Article 23 of Brazilian Law No. 11.727 became effective on January 1, 2009 defining a “privileged fiscal regime” for transfer pricing purposes. The law defined privileged fiscal regime (“regime fiscal […]
The economic substance doctrine was codified on March 30, 2010 in IRC § 7701(o) providing that transactions shall be treated as having economic substance only if the transaction changes the taxpayer’s economic position in a meaningful way and the taxpayer has a substantial purpose for entering into the transaction.
The Public Company Accounting Oversight Board (PCAOB) has announced rule changes that could bar audit firms based outside the United States from auditing U.S. companies.
In its October 8, 2010 meeting, the AICPA’s Blue Ribbon Panel on Private Company Standard Setting reported that it plans to recommend that the Financial Accounting Foundation (FAF) adopt a new standard-setting model that follows Generally Accepted Accounting Practices (GAAP) with exceptions for private companies. The Panel also recommended that these accounting standards should be set by a separate board under the watchful eye of the FAF and not FASB, the FAF’s parent organization.
On September 27, 2010, Nestle, S.A., (“Nestle”), announced the creation of Nestle Heath Science, S.A., a new wholly owned subsidiary, and the Nestle Institute of Health Sciences in an effort to better understand the role of foods in disease prevention. Nestlé’s announcement comes in the wake of its subsidiary, Nestle HealthCare Nutrition, Inc. (“Nestle HealthCare”), recent settlement with the Federal Trade Commission, (“FTC”), regarding the substantiation of its health related claims for its product BOOST Kid Essentials (“BOOST”), a children’s drink that contains probiotics, beneficial bacteria that are found in food and known for aiding digestion and fighting harmful bacteria.
On September 27, 2010, President Obama signed into law the Small Business Lending Act which contains a new anti-fraud provision that will significantly change how the Center for Medicare and Medicaid Services (“CMS”) bills for services. Under the new provision, CMS will be required to end its 45 year policy of approving claims quickly without first verifying that the services were actually provided and that the claims submitted are not the product of fraud.
On September 28, 2010, the Office of Foreign Assets Control (“OFAC”) of the United States Department of the Treasury issued new regulations amending the Iranian Transactions Regulations, (“ITR”), of the […]
On September 27, 2010, the Financial Crimes Enforcement Network (“FinCEN), of the U.S. Department of the Treasury, issued a notice of proposed rulemaking for publication in the Federal Register. The […]
Preservation of First Sale Doctrine Seen as Victory for Importers U.S. Customs and Border Protection (CBP) published a notice in the Federal Register today formally withdrawing its proposed rule to […]
POM Wonderful LLC (“POM”) filed a Complaint against the Federal Trade Commission (“FTC”) on September 13, 2010. POM alleges that the FTC has adopted a “new standard” for substantiation that […]
