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Sourcing Service Receipts For Franchise Tax Apportionment In Texas, Ray Langenberg, Matt Jones 2018 Texas Comptroller of Public Accounts

Sourcing Service Receipts For Franchise Tax Apportionment In Texas, Ray Langenberg, Matt Jones

St. Mary's Law Journal

Abstract forthcoming


Shareholder Litigation And Corporate Disclosure: Evidence From Derivative Lawsuits, Thomas BOURVEAU, Yun LOU, Rencheng WANG 2018 Hong Kong University of Science and Technology

Shareholder Litigation And Corporate Disclosure: Evidence From Derivative Lawsuits, Thomas Bourveau, Yun Lou, Rencheng Wang

Research Collection School Of Accountancy

Using the staggered adoption of universal demand (UD) laws in the United States, we study the effect of shareholder litigation risk on corporate disclosure. We find that disclosure significantly increases after UD laws make it more difficult to file derivative lawsuits. Specifically, firms issue more earnings forecasts and voluntary 8-K filings, and increase the length of management discussion and analysis (MD&A) in their 10-K filings. We further assess the direct and indirect channels through which UD laws affect firms' disclosure policies. We find that the effect of UD laws on corporate disclosure is driven by firms facing relatively higher ...


Accounting Choices And The Legal Environment: The Impact Of The Ex Post Loss Rule, Teck Meng Junior TAN 2018 Singapore Management University

Accounting Choices And The Legal Environment: The Impact Of The Ex Post Loss Rule, Teck Meng Junior Tan

Research Collection School Of Accountancy

Using a landmark Supreme Court decision as a natural experiment, I examine the impact of a fundamental requirement in securities litigation, the ex post loss rule, on income-decreasing accounting choices. Dura Pharmaceuticals v. Broudo (2005) established that plaintiffs must show that the alleged misrepresentations caused an actual economic loss. The case resolved a circuit split, allowing me to identify a treatment jurisdiction affected by Dura, and control jurisdictions in which the rule was already the prevailing legal standard. Motivated by legal analyses suggesting that Dura incentivizes firms to delay negative corrections, I hypothesize and find that treatment firms in high-litigation ...


Individual Lawyers, The Sec Revolving Door, And Comment Letters, Michael SHEN, Teck Meng Junior TAN 2018 Singapore Management University

Individual Lawyers, The Sec Revolving Door, And Comment Letters, Michael Shen, Teck Meng Junior Tan

Research Collection School Of Accountancy

Government officials, advocacy groups, and the business press have raised concerns thatformer SEC employees may continue to influence the SEC after leaving the agency. Usinga hand-collected database of individual lawyers that represent firms in responding to SECcomment letters, we examine the impact of individual lawyers, and lawyers formerly employedby the SEC, on the comment letter process. We document significant differencesbetween lawyers and law firms in their clients’ resistance to SEC comment letters, and findthat firms that retain former SEC employees are larger, more profitable, and more likely tohave received a comment letter raising accounting issues. After matching on lawyer, commentletter ...


Beneficial Ownership: Tracking The True Owners Of Business Accounts, Angela Lintag-Ihde 2018 La Salle University

Beneficial Ownership: Tracking The True Owners Of Business Accounts, Angela Lintag-Ihde

Economic Crime Forensics Capstones

Bank accounts are a popular place to hide and move illegal funds. Many banks offer private banking or wealth management services, to customers with more than $1,000,000. That provides premier banking services as well as a confidential, safe, and legal haven. With these services is a heightened money laundering risk. The Federal Financial Institutions Examination Council (FFIEC) of Bank Secrecy Act/Anti-Money Laundering (BSA/AML) Examination Manual specifically states that privacy and confidentiality are important elements of private banking relationships. “Private Banking and Wealth Management services are vulnerable to money laundering schemes that include: private bankers as client ...


Equitable Sharing Aids Circumventing State Civil Asset Forfeiture, Ella Fisher 2018 La Salle University

Equitable Sharing Aids Circumventing State Civil Asset Forfeiture, Ella Fisher

Economic Crime Forensics Capstones

Civil Asset Forfeiture (CIVIL ASSET FORFEITURE) is a disputable law enforcement asset utilized to combat the war on drugs and criticized as an abusive practice. Are law enforcement agencies really combatting the war on drugs using civil asset forfeiture law or just using the law for their own self interests? Civil Asset Forfeiture abuse relates to perverse incentives which are further aided by the federal equitable sharing program (ESP). Civil asset forfeiture law allows owners’ assets to be seized and forfeited, by law enforcement agencies without a warrant and/or a criminal conviction. When federal agencies adopt and prosecute, state ...


