The Tax Collector e-Cometh?
Collecting taxes from remote sellers has long plagued tax collectors ' in fact, since well before e-commerce of any kind came onto the scene. On the seller side, everyone ' catalog and mail-order merchants, as well as e-commerce sites ' would all welcome relief from managing the rules of more than 7,500 taxing jurisdictions. <br>Many years ago, the U.S. Supreme Court blocked states from requiring sellers to collect and turn over sales tax, unless the seller has sufficient in-state presence. But e-commerce has called new and very visible attention to the problem.
Corporate Governance
Recent amendments to the Organizational Sentencing Guidelines make several significant changes to the provisions concerning corporate compliance programs, and reinforce broader shifts taking place in the field of corporate governance. Just as the Sarbanes-Oxley Act imposes additional duties on corporate boards for the integrity of a company's financial controls, the new guidelines seek to make boards responsible for promoting the effectiveness of a corporation's legal and ethical controls. Boards of directors must assume responsibility for the effectiveness of compliance programs, which now encompass not only criminal laws but also ethics and corporate culture.
Executive Compensation: Are You In Compliance?
What does the in-house lawyer need to be doing today to be prepared for the upcoming Proxy Statement season and to ensure that his client's deferred compensation plans and agreements are in compliance with (or exempt, <i>ie</i>, grandfathered, from) IRC '409A?
Litigation Update: Supercharging Legacy Databases
Corporations and law firms who manage large ongoing and mission-critical litigation, such as toxic tort or products liability cases, are supercharging the databases they rely on to track and manage the facts and documents in those cases. They are adding full text and linguistic pattern searching capabilities to enable them to gain better command and mastery of the facts and the documents in the case. It is, after all, difficult to have command and mastery of facts or documents you can't find, or to see relationships or patterns in documents you've never before reviewed as a group. Not only are the new databases more effective, but the costs of supercharging them are often offset by savings from avoiding the ongoing costs of the legacy databases.
Health Savings Accounts: Recent Improvements
The federal government is bending over backwards to simplify, liberalize and encourage the use of Health Savings Accounts (HSAs). In a recent announcement, for example, the Treasury Department detailed just how easy it is for banks to offer HSAs to their customers. Recent guidance from the IRS has tried to allow as many taxpayers to qualify as possible.
Joseph A. Bailey, Jr. Rejoins A&FP Board
<i>A&FP</i> warmly welcomes back PwC Tax Partner and U.S. Law Firm Tax Services Leader Joseph A. Bailey, Jr. for a new tour of duty on our Board of Editors.
Leasehold Improvements: New Window of Opportunity for Tax Savings
Perhaps inadvertently, Congress gave a double profitability boost to law partners when it recently enacted the American Jobs Creation Act of 2004 ' a provision of which slashes the recovery period for leasehold improvements. To take advantage of these benefits, however, firms must invest in qualified leasehold improvements during 2005.
A&FP Congratulates Bill Brennan
Legal management consultancy Altman Weil, Inc. has named our Board Member William F. Brennan, CPA, CMA, as the firm's newest principal.
Surviving a Malpractice Fiasco: 10 Views
Recently I asked members of <i>A&FP</i>'s Editorial Board and several new contributors for their thoughts on how a law firm might best deal with the financial blow of an unusually large settlement or penalty assessed against the firm. <br>Although a large financial hit could arise from many scenarios, including a client slipping on a banana peel near the firm's negligently wide-open elevator shaft, our 10 discussants immediately zoomed in on professional malpractice as the source of liability on which to focus.
