News Clips & Coverage

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Unreported Offshore Accounts: A Hidden Danger for Clients

Unreported Offshore Accounts: A Hidden Danger for Clients

- America Institute of CPAs
Appeared on America Institute of CPAs
The IRS's 2011 Offshore Voluntary Disclosure Initiative ended September 9. Preliminary IRS estimates reveal that some 12,000 taxpayers came forward and disclosed their previously unreported foreign accounts and income (IR-2011-94). When added to the totals for the 2009 amnesty, roughly 30,000 people have now come into compliance and reported their foreign holdings. According to the IRS, as many as 1 million people may have unreported offshore accounts...
Troubled Cath Lab Lands Certification

Troubled Cath Lab Lands Certification

- Medpage Today
A year ago, Excela Heath in Greensburg, Pa., was the center of an overstenting controversy. Today, its cath lab has achieved accreditation, even as new overstenting allegations surfaced in another part of Pennsylvania.
The new overstenting charges come from Tullio Emanuele, MD, a former cardiologist with Hamot Medical Center in Erie, Pa., now called UPMC Hamot because of its affiliation with the University of Pittsburgh Medical Center.
Emanuele, who now practices in Kentucky, filed...

Now's the time to learn about FINRA

- Wisconsin Law Journal
As in Wisconsin Law Journal
For attorneys who never have heard of the Financial Industry Regulation Authority before, now might be a smart time to learn the basics. Wall Street has been a tumultuous place of late, and chances are, sometime soon a client will lament losing his shirt because of a broker's bad calls. Or, perhaps a client who is a broker will need help taking on investors who think he's responsible for their accounts tanking.
The following is a primer on FINRA...

Tiny Law Firm Winds Up in Monster Case Seeking $2.5B

- Milwaukee Journal Sentinel
As published in the Milwaukee Journal Sentinel
Retained to represent a former employee of a mortgage brokerage after he unsuccessfully sued over allegedly unpaid commissions, a tiny Milwaukee, Wis., law firm wound up with a monster case. Researching Allied Home Mortgage Capital Corp. for Peter Belli's appeal, the Mahany & Ertl firm discovered Allied had the highest mortgage default rate in the nation, topping 50 percent, reports the Milwaukee Journal Sentinel on its Proof &...

Government Seeks Nearly $2.5 Billion in Fraud Damages in Suit Against Allied Mortgage Capital

- National Mortgage Professional
A civil mortgage fraud lawsuit has been filed against Houston, Texas-based Allied Mortgage Capital Corporation, its affiliate, Allied Home Mortgage Corporation, as well as Allied's President and Chief Executive Officer Jim Hodge and EVP Jeanne L. Stell by the federal government, seeking damages and civil penalties under the False Claims Act and the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA) for nearly a decade of concealed misconduct in connection with the...

Nation's Largest Privately Held Mortgage Lender Sued for Fraud

Allied Home Mortgage Capital Corporation and its CEO, Jim Hodge, have been sued by whistleblower Peter Belli, a former Allied branch manager. Belli's case, filed by Milwaukee law firm Mahany & Ertl, was adopted by the U.S. government. The government joins Belli and others in claiming that Allied lied about its compliance with HUD regulations.
Allied has long been the target of many enforcement and compliance actions. Starting in 2003, the company has been sanctioned and...
Unreported offshore accounts

Unreported offshore accounts

A ticking time bomb for clients and CPAs

- Florida CPA Today
The April 15 filing deadline has passed and plenty of time remains for clients on extension. Another deadline is quickly approaching, however. For tens of thousands of Florida residents it may mean the difference between peace of mind and criminal prosecution.
Aug. 31 is the deadline to participate in the IRS's offshore Voluntary Disclosure Initiative (tax amnesty). If you think this doesn't apply to any of your clients or couldn't affect your practice, read on.
The IRS launched its...
Out of the box

Out of the box

Lawyers Turn to Innovative Practice Areas to make Their Mark

- Wisconsin Law Journal
Three innovative Wisconsin attorneys have three things in common. They all practice within their own small firms, and they all serve clients nationwide. But what makes them stand out as leaders, for the most part, is a third commonality: They’re all practicing in areas that didn’t exist when they were in law school.
ASSET RECOVERY If not for the infamous Bernie Madoff, Brian H. Mahanymight not have a cutting edge practice concentration. Madoff’s arrest and conviction...
Section165 Fraud Loss Deductions

Section165 Fraud Loss Deductions

One of IRS' best kept secrets

- Frequency Magazine
If 2008 was the year that the economy started its tailspin, this is the year that Bernie Madoff, Sir Allen Stanford and Ponzi schemes dominated financial headlines. These events have a significant impact on accountants with tax practices and present excellent opportunities to assist clients.
Fraud losses are estimated to be in the tens of billions of dollars. Some people lost their entire life savings. Adding to the injury, many of these same people paid taxes for years on "paper" gains...
Switching Sides

Switching Sides

- Wisconsin Law Journal
They’ve walked a mile — and then some — in another’s shoes.
They’re lawyers who’ve changed the focus of their practices 180 degrees, joining “the other side.” Some made the change mostly out of practicality, while others said their personal values played a central role in the decision.
A couple of universal themes emerge from all their stories — that change is to be embraced; and that the experience of seeing an area of law from...
170 Articles
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