ProPublica, the "independent, non-profit newsroom that produces investigative journalism in the public interest," has created a searchable database of payments made by pharmaceutical companies to doctors - usually as compensation for presentations the doctors make that discuss the companies' drugs.
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Monday, September 12, 2011
Monday, August 8, 2011
Medication Errors: Do No Harm
Written by: Registered Pharmacist and Diabetes Educator Expert Witness No. 3591
Medication errors are a primary source of patient injury that plague our healthcare system. According to the Physicians. Insurers Association of America, in 2008, 334 claims closed with a medication error. Medication errors related to the treatment of diabetes are more common than one would like to think. This is in part due to the many facets involved in diabetes treatment from insulin administration to blood sugar monitoring both at home and in the hospital setting. Read more on this article...
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Sexual Harassment and Preventative Medicine
Written by: Workplace Psychology Expert Witness No. 149
When companies consider the impact of sexual harassment they probably think of being legally defensible. Not bad thinking. But a better thought is -- why not prevent the problems of sexual harassment in the first place?
A true story
Two partners in a large consulting firm, Frank and Jessica, considered themselves friends and were notorious for teasing each other in the office. In one incident Jessica put up a picture of a bodybuilder flexing his muscles and pasted a photo of Frank’s head on it. Frank responded by putting up a picture of a girl in a bikini posing by a car and pasted her head on the picture. Read more on this article...
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Promissory Notes - Traps & Tips
Written by: Real Estate Broker, Promissory Note, Mortgage Financing Expert Witness No. 83
The Trap
Although appearing relatively simple in concept, a promissory note and the accompanying loan documents can be very complex in construction. Additionally, the attorney must insure that its terms and conditions of the note and other loan documents comply with all federal and state laws. Read more on this article...
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Litigation and the Bicycle
Summer 2011 Newsletter Written by: Bicycle Accident Reconstruction Expert Witness No. 76
Many of us in the bicycle industry refer to cycling as the “The new golf.” The popularity of bicycles has expanded faster than any other participant sport in America. 2010 sales figures indicate a 33.2% increase in volume from just a year ago. To put that in perspective, there are far more cyclists in America than golfers, tennis players and skiers combined. The participation profile indicates many more adults; from their mid-twenties-through their mid 60’s are now riding bikes. While a lot of us are enjoying our bicycles, we cannot forget the ever present risks. Many of the new crops of mature riders are more secure financially, so those risks are worth calculating. Read more on this article...
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Tuesday, July 12, 2011
Small Businesses Fined by the IRS Initiating Lawsuits Against Benefit Plan Advisors
Written by: Financial, Estate Planning and Retirement Expert Witness No. 3306
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Advisors and insurance brokers, for many years, beginning in the 1990s, have sold the 412(i) plan, a type of defined-benefit pension plan, and the 419 plan, a health and welfare benefit plan, to small businesses as a way of providing certain benefits to their employees, while also, and much more importantly receiving large tax deductions. Some of these plans were structured in a way that has subsequently been deemed as an abusive tax shelter.
Via legislation enacted in October 2004, Congress changed the law to address these certain tax shelters which were considered abusive and required that these companies file with the Internal Revenue Service if they had these plans in place. Contributions to these plans were described by advisors as fully tax deductible and, it was claimed, large contributions could be sheltered, especially in the early years of the plan’s life, so a significant amount of income was sheltered, possibly forever, if rolled into annuities and similar financial products. It was actually sometimes claimed that money could be contributed, as well as withdrawn, tax free. Another outrageous claim was that the amount of tax deductions was unlimited.
Until recently, the IRS had instituted a moratorium on collecting these fines. However, the moratorium ended on June 1, 2010. Many companies and financial advisors were not aware that this was a cause for concern. However, according to experts, the author of this article included, employers are now receiving heavy scrutiny from the Federal Government, as the IRS has been aggressive in auditing these plans. The fines for failing to notify the agency about them are $200,000 annually for businesses and $100,000 annually for individuals, for every year of participation in whatever plan is in question.
The IRS increasingly is issuing penalty notifications to businesses, as well as to advisors who sold these plans to small businesses or who recommended plan participation, in addition to accountants who prepared and/or signed tax returns claiming deductions for participation in such a plan. Not surprisingly, the businesses affected by these fines often resort to litigation against the advisors who persuaded them to adopt these plans, or who sold them. The situation for the businesses is bad enough, and they sue to recover, among other things, the expenses of these penalties. But it could be even worse for the advisors involved, who face not only litigation but IRS penalties as well, and perhaps even having action taken against professional licenses.
Click here to View this Expert's CV
Tags: insurance, brokers, IRS, tax, planning
Click here to View this Expert's CV
Advisors and insurance brokers, for many years, beginning in the 1990s, have sold the 412(i) plan, a type of defined-benefit pension plan, and the 419 plan, a health and welfare benefit plan, to small businesses as a way of providing certain benefits to their employees, while also, and much more importantly receiving large tax deductions. Some of these plans were structured in a way that has subsequently been deemed as an abusive tax shelter.
Via legislation enacted in October 2004, Congress changed the law to address these certain tax shelters which were considered abusive and required that these companies file with the Internal Revenue Service if they had these plans in place. Contributions to these plans were described by advisors as fully tax deductible and, it was claimed, large contributions could be sheltered, especially in the early years of the plan’s life, so a significant amount of income was sheltered, possibly forever, if rolled into annuities and similar financial products. It was actually sometimes claimed that money could be contributed, as well as withdrawn, tax free. Another outrageous claim was that the amount of tax deductions was unlimited.
Until recently, the IRS had instituted a moratorium on collecting these fines. However, the moratorium ended on June 1, 2010. Many companies and financial advisors were not aware that this was a cause for concern. However, according to experts, the author of this article included, employers are now receiving heavy scrutiny from the Federal Government, as the IRS has been aggressive in auditing these plans. The fines for failing to notify the agency about them are $200,000 annually for businesses and $100,000 annually for individuals, for every year of participation in whatever plan is in question.
The IRS increasingly is issuing penalty notifications to businesses, as well as to advisors who sold these plans to small businesses or who recommended plan participation, in addition to accountants who prepared and/or signed tax returns claiming deductions for participation in such a plan. Not surprisingly, the businesses affected by these fines often resort to litigation against the advisors who persuaded them to adopt these plans, or who sold them. The situation for the businesses is bad enough, and they sue to recover, among other things, the expenses of these penalties. But it could be even worse for the advisors involved, who face not only litigation but IRS penalties as well, and perhaps even having action taken against professional licenses.
Click here to View this Expert's CV
Tags: insurance, brokers, IRS, tax, planning
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