FDA Begins Overhaul of 510(k) Process
This week, the FDA announced its plans to overhaul its system for reviewing and clearing medical devices. The plan, which contains 25 distinct actions that the FDA intends to implement […]
Entries by admin_fidj
Virgin Islands Economic Development Commission taxation issues escalate to the Third Circuit Court of Appeals
On Monday January 17, 2011, three taxpayers filed motions to intervene in the Third Circuit Court of Appeals case of Appleton v. Comm’r, docket # 10-4522. In Appleton, the Government […]
United States Tax Court Opines on its own Jurisdiction to Resolve USVI Tax Issues
On August 17, 2010, the Tax Court issued a full Tax Court Opinion in the case of Huff v. Comm’r, 135 T.C. 10 (2010) available here. The issue before the […]
Funding Needed to Make Food Safety a Reality
Now that the Food Safety Modernization Act has been signed into law, lawmakers face the added challenge of funding the efforts that will make food safety reform a reality. This […]
FDA Seeks to Rid the Market of Unapproved Cough, Cold, and Allergy Drugs
On January, 7, 2011, the U.S. Food and Drug Administration (FDA) published a notice in the Federal Register, informing companies of its efforts to step up enforcement on unapproved cold […]
USDA Issues Draft Guidance Concerning Organic Labeling
The USDA recently announced the issuance of its draft guidance regarding the use of the term “organic” in food labeling. The draft guidance specifically addresses two issues in regards to […]
Enforcement Emphasis on Employee Classification is Likely to Decrease Payroll Tax Evasion
The Labor and Employment Relations Association (LERA) held its annual meeting on January 7 through January 9, 2011. Among the topics discussed by LERA speakers was the recent “crackdown” on employers who evade payroll taxes by misclassifying or underreporting their workers.
The IRS Indicates a Second Voluntary Disclosure Program for Offshore Assets is “Very Likely” But Continues to Remain Silent on its Terms
As we previously reported here, tax practitioners at the annual ABA Criminal Tax Institute lobbied for the Internal Revenue Service (IRS) to extend its voluntary disclosure program, which ended on […]
FASB Clarifies Coming Guidance on Balance Sheet Offsetting
At its January 12, 2011 Board meeting, the Financial Accounting Standards Board (FASB) clarified the scope of coming criteria on when offsetting of financial assets and financial liabilities in the […]
National Taxpayer Advocate Report Reveals the IRS’s Lack of Sympathy for Financially Struggling Taxpayers
In the National Taxpayer Advocate 2010 Annual Report to Congress, the Taxpayer Advocate Service (TAS) lays out numerous problems with the Internal Revenue Services (IRS) administration of federal income tax. […]
