Tag:compliance
ICD-11 on the Horizon: How Soon Will Healthcare Providers Actually Need to Comply?
In October 2015, the tenth revision of the International Classification of Diseases (ICD-10) was implemented in the United States. Three years earlier, however, ICD had already begun beta testing for its eleventh revision (ICD-11). The ICD-10 implementation came after repeated delays and substantial requirements for healthcare organizations to reach compliance with the new codes. The United States trudged through training and compliance struggles as it transitioned to ICD-10. The threat of ICD-11’s release in 2018 promises to have drastic and far-reaching effects on the compliance actions of healthcare organizations.
Trump Administration Deregulates Financial Services
The Trump administration is delivering on its promise to deregulate America. Since taking office, numerous regulations spanning everything from energy to health care have been repealed or weakened. The financial services industry is not immune to the deregulation movement. The Trump administration is acting through appointments, executive agencies, and legislation to deregulate the financial services industry. Proponents of deregulation claim the movement is needed after Dodd-Frank and strict post-financial crisis regulation. However, in deregulating financial services, the Trump Administration—and compliance professionals—should proceed cautiously.
The Effect on Compliance of Lowering Corporate Tax Rates is Uncertain
It is commonly accepted that lowering tax rates increases tax compliance and high tax rates encourage tax evasion. The recent U.S. tax reform bill, the Tax Cuts and Jobs Act of 2017, was enacted partly due to assumptions that lowered tax rates would increase tax compliance and recover lost revenue. Here, I examine the theoretical basis for the claim that lowering income taxes increases compliance, as well as the external evidence regarding the extent of increased compliance due to lowering tax rates.
Cybersecurity – Overview of Financial Services Initiatives
The disclosures of major security breaches in 2017 such as Verizon, Equifax, Uber, the National Security Agency and the Transportation Safety Administration increased consumer concern about the safety of their personal and financial data. These disclosures also contributed to renewed Congressional analysis of data security standards in the financial services sector and review of current federal and state regulatory regimes. Insider cyber threats have become security remains a threat as well. In August 2017, the Securities and Exchange Commission (“SEC”) announced insider trading charges against seven individuals who gained access to confidential merger and acquisition data through a technology consultant’s misuse of an investment bank’s new computer system. State actions, governmental agencies and the financial services industry are actively combatting the growth of cyber-security threats.
As Hollywood is Flooded with Sexual Misconduct Allegations, Special Task Force of Prosecutors Could Save the Day
In the midst of countless sexual misconduct allegations against some of Hollywood’s most powerful people, on November 9, 2017, Los Angeles District Attorney, Jackie Lacey, issued a statement outlining a plan of action. A special task force of veteran sex crimes prosecutors has been assembled to ensure a “uniformed approach to the legal review and possible prosecution of any case that meets both the legal and factual standards for criminal prosecution.” The Beverly Hills and Los Angeles Police Departments are conducting investigations of the accused as a rapidly increasing volume of sexual misconduct allegations are reported. Law enforcement and the special task force prosecutors are faced with legal and factual difficulties before any sexual misconduct allegations are sufficient for criminal prosecution. The legal elements of the alleged crime, the specific facts of each allegation, the existence of physical evidence, and the remedies available to the victims, are among the many convoluted factors that will dictate the ongoing investigations and prosecution of the allegations that are flooding Hollywood.
The Hazards of an Unregulated Cosmetics Industry
The cosmetics industry, unknown to many, is essentially not regulated by a federal regulatory agency. Cosmetics technically fall under the purview of the Food and Drug Administration (“FDA”), but there are few requirements that manufacturers must comply with. The FDA only requires that manufacturers comply with several labeling regulations so companies can avoid listing a product’s total ingredients, and the FDA does not require manufacturers to report health complaints. The FDA instead relies on direct reports of adverse events from consumers, which has the potential to delay remedying a potentially dangerous situation. A study published in JAMA Internal Medicine found that between 2015 and 2016, the number of complaints of adverse health results related to cosmetic products more than doubled from the previous years. Additionally, the FDA only has the equivalent of six full-time inspectors to monitor three million shipments of cosmetics that come into the United States each year. Last year, inspectors only conducted tests on about 364 of those shipments, and 20 % of those shipment that were inspected led to adverse findings.
Drone Use and Technological Advances in Aviation
Technological advances in aviation have turned what was once a matter of science fiction into reality. With that increase in technology comes a need for regulation of those technologies and their integration into daily lives. In 2016, the Federal Aviation Administration (“FAA”) finalized its first iteration of the rules that would begin to mold how drones are used.
An Overview of Illinois Public Act 100-0538 Compliance with the Hyde Amendment
Illinois Public Act 100-0538, commonly referred to as House Bill 40, was signed into law on September 28, 2017. The Act repeals provisions in existing Illinois laws that aim to make abortion illegal should there be any change to the federal standard. Additionally, the Act lifts a ban on insurance coverage for abortions for low-income individuals enrolled in Medicaid. While enacting House Bill 40 was a win for advocates of reproductive rights in Illinois, the state will still need to comply with federal anti-abortion laws, such as the Hyde Amendment.
The EPA’s Smart Sectors Program
In October 2017, the Environmental Protection Agency (“EPA”) launched the Smart Sectors Program, a program that creates a collaborative partnership between the EPA and regulated sectors such as the automotive, agriculture, and mining industries. The program provides a platform for the EPA and regulated sectors to collectively develop approaches to protect the environment, public health, and the economy.
Appreciating Taxes
After failing to arrive at a consensus on healthcare reform, the Republican party recently passed a blueprint which marked their shift in focus to something less contentious: the American tax code. If the Republicans are successful, compliance with tax regulation in the United States may soon change. An aspect of the code likely to be reformed is how asset appreciation is taxed.