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Focus on the Fringes
The IRS is midstream in its now well-publicized expanded enforcement program, implemented, in significant part, through its “soft contacts” initiative. Somewhat surprisingly, the IRS has been forthcoming concerning the “hot spots” attracting its scrutiny. At the same time, however, the “soft contacts” spotlight is starting to attract the attention of state charity officials willing to assert jurisdiction in executive compensation controversies. Predictably, fueled by this regulatory attention, as well as published studies of executive compensation and loans, the media has expanded its coverage of nonprofit exposes.
The IRS has just published proposed regulations seeking to clarify the interrelationship between the requirements for tax-exempt status and the imposition of intermediate sanctions. This against the backdrop of the Senate Finance Committee hearings on Charitable Organizations, the Committee staff's recommendations for legislative reform (published earlier this year), and the more recently published Final Report of the Panel on the Nonprofit Sector.
The DOJ's Corporate Enforcement Policy: One Year Later
The DOJ's Criminal Division issued three declinations since the issuance of the revised CEP a year ago. Review of these cases gives insight into DOJ's implementation of the new policy in practice.
The DOJ's New Parameters for Evaluating Corporate Compliance Programs
The parameters set forth in the DOJ's memorandum have implications not only for the government's evaluation of compliance programs in the context of criminal charging decisions, but also for how defense counsel structure their conference-room advocacy seeking declinations or lesser sanctions in both criminal and civil investigations.
Use of Deferred Prosecution Agreements In White Collar Investigations
This article discusses the practical and policy reasons for the use of DPAs and NPAs in white-collar criminal investigations, and considers the NDAA's new reporting provision and its relationship with other efforts to enhance transparency in DOJ decision-making.
Bankruptcy Sales: Finding a Diamond In the Rough
There is no efficient market for the sale of bankruptcy assets. Inefficient markets yield a transactional drag, potentially dampening the ability of debtors and trustees to maximize value for creditors. This article identifies ways in which investors may more easily discover bankruptcy asset sales.
A Lawyer's System for Active Reading
Active reading comprises many daily tasks lawyers engage in, including highlighting, annotating, note taking, comparing and searching texts. It demands more than flipping or turning pages.