Articles by Expert Witnesses
FBAR, International Tax, IRS audits be careful. IRS Offshore Voluntary Disclosure Program Reopens Do YOU have money overseas? By Lance Wallach, CLU, CHFC - Recently the Internal Revenue Service reopened the offshore voluntary disclosure program to help people hiding offshore accounts get current with their taxes.
Is a captive insurance cell the way to go? - Accounting Today - Captive Insurance: Achieve large tax and cost reductions by renting a “CAPTIVE”. Most accountants and small business owners are unfamiliar with a great way to reduce taxes and expenses. By either creating or sharing “a captive insurance company”, substantial tax and cost savings will benefit the small business owner.
Section 79 and captive insurance plans with life insurance in them are being looked at by the IRS. We have received calls from people that are being audited. - The dangers of being "listed" - A warning for 419, 412i, Sec.79 and captive insurance. Accounting Today: October 25, 2010, By: Lance Wallach
Corporate Officer Financial Responsibility and Authority in Bank Account and Related Financial Matters Litigation
Renowned nationwide banking expert witness, former high-level banking executive, high-level banking regulator, and banking consultant to over 75 banks Don Coker explains nationwide banking industry standard policies, practices and procedures that are important factors in litigation involving corporate officer financial responsibilities and authority in bank account and related financial matters.
Asset-Based Lending Nationwide Industry Standard Practices and Procedures Important in Business Litigation
Renowned expert witness, experienced asset-based lender and former high-level banker and banking regulator Don Coker explains nationwide industry standard policies, practices and procedures for asset-based lending at institutional and private lending entities.
Provided by: Advanced Insurance Management LLC
Changes in the NCCI experience rating formula will impact policyholders across the US. Starting in 2013 the National Council on Compensation Insurance (NCCI) has announced it will be changing the formula used to compute experience modification factors for employers.
IRS has been attacking abusive 412i plans for years. Business men have been suing the insurance agents who sold the plans. The IRS has attacked 412i, 419 plans for years. As a result promoters are now promoting section 79 and captive insurance plans. They are just starting to be attacked by the IRS.
Most business owners want to: build wealth and maximize the value of what is left behind for heirs; protect their wealth to insure that what they have spent a lifetime building isn’t eaten away by taxes, inflation and/or the cost of medical care; distribute their wealth so that their loved ones may be taken care of, and see to it that their assets and possessions go where they want them to go in the time frame they want this to happen. This is the essence of estate planning.
The IRS dedicates enormous resources toward dealing with taxpayers who are involved with any form of transfer pricing. The transfer pricing provisions of IRC 482 address four general types of transactions between commonly owned or controlled parties.
419, 412i, plans are being audited by the IRS. Lawsuits are the result. Small businesses facing audits and potentially huge tax penalties over certain types of retirement plans are filing lawsuits against those who marketed, designed and sold the plans.
Beware of someone whose fee is based on a percentage of how much you save in taxes. Or who promises to get you a significantly higher refund than anyone else can. People like these are likely to prepare outrageous returns that will land you deep in trouble with the IRS.
Excerpts have been taken from this book about: Bruce Hink, who has given me permission to utilize his name and circumstances, is a perfect example of what the IRS is doing to unsuspecting business owners. What follows is a story about Bruce Hink and how the IRS fined him $200,000 a year for being in what they called a “listed transaction”.
419 and 412i plans being audits, insurance agents sued. The IRS is cracking down on what it considers to be abusive tax shelters. Many of them are being marketed to small business owners by insurance professionals, financial planners and even accountants and attorneys. I speak at numerous conventions, for both business owners and accountants.
Renowned nationwide banking expert witness, former high-level banking executive, high-level banking regulator, Ford Motor Credit officer and banking consultant to over 75 banks Don Coker explains some of the important nuances of banking and lending litigation involving nationwide industry standard policies, practices and procedures for the handling of automobile retail installment sales contracts.
Cities and counties across the country are running headlong into the inevitable fact that previously promised pension and retiree health care benefits are insufficiently funded. The Pew Center on the States estimates that the gap between cumulative benefit levels and the funds set aside to pay for them is more than $1 trillion and growing.
Provided by: Chason Energy, LLC
HVAC Engineering - Over the years, we have observed many cases of building humidity gone wild, with the attendant formation of mold or other moisture damage. Condensation can be the result of actions by the various players in the construction process.
Provided by: The Artisans Group
Construction projects involve many parties, who often have competing needs and interests (e.g.: oneself vs. other stakeholders, money, time, features, spec’s, regulatory, and ethics).
Credit Card Processing, Merchant Account and Merchant Agreement Details Important in Credit Card Litigation
Former high-level banking executive, high-level banking regulator, banking consultant to over 75 banks, and renowned nationwide banking expert witness Don Coker explains some of the important nuances of banking litigation involving nationwide industry standard policies, practices and procedures for credit card and debit card processing and merchant accounts.