The Cfpb’S Endaround, Chris O'Brien 2018 The Catholic University of America, Columbus School of Law

The Cfpb’S Endaround, Chris O'Brien

Catholic University Law Review

The financial crisis of 2008 led Congress to enact the Dodd-Frank Wall Street Reform and Consumer Protection Act and establish the Consumer Financial Protection Bureau (CFPB) to better protect consumers. Although Dodd-Frank and the CFPB introduced sweeping changes to many areas of financial lending, automobile dealers and financers were expressly excluded from oversight by the CFPB. Despite this express limitation on the CFPB’s authority, the Bureau nonetheless expanded its definition of “larger participants” to encompass automobile dealers and financiers. This action has resulted in duplicative regulatory oversight and increased costs to consumers, which in turn, imposes additional burdens on ...


Accessible Reliable Tax Advice, Emily Cauble 2018 DePaul University College of Law

Accessible Reliable Tax Advice, Emily Cauble

University of Michigan Journal of Law Reform

Unsophisticated taxpayers who lack financial resources are disadvantaged by a shortage of adequate tax advice. The IRS does not have the resources to answer all questions asked, and the IRS’s informal advice comes with no guarantee as to its accuracy and offers the taxpayer no protection when it is mistaken. Furthermore, non-IRS sources of advice have not sufficiently filled the void left by a lack of satisfactory IRS guidance. These biases against unsophisticated taxpayers have been noted by existing literature. This Article contributes to existing literature by proposing several novel reform measures to assist unsophisticated taxpayers.

First, with respect ...


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Tax Compliance In A Decentralizing Economy, Manoj Viswanathan 2018 University of California Hastings College of Law

Tax Compliance In A Decentralizing Economy, Manoj Viswanathan

Georgia State University Law Review

Tax compliance in the United States has long relied on information from centralized intermediaries—the financial institutions,employers, and brokers that help ensure income is reported and taxes are paid. Yet while the IRS remains tied to these centralized entities,consumers and businesses are not. New technologies, such as sharing economy platforms (companies such as Airbnb, Uber, and Instacart)and the blockchain (the platform on which various cryptocurrencies are based) are providing new, decentralized options for exchanging goods and services.

Without legislative and agency intervention, these technologies pose a critical threat to the reporting system underlying domestic and international tax ...


How Special Is The Special Timing Rule? Analyzing The Timing Of Fica Taxation In Nonqualified Deferred Compensation Plans, Alan J. Ponce 2018 Georgia State University College of Law

How Special Is The Special Timing Rule? Analyzing The Timing Of Fica Taxation In Nonqualified Deferred Compensation Plans, Alan J. Ponce

Georgia State University Law Review

Many employers offer nonqualified deferred compensation plans as a benefit to select employees, and those plans allow the employees to prepare for retirement in a tax-efficient manner. For employers,designing and administering such plans in compliance with federal law represents a paramount concern in order to achieve the tax advantages such plans entail. However, for these employers, there remains an inherent ambiguity in the tax code regarding how and when employers should withhold Federal Insurance Contribution Act (FICA) taxes—that is, Social Security and Medicare taxes—on deferred compensation in nonqualified retirement plans.

Tax regulations provide two distinct methods for ...


Getting Local Governments Where They Need To Go Without Taking Taxpayers For A Ride: "Cabs," Why They Are Used, And What Can Be Done To Prevent Their Misuse, Heather G. White 2018 Nixon Peabody LLP

Getting Local Governments Where They Need To Go Without Taking Taxpayers For A Ride: "Cabs," Why They Are Used, And What Can Be Done To Prevent Their Misuse, Heather G. White

St. Mary's Law Journal

Abstract forthcoming


Sec Filings, Regulatory Deadlines, And Capital Market Consequences, Eli Bartov, Yaniv Konchitchki 2017 New York University

Sec Filings, Regulatory Deadlines, And Capital Market Consequences, Eli Bartov, Yaniv Konchitchki

New York University Law and Economics Working Papers

Timely disclosure of financial statement information is a critical requirement for firms and well-functioning capital markets. Yet, every quarter or year, a non-trivial number of firms are late in filing their financial statements. This paper identifies and probes various capital market consequences for late filings of quarterly and annual financial statements. It examines the short- and long-window reaction to late filings, as well as how equity investors process statements accompanying late filing announcements, such as managers declaring intentions to file within/outside SEC’s allowed grace periods. The paper documents that delayed quarterly filings have distinctly different valuation implications than ...


How Do Accounting Practices Spread? An Examination Of Law Firm Networks And Stock Option Backdating, Teck Meng Junior TAN, Patricia M. DECHOW 2017 Singapore Management University

How Do Accounting Practices Spread? An Examination Of Law Firm Networks And Stock Option Backdating, Teck Meng Junior Tan, Patricia M. Dechow

Research Collection School Of Accountancy

We hypothesize that one way that accounting practices spread is through law firm connections. We investigate this prediction by examining companies that avoided reporting compensation expense by engaging in stock option backdating. We hypothesize that executives engaged in backdating because they were desensitized to its inappropriateness when they learned through their legal counsel that other companies were engaging in this practice. We identify backdating companies through backdating-related restatements of earnings. Using network analysis, we document that backdating companies are more highly connected with other backdating companies via shared law firms. Logistic regressions indicate that the odds of a company backdating ...


