Thoughtful Insight and Updates on Legal Issues that Matter to You

Perspectives

U.S. District Court Rejects $50.2M Civil Penalty In False Claims Act Case

Discussing the constitutionality of civil penalties under the False Claims Act (“FCA”), a federal district judge in the Eastern District of Virginia has refused to impose a $50.2 million fine […]

FinCEN Issues Advisory To U.S. Financial Institutions Regarding Providing Financial Services to Foreign-Located MSBs

On February 15, 2012, the Financial Crimes Enforcement Network (“FinCEN”) issued an Advisory to U.S. financial institutions advising them of their obligations under the Bank Secrecy Act (“BSA”) when dealing […]

Florida Department of Revenue Issues Tax Warrant to the “Florida Supreme Court”

On February 10, 2012, the Florida Department of Revenue Issued a Tax Warrant on the Florida Supreme Court at its 500 S. Duval St., Tallahassee addresses in the amount of $1,949.19. However, while the warrant has raised speculation that it was issued to Florida Supreme Court itself, it was actually issued to the Florida Supreme Court Historical Society, Inc. a non-profit with the same address as the Florida Supreme Court.

FinCEN Final Rule Requires AML Programs and SAR Filing for Non-Bank Mortgage Lenders and Originators

On February 7, 2012, the Financial Crimes Enforcement Network (“FinCEN”) announced final rules requiring non-bank residential mortgage lenders and originators to establish anti-money laundering (“AML”) programs and comply with suspicious […]

IRS Offers New Offshore Amnesty Program Amid Controversy

Since the 1970s the United States Congress and the Internal Revenue Service has been seeking ways to collect tax money which they are convinced is being hidden in offshore tax […]

IRS’s Taxpayer Advocate Speaks Out Against the IRS

Last year the Internal Revenue Service (IRS) Taxpayer Advocate released Taxpayer Advocate Directive 2011-1 speaking out against the IRS’s failure to implement Frequently Asked Question (FAQ) 35 of the 2009 Offshore Voluntary Disclosure Program (OVDP) to numerous taxpayers.

Bill Introduced In Florida House Of Representatives Is Designed to Combat MSB Facilitated Workers’ Compensation Fraud

On February 1, 2012, the Florida House of Representatives Insurance and Banking Subcommittee approved HB 1277 which is designed to combat MSB facilitated workers compensation fraud in Florida. Over the […]

U.S. Department of Justice Indicts Swiss Bank Weglin & Co. for Assisting in Tax Fraud

On February 2, 2012, the U.S. Department of Justice announced the indictment of Wegelin & Co., a Swiss private bank, for conspiring with U.S. taxpayers and others to hide more […]

Tax Court of New Jersey rules that single employee telecommuting from New Jersey is sufficient contacts to permit New Jersey to tax out of state business

In Telebright Corp. v. Director, Division of Taxation, the State of New Jersey used a single employee’s act of telecommuting while in New Jersey as the jurisdictional basis to tax […]

FDA Denies Citizen Petition Seeking Mandatory NDA Labeling for Prescription Drugs

On January 6, 2012, the U.S. Food and Drug Administration (“FDA”) denied a citizen petition (Docket No. FDA-2008-P-0291) requesting the FDA to require manufacturers and distributors of prescription drug products […]