Bond Insurer Litigation v Residential Mortgage-Backed Securities (RMBS) Issuers over Alleged Misrepresentation
Former high-level mortgage banking executive, high-level banking regulator, banking consultant to over 75 banks, and renowned nationwide banking expert witness Don Coker explains some of the important nuances of mortgage banking and securitization litigation involving representations and warranties, repurchase demands, and due diligence nationwide industry standard policies, practices and procedures important in bond insurer litigation.
Provided by: Michael F. Richards
Successful discovery and depositions require an understanding of the problem loan process in banking. Once a bank has designated a loan as a problem, it takes on a new set of regulatory and policy requirements. Problem loans are sometimes also designated as “Workout Loans.” Virtually all problem loans have an adverse classification per regulatory guidelines.
Expert Witness Assistance in Bankruptcy Preference Defense Cases Due to Ordinary Course of Business Payments
Renowned expert witness Don Coker discusses nationwide industry standard practices and procedures in bankruptcy preference defense cases due to payments made in the ordinary course of business from the viewpoint of an expert witness who is a former banker experienced at corporate finance for all types of businesses.
Provided by: Thomas J. Lekan Security Consulting LLC
Do You Need a Security Checkup? Properties Magazine, October 2008 - In the days and weeks following September 11, 2001, the attention paid to the security of our buildings was intense, enormous, and even frenzied at times. It seemed there was just not enough time in the day to get every building as secure as possible. Resources, both time and money, flowed into projects designed to get every owned or managed building ready to respond to an emergency or crisis or threat.
Provided by: GMR Consulting - Eric M Perle
GMR Consulting - Aviation Consultants and Expert Witnesses
The certainty created by a set price for petroleum should tend to create stability in many other sectors of the economy. Certainty in petroleum pricing should lead to certainty in the industrial sector and to a degree of certainty in the world’s financial sectors, namely less volatility for interest rates and other debt instruments. A higher level of certainty in the financial markets and the petrochemical markets should foster an arena for world growth and stability.
Most middle class consumers are facing the concept of hard choices, something the baby boomers have not faced in almost thirty (30) years, based in good part via a combination of government entitlements, tax breaks, subsidies and deficit financing. As most of the “low hanging or easy fruit” has been picked, those who now enjoy life via consumption, namely the middle class are going to realize neither they nor any government can spend their way out difficult financial decisions.
One never knows what is going to come out of Congress, as not even Congress truly knows what is going to come out of Congress. Hence, it was a real surprise when Congress tried to extend the concept of home ownership to the lower levels of the overall income earning segment. Subprime lending, namely the granting of mortgage loans to households wherein their total incomes did not qualify for a “standard” or “prime” single family home loan, was clearly an American made “craze”.
Provided by HG.org
Law firm overbilling - whether described as the euphemistic "bill padding" or simply "billing fraud" - is a serious problem that is seldom discussed and even less frequently addressed. But rare is the legal bill that does not include at least some "padding." In fact, according to the California State Bar, most bills are inflated at least 10-30 percent. This article describes three common ways legal bills are inflated and provides tips to help clients identify problematic billing practices.
Low interest rates mean trouble for savers, especially institutional savers like pension plans. Federal Reserve Board efforts to maintain a low interest rate environment, which are expected to persist through 2014, present a problem for pension plan sponsors who need to fund future health and retirement benefits.
Provided by: David G. Dwinell
Forty percent (40%) of trucking business is brokered (about $300 Billion in 2007). The liability of the broker is in question. One motor carrier hiring another motor carrier is brokering and by far is the majority of the billions of the percentage figure quoted above. Both of these carriers are 100% liable for loss, one to the other.
Provided by: N/A
Unrecognized respiratory depression on the general medical units, culminating in respiratory arrest or “code blue” is a nightly occurrence at hospitals across the U.S.. A significant portion of these respiratory arrests occur in postoperative patients receiving opioid analgesics and sedatives, which contribute to respiratory depression. Failure to recognize respiratory depression and institute timely resuscitation has led to cardiopulmonary arrest, resulting in anoxic brain injuries and deaths.
Provided by: Dr. William M. Turner
Traditional methods of groundwater exploration only detect properties of the earth through which water flows. Only Thermonic methods actually measure a property of the water as it exists in the subsurface. Thermonics is the name of a geophysical method of groundwater exploration.
Provided by: Special Service
The underlying concept in most premises security liability cases is foreseeability. But that concept is not always fully understood. As relates to adequacy and sufficiency of security – the standard by which a business’s security will be measured – foreseeability as defined by most courts in the U.S. (with only a few minor exceptions, most notably Michigan) is a broad concept which is usually determined by a formal assessment of 4 distinct criteria:
Provided by: Dr. William M. Turner
In most states, one cannot divert and use either surface water or ground water without the legal permission to do so. The legal authority to divert and capture water is called a water right. Within the United States it is generally necessary to have the legal right to divert and capture either surface or ground water. The legal right to divert and capture water is called a water right.