Medical Deduction Allowed For In-Home Personal Use, Danny A. Pannese 2017 Sacred Heart University

Medical Deduction Allowed For In-Home Personal Use, Danny A. Pannese

Danny Pannese

The Tax Court held that payments made to an elderly woman's providers of personal care that she required due to her diminished capacity qualified as long-term-care services and were therefore deductible under IRC § 213(d)(1)(C). Lillian Baral was diagnosed with dementia by her physician in 2004. The court agreed with Baral's estate that the amounts paid to the caregivers for their services were deductible as qualified long-term-care services. Baral was chronically ill, and the care was medically necessary to protect her from threats to her health and safety, as determined by her physician. The court also ...


New Fasb Rules For Leases: A Sarbanes-Oxley Promise Delivered, Donald J. Weidner 2017 Florida State University College of Law

New Fasb Rules For Leases: A Sarbanes-Oxley Promise Delivered, Donald J. Weidner

Scholarly Publications

Congress responded to the first financial accounting scandals of the new millennium by enacting the Sarbanes-Oxley Act of 2002, which required the Securities and Exchange Commission (“SEC”) to study issuers’ filings and report on whether their financial statements reflect the economics of off-balance sheet arrangements to investors in a transparent fashion. In 2005, the SEC reported that there “may be approximately $1.25 trillion in non-cancellable future cash obligations committed under operating leases that are not recognized on issuer balance sheets, but are instead disclosed in the notes to the financial statements." Accordingly, the SEC requested that the Financial Accounting ...


The Impact Of Recent Sec Financial Reporting Probes On Shareholder Wealth: Companies, Competitors, And Consequences, Stephen Warde 2017 Bryant University

The Impact Of Recent Sec Financial Reporting Probes On Shareholder Wealth: Companies, Competitors, And Consequences, Stephen Warde

Honors Projects in Finance

During an undergraduate college career, an accounting major devotes a great part of his or her time to learning how publicly traded businesses prepare financial statements in compliance with Generally Accepted Accounting Principles (GAAP) and federal securities laws. These accounting principles, standards, and procedures are ultimately enforced by the U.S. Securities and Exchange Commission (SEC) to protect investors, uphold fair markets, and promote public trust in the capital market system. To fulfill its mission, the SEC Division of Enforcement conducts investigations into possible violations of the federal securities laws and administers enforcement actions. Naturally, SEC investigations and the anticipation ...


Reconsidering Realization-Based Accounting For Equity Compensation, David Walker 2017 Boston Univeristy School of Law

Reconsidering Realization-Based Accounting For Equity Compensation, David Walker

Faculty Scholarship

The U.S. equity compensation landscape continues to evolve. Recent innovations have improved the linkage between pay and firm-specific performance, but have added complexity. Against that backdrop, this Article urges reconsideration of the accounting rules for equity pay. Under current rules, most equity pay awards are expensed based on grant date valuation with no updating for changes in value post grant. This Article advocates the adoption of a mark-to-market or realization-based approach under which the expense recorded for all equity pay awards would ultimately be trued to the value received by employees. Increasingly, equity pay awards are more analogous to ...


Impact On Grant Fraud Within The Government, Ashley Clark 2017 La Salle University

Impact On Grant Fraud Within The Government, Ashley Clark

Economic Crime Forensics Capstones

My proposal and area of concentration will focus on the forensic accountant’s role in grant fraud. This role is more important now than ever, as fraudsters’ efforts have become more sophisticated over time. Grant fraud is particularly susceptible because more and more fraudsters are working within the company and understand the internal workings of the organization. Ensuring that grant notice of award regulations and rules are followed – and that relevant agencies and individuals follow all protocols under the budgeted term – are crucial components to ensuring the grant’s success.

Within my research paper, I will cover all areas associated ...


Donor Advised Funds: Charitable Spending Vehicles For 21st Century Philanthropy, Roger Colinvaux 2017 The Catholic University of America, Columbus School of Law

Donor Advised Funds: Charitable Spending Vehicles For 21st Century Philanthropy, Roger Colinvaux

Scholarly Articles and Other Contributions

The donor advised fund (DAF) is changing longstanding giving norms in United States philanthropy. DAF contributions now account for around 8.4% of giving by individuals in the U.S. Over half of those contributions go to national DAF sponsors that have relationships with large commercial investment firms like Fidelity, Vanguard, and Schwab. This Article seeks to advance the understanding of the donor advised fund and to address two of the main policy questions: whether to require a mandatory distribution of funds by DAFs and their sponsoring organizations and how to respond to the increased use of DAFs for noncash ...


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