SALT & Pepper

  • SEC Whistleblower Focus Has Been Busy To Date in 2016

    The SEC enacted a whistleblower program in 2011, similar to the Federal False Claims Act and the numerous state false claims acts. In like fashion, someone who voluntarily provides information to the SEC that leads to a successful prosecution may be awarded 10% - 30% of the enforcement funds collected in excess of $1 million. To date, the program has paid out more than $57 million to 26 whistleblowers.
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  • New York Court Has Sufficient Jurisdiction Over Foreign Bank Where Bank Purposefully Uses A Correspondent Bank Account in New York

    In a recent New York District Court decision inOfficial Comm. Of Unsecured Creditors of Arcapita Bank B.S.C. v. Bahr, Islamic Bank, 2016 U.S. Dist Lexis 42635 (S.D.N.Y. 2016), the court considered whether the use of a correspondent bank account provides a sufficient basis to exercise personal jurisdiction over a foreign bank. There, the Bahraini banks set the terms of investment placements and designated New York correspondent bank accounts to receiver the funds. The banks then actively directed the funds at issue into the New York accounts.
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  • South Dakota’s Sales Tax Nexus Fight is Just Getting Started

    We should all be well aware of South Dakota Senate Bill 106[CTL1] , which Governor Daugaard signed into law on March 22, 2016, that specifically challenges the longstanding bright line nexus rule affirmed inQuill. SB 106 provides that remote sellers must collect sales tax if their annual sales into the state exceed $100,000, or if the remote seller made sales to South Dakota residents by conducting at least two hundred separate transactions with South Dakota customers irrespective of any physical presence in the state. This sales tax nexus threshold is the most aggressive that any state has adopted to date.
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About HMB Law

Welcome to HMB's SALT & Pepper blog. As the title suggests, this blog tracks important and emerging issues, trends and developments that affect our clients not only in State and Local Tax (SALT) but also in other disciplines and industries. This blog is designed to be a helpful resource. We hope our readers will find it practical, insightful and valuable.


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