to their responsibilities regarding the political turmoil which was then ongoing in Egypt as the Mubarak government fell from power. Learn More
Ocean Bank to Pay Fine for Bank Secrecy Act Violations
02/22/11
As a result of a two year investigation by the United States Department of Justice, Miami-based Ocean Bank is expected to agree to pay between $10 and $15 million in penalties and fines for violations of the Bank Secrecy Act (“BSA”). The violations stem from Ocean Bank’s BSA compliance weaknesses as evidenced by its failure to file suspicious activity reports and adequately monitor high-risk accounts. Learn More