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IRS: Cell Phone Services Provided to Employees Excludible from Income
The IRS has modified its position on the tax treatment of cell phone services and similar telecommunications equipment usage (“cell phones”) that employers provide to employees primarily for noncompensatory business reasons. The value of the use of such cell phones ' a category that an IRS official has recently suggested may include tablet devices ' is now excludible from employees' income as a working condition fringe. In addition, the personal use of such cell phones is also excludible from the employees' income.
As a general matter, gross income includes fringe benefits unless they are specifically excluded. One of these exclusions is any fringe benefit that qualifies as a working condition fringe, meaning any property or services provided to an employee to the extent that, if the employee paid for such property or services, the payment would be allowable to the employee as a business deduction. A deduction is allowed for all the ordinary and necessary expenses paid or incurred during the tax year in carrying on any trade or business.
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.