Law.com Subscribers SAVE 30%
Call 855-808-4530 or email [email protected] to receive your discount on a new subscription.
Asymmetrical Reporting
As the regulatory state continues to grow with every passing year, businesses' obligations to provide information to, and file reports/forms with, local, state, and federal governmental agencies increases. Whether it be periodic reporting, e.g., IRS Form 1120, SEC Form 10-Ks, or upon the consummation of a specific transaction or event, e.g., IRS Form 8300, SEC Form 8-K, each filing represents an opportunity to incur a potential liability for incorrect or improper reporting. To that end, each filing also represents justification to the IRS to audit a business (to the extent that justification is needed).
It should come as no surprise that compliance costs make the list of corporate counsel's top concerns. However, reducing compliance costs often comes with an unseen price ' the cost of the audit and any attendant fines and penalties that result. Accordingly, corporate counsel is placed in the unenviable position of attempting to balance the unknown risk of future audits and contingent (and often speculative) governmental liabilities with known (and quantifiable) costs of short and medium-term governmental compliance. Indeed, before a governmental audit commences corporate counsel can be viewed as a “chicken little,” always attempting to minimize exposure that may never come to pass, while after a governmental audit starts, and there is an internal assessment that there was corporate shortcomings, corporate counsel is blamed with not doing enough. Given these mutually exclusive competing interests, what is a savvy corporate counsel to do?
This premium content is locked for Entertainment Law & Finance subscribers only
ENJOY UNLIMITED ACCESS TO THE SINGLE SOURCE OF OBJECTIVE LEGAL ANALYSIS, PRACTICAL INSIGHTS, AND NEWS IN ENTERTAINMENT LAW.
- Stay current on the latest information, rulings, regulations, and trends
- Includes practical, must-have information on copyrights, royalties, AI, and more
- Tap into expert guidance from top entertainment lawyers and experts
Already a have an account? Sign In Now Log In Now
For enterprise-wide or corporate acess, please contact Customer Service at [email protected] or 877-256-2473
New York's Latest Cybersecurity Commitment
On Aug. 9, 2023, Gov. Kathy Hochul introduced New York's inaugural comprehensive cybersecurity strategy. In sum, the plan aims to update government networks, bolster county-level digital defenses, and regulate critical infrastructure.
The DOJ's Corporate Enforcement Policy: One Year Later
The DOJ's Criminal Division issued three declinations since the issuance of the revised CEP a year ago. Review of these cases gives insight into DOJ's implementation of the new policy in practice.
How AI Has Affected PR
When we consider how the use of AI affects legal PR and communications, we have to look at it as an industrywide global phenomenon. A recent online conference provided an overview of the latest AI trends in public relations, and specifically, the impact of AI on communications. Here are some of the key points and takeaways from several of the speakers, who provided current best practices, tips, concerns and case studies.
Use of Deferred Prosecution Agreements In White Collar Investigations
This article discusses the practical and policy reasons for the use of DPAs and NPAs in white-collar criminal investigations, and considers the NDAA's new reporting provision and its relationship with other efforts to enhance transparency in DOJ decision-making.