In addition to the key elements we have previously reported, the FDA Food Safety Modernization Act of 2010 adds new requirements for grocery stores. In Section 417 of the Federal […]
In PPL Corp. v. Commissioner, 135 T.C. No. 8 (Sept. 9, 2010), found here and Entergy v. Commissioner, T.C. Memo 2010-166 (Sept. 9, 2010), found here, the Tax Court addressed […]
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)
The Fourth Circuit, in an opinion available here, has added itself to the list of Federal circuits in conflict by ruling that a basis overstatement does not qualify as an […]
The House Ways and Means Committee approved a bill that would repeal the expanded Form 1099 reporting requirements. The House bill, called the Comprehensive 1099 Taxpayer Protection and Repayment of […]
In an ongoing saga of litigation between electronic cigarette (“E-Cigarette”) distributors and the FDA regarding the power of the FDA to regulate and prevent the importation of E-Cigarettes, another E-Cigarette […]
Last week, United States Senator Charles Schumer (D-NY) introduced a bill aimed at limiting the options that manufacturers may pursue in the event of a product recall. Found here, the […]
On February 23, 2011, a federal indictment was unsealed in the United States District Court for the Eastern District of Virginia alleging violations of 18 U.S.C. section 371, commonly referred […]
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.
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.
