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Willfulness In A Post-Robare World: Evidence Of Subjective Intent, Not Negligence Conduct, Is Needed To Show Willful Violations Of Securities Laws, Kevin Aguirre
Fordham Journal of Corporate & Financial Law
The D.C. Circuit's holding in Robare Group, Ltd., v. SEC, potentially marks the end of at least twenty years of permissive judicial interpretation of the term "willful," as found in various provisions of securities laws-including the Investment Advisers Act of 1940. Traditionally, willful violations of securities laws only required evidence that defendants were aware of their conduct, not that they knew that their conduct was unlawful. This low burden of proof operates in practice as a negligence standard. However, Robare makes a key distinction between evidence of negligent conduct and "subjectively intentional" violations under section 207 of the Advisers Act …
The Lawyer, The Engineer, And The Gigger: § 199a Framed As An Equitable Deduction For Middle-Class Business Owners And Gig Economy Workers, Andrew L. Snyder
The Lawyer, The Engineer, And The Gigger: § 199a Framed As An Equitable Deduction For Middle-Class Business Owners And Gig Economy Workers, Andrew L. Snyder
Fordham Journal of Corporate & Financial Law
Section 199A of the Tax Cuts and Jobs Act provides owners of noncorporate, pass-through businesses such as sole proprietorships, partnerships, and S corporations-as well as independent contractors and certain trusts-with an unprecedented deduction of up to 20 percent of "qualified business income." But the statute draws distinctions between industries and professions, thus creating inequities without a well-articulated policy rationale. Section 199A's critics have called for the provision's repeal entirely, citing efficiency and equity concerns. But Congress should not repeal section 199A or allow it to sunset in 2025. The provision can potentially provide tax relief to gig economy workers, for …