Today, the United States Court of Appeals for the District of Columbia overruled, 2-1, a district court judges preliminary injunction … Learn More
On April 26, 2011, the Office of Foreign Assets Control (“OFAC”) of the U.S. Department of the Treasury announced that it had reached a settlement with HCC Insurance Holdings, Inc. (“HCC”) over alleged violations of the Iranian Transactions Regulations (“ITR”). The ITR, which are found at 31 C.F.R. part 560, were promulgated pursuant to the International Emergency Economic Powers Act and are administered by OFAC. General information regarding economic sanctions against Iran can be found at OFAC’s website here. Learn More
On April 15, 2011, Judge Ellen Segal Huvelle of the United States District Court for the District of Columbia granted the FDA’s motion to dismiss a lawsuit brought by ViroPharma, Inc. (“ViroPharma”) under the Administrative Procedure Act (“APA”) challenging the FDA’s Abbreviated New Drug Application (“ANDA”) bioequivalent regulations. A copy of the Court’s opinion can be read here. Learn More
During the first week in April, a federal judge granted the U.S. Food and Drug Administration (FDA) summary judgment in … Learn More
Several months ago, we reported on the Internal Revenue Service (IRS) promulgating its final guidance for corporations required to file uncertain tax position (UTP) statements. The initial deadline for corporations with total assets equal to or exceeding $100 million to file its 2010 taxes with Schedule UTP, “Uncertain Tax Position Statement,” is fast approaching. Yet despite this formal guidance, IRS answers to FAQs, and a blogosphere full of information from tax practitioners, PricewaterhouseCoopers LLP (PwC) reports that companies are still facing major uncertainties with respect to their UTP reporting issues.
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The United States Justice Department, on behalf of IRS, has asked a federal judge to issue a “John Doe” summons on the California Board of Equalization requiring the board to turn over records of property transfers for little or no consideration (In Re the tax liabilities of John Does, E.D. Cal., No. 2:10-mc-00130-MCE-EFB, filed 12/27/11). Learn More
Federal prosecutors brought criminal charges in 1,250 tax cases in 2010, a 25.3% jump from 2001. Criminal tax prosecution recommendations by the Criminal Investigation Division of the IRS reached a high of 1,507, up 50.4% from 2001. The data is from Transactional Records Access Clearinghouse, a data research and distribution organization. Learn More
TaxMasters, a Houston-based publicly-traded company that bills itself as helping people having trouble with the IRS, stands accused in two states of deceptive business practices. Texas and Minnesota have both filed suit, with the former alleging that the company engages in “false, misleading, and deceptive acts and practices” and the latter filing a civil action accusing TaxMasters of fraud and deception. Minnesota’s Attorney General was quoted by ABC News saying, “[t]his is a company which is taking advantage of people . . . when people see it on TV, they do believe in it.” According to the ABC report, TaxMasters is spending millions on advertising on cable channels such as CNN and Fox News. Learn More
On April 7, 2011, the U.S. District Court for the Northern District of California, in case # 4:11-cv-1686, granted the … Learn More
The debate on stem cells continues to raise controversy and impact science and discovery. The latest twist involves Michigan state … Learn More