August 2012
NYS Mortgage Bias Case Settled
GFI Mortgage Bankers will pay $3.555 million to resolve a lending discrimination lawsuit filed by the Department of Justice and the U.S. Attorney’s Office for the Southern District of New York, according to a statement from the Southern District office.
IRS Systems Down over Labor Day
From August 30 through September 4 some IRS services will be unavailable due to maintenance and upgrade work, according to an announcement from the IRS.
SEC Releases Conflict Mineral Rules
The Securities and Exchange Commission released final rules for a new regulation that would mandate that public companies disclose whether or not the products they are responsible for manufacturing utilize what are commonly known as “conflict minerals,” minerals associated with human rights abuses, from the Democratic Republic of Congo, where militias use sa
Judges Rules MTA Tax Unconstitutional
A New York Supreme Court judge has ruled that the Metropolitan Transit Authority payroll tax, which passed the legislature in 2009 in order to address a $1.8 billion budget shortfall, is unconstitutional due to the fact that only some counties are affected by it, according to Bloomberg. The suit was brought against the MTA by Nassau County Executive Edward Mangano, who argued that the tax should be overturned, a proposition with which the judge, R.
SEC Awards $50K to Whistleblower
The Securities and Exchange Commission announced that it has made its first award under the new whistleblower program, which strengthens the rewards and weakens the risks associated with alerting authorities to corporate malfeasance. The identity of both the whistleblower and the company on which he or she blew the whistle were not named by the SEC, though the press release says that he or she submitted information that eventually led to the government stopping a multi-million dollar securities fraud.
Business Growing? Don't Forget Taxes!
If business is good and you're expanding, the NYSDTF is happy for you. But it is sending out a reminder that with success come responsibilities, financial and otherwise.
Procrastination Is Not Deductible
Just because you never get around to submitting expense reports, don't expect the IRS to come to your rescue. That's the basic message of a recent Tax Court decision.
New Accounting: Jamaica Medal Leader
Although the official tally shows the United States the Olympic medal leader with 104, looked at another way, the real winner is Jamaica. It's all about the accounting.
You Have to Stop and Tax the Roses
The NYSDTF has issued Tax Bulletin ST-277, which covers situations where flowers are taxable, particularly when delivery and wire services are involved.
GAO Reports on Complex FCDC Structure
The GAO has issued a 28-page report titled "Information on Foreign-Owned but Essentially U.S.-Based Corporate Groups Is Limited." In an online summary of the report, the GAO said that the foreign-controlled domestic corporation (FCDC) ownership structure "could provide a tax avoidance or evasion advantage relative to a structure where U.S. parents own foreign subsidiaries."