In this episode Director of Forensic and Advisory Services Joel Glick shares instances and approaches to tracing comingled funds.
When my colleagues and I delivered a presentation to the Business Law Section of the Florida Bar about proving and defending claims of lost profits in commercial litigation matters, a Florida Judge asked a thought-provoking question: How many years of financial documents should a Plaintiff seeking economic damages be able to get (2 years, 3 […]
Victims of crimes, law enforcement and other interested parties often retain forensic accountants to investigate financial crimes. These professionals have specialized multidisciplinary skills necessary to identify financial crimes, analyze the financial transactions constituting the overt acts of these crimes, and provide expert testimony on the methodologies criminals use and the damages victims incur. The critical […]
A Pennsylvania judge recently vacated a plaintiff’s $25 million damages award based on the plaintiff’s expert failure to provide at trial “a sufficient factual basis” for the numbers he relied on for calculating lost profits. Although the judge in Paramount Financial: Civil Action Communications, et al. v. Broadridge investor: Communications Solutions agreed with the jury’s […]
The IRS’s Criminal Division ramped up its enforcement efforts relating to Maltese pension plans, which gained popularity after the signing of the U.S.-Malta Tax Treaty 2011 and the subsequent enactment of Malta’s Retirement Pension Act of 2011. In recent weeks, the department began issuing summons to U.S. taxpayers who participated in Maltese pension plans and […]
Tax-related scams cast a dark cloud over this summer’s blue skies, putting taxpayers at increased risk of identity theft and fraud. To avoid falling victim to these scams, individuals should be alert to unsolicited telephone calls, emails and texts asking them to click links or share personal information, such as usernames and passwords, Social Security […]
The $787.5 million settlement recently reached between Dominion Voting Systems and Fox News is historic for many reasons, including both parties’ ability to agree upon a payout amount just minutes before the trial was set to begin. In its initial suit, Dominion sought damages totaling $1.6 billion for Fox News’s false and defamatory statements that […]
Criminals are constantly developing new and more elaborate ways to deceive taxpayers into revealing their personal identities and financial interests and ultimately cheating the U.S. tax system. To help protect yourself from becoming a victim of these crimes, the IRS annually publishes a “Dirty Dozen” list of the most common scams for which you should […]
U.S. tax law requires taxpayers to annually report many of their cross-border activities, including the existence of foreign bank accounts, interests in foreign companies and large gifts from foreign persons. While most of these reports are merely informational and have no bearing on taxpayers’ actual U.S. tax liabilities, failing to file the appropriate forms or […]
It likely will take years for the courts and regulators to unravel all the details that led to the recent bankruptcy filings of FTX, one of the world’s largest cryptocurrency exchanges, and its affiliated companies. While the exact cause and accounting of the once $32 billion company’s collapse remains to be seen, it has come […]