Provided by: Pacific Management Consulting Group
The Restaurant space can expect an exciting, challenging year. What will be driving influences? US restaurant inventory won’t decline, despite the compelling need for that to happen. Almost 1 million US food and beverage venues mean you can get something to eat almost anywhere. This industry is based on growth, and in the US that is difficult. We don’t feel flat inventory expectations to be a positive driver of same store sales as some have hoped.
Provided by: William Prettitore, P.E.
In a recent construction dispute between a Developer of upscale urban properties and its General Contractor (GC), I was engaged to provide expert services for a forensic schedule delay analysis resulting in a presentation of the GC’s claims before a contractually-mandated dispute review board (“DRB”). There was approximately $14 million in claims and counterclaims at stake.
Provided by: Riverbend Equine Services
Imagine a 200-lb man twisting about on the back of a galloping pony and swinging a mallet at a polo ball. The strike is solid and the ball soars down field. He kicks his horse up a gear to keep a claim on it, an impulse bested by the pony who has already hit high drive. The movement may be repeated hundreds of times over a season.It’s a thrill to watch such an athletic partnership but sometimes the thrill is followed by an impulse to call a physical therapist for both horse and rider.
Provided by: Blue Silk Consulting
Quality Fade is the single biggest issue in Chinese manufacturing. Quality Fade, the process of quality degradation over time, is the single biggest issue in low cost manufacturing countries. It happens frequently in China where manufacturing processes are immature and competitive pricing drives the profits to extremely low levels. It also happens in Vietnam, Indonesia, Bangladesh and other low-cost countries.
Provided by: Tilkin Group
The landscape of compliance and exception reporting has changed significantly since 2002. Many brokerage firms were resistant to advancing their compliance and supervision efforts for years based on two factors: that the regulatory “bar” would be raised for firms using advanced compliance systems, and that the data, notes and documentation of the system would be discoverable. As it turns out, both of these facts have come to pass.
Pension investors and bond fund managers have expressed some concern about the $26 billion mortgage settlement announced by the U.S. Government and state Attorneys Generals on Thursday, February 8, 2012. The settlement "is cheap for the loan servicers while costly for bond investors including pension funds," according to Pacific Investment Management Co.'s ("PIMCO") Scott Simon as first reported by Bloomberg Business Week.
Published in the Orlando Sentinel "My Word" Column on February 19,2012. Police policies lay the groundwork for the culture of a police department. Police executives must be sure that they are reinforcing the agencies polices and not substituting an underground culture. Police pursuits and police driving in general is dangerous to the public and the police officers. Police leaders must not only examine their policies on a routine basis but should reexamine the practices and customs as well.
Provided by: James M. Gannalo - Stria Consulting Group
Using practical shooting reconstruction techniques, the authors successfully determined the cause of a shooting injury in an armored civilian vehicle in Iraq. Determining the reason for the vehicle’s armor failure was considered paramount to address safety concerns for allied military personnel. This information was used to improve safety in vehicles destined for military and civilian service in Iraq and the Afghanistan theatre.
A worker was injured when a gas fired furnace exploded. Expert’s Job Assignment: To assist with the case by the plaintiff against any third party equipment suppliers and various contractors.
A welder was killed while doing maintenance on an electrode arm on an electric arc furnace. Expert’s Job Assignment: To assist with the case by the plaintiff widow against a third party industrial company and various contractors.
A worker was injured while working from the uplifted forks of a fork truck. Expert’s Job Assignment: Analyze the accident cause for the insurance company.
A renter was killed when he stepped on a 120 volt supply line feeding a garage. Expert’s Job Assignment: To act on behalf of the widow’s lawsuit.
Popular so-called "419 Insurance Welfare Benefit Plans," sold by most insurance professionals, are getting accountants and their clients into more and more trouble. A CPA who is approached by a client about one of the abusive arrangements and/or situations to be described and discussed in this article must exercise the utmost degree of caution, not only on behalf of the client, but for his/her own good as well.
The IRS has various task forces auditing all section 419, section 412(i), and other plans that tend to be abusive. These plans are sold by most insurance agents. The IRS is looking to raise money and is not looking to correct plans or help taxpayers.
As the Internal Revenue Service (IRS) continues to crack down on abusive retirement and employee benefit plans, many accountants will almost certainly, though inadvertently, land their clients and themselves in trouble. Two particular types of arrangements top the IRS list of abusive plans: the so-called 419 insurance welfare benefit plan and the 412(i) defined benefit retirement plan.
The IRS in Notice 2007-83 identified as listed transactions certain trust arrangements involving cash-value life insurance policies. Revenue Ruling 2007-65, issued simultaneously, addressed situations where the tax deduction has been disallowed, in part or in whole, for premiums paid on such cash-value life insurance policies.
Provided by: Moat Associates
SOX: Creating the Public Accounting Oversight Board & Increased Corporate Responsibility- The Sarbanes-Oxley Act (“the Act”) was passed in July 2002 in response to the rash of real and perceived failures in corporate governance and financial disclosure. The Sarbanes-Oxley Act , also known as Sarbox or SOX, was passed in July 2002 in response to the rash of real and perceived failures in corporate governance and financial disclosure.