Entries by admin_fidj

Researchers Continue to Look to Stem Cells for Clues for Effective Treatments of Orthopedic Trauma and Blood-Related Disorders

This week, the scientific community announced two projects that may have important implications on the future of stem cell research and the development of effective treatments for orthopedic trauma and blood-related disorders. These projects signal a continued effort by researchers to improve our understanding of the body’s basic mechanisms for producing hematopoietic stem cells (HSCs), which are multipotent cells that have the ability to replenish all blood cell types.

IRS Releases Final Circular 230 Revisions Regulating Registered Tax Return Preparers

After considering more than 50 written comments on the proposed Circular 230 revisions, the Treasury and the IRS released final regulations on May 31, 2011. Notably, the regulations establish a new “registered tax return preparer” designation. Sections 10.3-10.6 of Circular 230 describe the process for becoming a registered tax return preparer (“Registered Preparer”) and the limited practice rights associated with the designation.

Two Dietary Supplement Companies Found Guilty of Criminal Contempt for Violating Consent Decree

A New Jersey jury found two dietary supplement companies guilty of several counts of criminal contempt for violating a consent decree, see Department of Justice announcement. A consent decree is an agreement wherein the defendant agrees to take voluntary action to remedy nonconformance and, in turn, settles a pending civil suit with the government. Criminal contempt generally refers to conduct that defies or disrespects the court and impedes the administration of justice.

IRS Prepares Enforcement Against at Least One Foreign Bank

On June 7, 2011, Steven Miller, deputy commissioner for services and enforcement, announced the next IRS strike in its battle against offshore tax evasion. Miller stated that the agency is planning an enforcement action against one or more non-U.S. banks in the next month.

AICPA Submits FBAR Comment Letter

The AICPA submitted a comment letter last week calling for the Financial Crimes Enforcement Network (“FinCEN”) to reduce or eliminate select filings of Report of Foreign Bank and Financial Account (“FBAR”) for 2009 and prior years. The AICPA’s comments come as the deadline approaches for filers who previously deferred from the June 30, 2010 and June 30, 2009 deadlines under Notices 2010-23 and 2009-62. Now, those filers are under the gun to analyze their data and determine appropriate filing or non-filing positions before June 30, 2011. The AICPA proposes waiving the filing requirement for those with signatory authority over, but no financial interest in, a foreign bank or financial account.