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In negotiating FCA or similar settlements with the government, one key consideration is the tax treatment of any payment. While not in the context of deductibility, the Supreme Court this year, inKokesh v. SEC, analyzed whether disgorgement in an SEC enforcement action was punitive or compensatory.
In negotiating False Claims Act (FCA) or similar settlements with the government, one key consideration is the tax treatment of any payment. While business expenses (including compensatory damages) may be deducted, deductions may not be taken for fines or penalties paid to the government for a legal violation or for payments made to the government to settle such potential liability. See 26 U.S.C. § 162(a), (f); 26 C.F.R. § 1.162-21. Taxpayers and the Internal Revenue Service (IRS) have litigated the deductibility of settlement payments, with courts adopting differing approaches to determine if a payment is punitive and thus a nondeductible penalty.
By Patrick Campbell, Jonathan New and Madison Gaudreau
This article explores legal developments over the past year that may impact compliance officer personal liability.
By John C. Coffee Jr.
It has been nearly 60 years since the SEC first clearly prohibited insider trading. You would think that would be long enough for the doctrinal rules to have become reasonably clear. Think again!
By Xiumei Dong
As Silicon Valley technology companies face increasing government scrutiny, experienced white-collar practitioners are becoming hot commodities among the law firms seeking to represent tech-focused clients.
By Juliet Gunev
Walmart and Brazillian Subsidiary Reach $282 Million Settlement with the DOJ and SEC to Resolve FCPA Investigations