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Director Liability For Corporate Crimes: Lawyers As Safe Haven?, John A. Humbach
Director Liability For Corporate Crimes: Lawyers As Safe Haven?, John A. Humbach
Elisabeth Haub School of Law Faculty Publications
The fines and penalties assessed against corporations are running into the billions of dollars each year. Part of the reason is that the managers and employees of entrepreneurial organizations have inherent incentives to engage in conduct that exposes the entity to fines and penalties. This article considers the legal bases for shifting these law-enforcement losses back to directors who are actively involved in creating them, either because they approved or they deliberately ignored the corporation’s legal or regulatory violations (Part II). It then examines bases for shifting these losses back to directors even when their involvement in the non-compliance is …
Stealth Preemption: The Irs's Nonprofit Corporate Governance Initiative, James J. Fishman
Stealth Preemption: The Irs's Nonprofit Corporate Governance Initiative, James J. Fishman
Elisabeth Haub School of Law Faculty Publications
The Internal Revenue Service, the primary federal regulator of charities, has initiated a corporate governance initiative. The intervention by the Internal Revenue Service into an area traditionally the preserve of state nonprofit corporate law has little relationship to issues of tax compliance. This corporate governance initiative has been accomplished in the face of IRS acknowledgement that it has no statutory authority relating to these issues. Yet, the power of the Service to recognize tax exempt status and the method it has used to ensure it vision of correct corporate governance practices through a series of questions when an organization applies …
Commentary: The Federalization Of Nonprofit Regulation And Its Discontents, James J. Fishman
Commentary: The Federalization Of Nonprofit Regulation And Its Discontents, James J. Fishman
Elisabeth Haub School of Law Faculty Publications
The Internal Revenue Service, at the instigation of the Senate Finance committee-the Service's primary congressional overseer-has commenced a corporate governance initiative by issuing announcements and guidelines, as well as providing educational advice as to how charities' internal affairs should be ordered. The Service also has revised the Form 990 Annual Information Return, a publicly available document, so that it contains mandatory corporate governance questions.2 Nonprofit organizations traditionally have been creatures of state law and overseen by state agencies and regulators.3 What is unique about the corporate governance initiative is the Service's admission that it lacks express statutory authority for this …