Cities such as Gurugram, Ghaziabad, Mumbai and Bengaluru are being targeted by Income Tax Department.Notices to taxpayers for the 2021-22 and 2022-23 ass

[Updated with video] “This inexcusable waste of taxpayers dollars lies squarely with Premier Burt and his colleagues,” OBA MP Craig Cannonier said following the government’s announcement that a “decision was made to pivot the Bermudiana Beach Resort to residential rental units.” The property, originally called Grand Atlantic, was built over a decade ago as a housing development, only […]

Investigation by Jeremy Portnoy originally published by RealClearInvestigations and RealClearWire Topline: Chicago spent over $384 million settling lawsuits alleging misconduct by police officers between 2019 and 2023, according to WTTW News Key facts: A federal court ordered Chicago in 2019 to change the way it trains and disciplines police officers after an investigation found that …

The Delaware Division of Revenue is warning the public of a new tax scam that’s happening in Delaware. Victims receive a letter from the “Tax Processing Unit” that threatens property seizure and wage garnishment unless the victim calls a toll-free number to “avoid enforcement.”

MONEY MATCH is One of Several Ongoing Initiatives to Increase the Return of Unclaimed Property to Owners The second week of September means it is time for back-to-school, pumpkin spice lattes, football, cool fall weather, and the State of Delaware’s annual MONEY MATCH check program. This week, the Delaware Office of Unclaimed Property will return […]

Half of the participants in the Taxing Times survey still find compliance with tax obligations difficult

This week, I’m rerunning some popular posts while we put the finishing touches on DCI’s new 2024-25 Economic Report on Pharmaceutical Wholesalers and Specialty Distributors.

Last week, the Federal Trade Commission (FTC) released the redacted version of administrative complaint against the three largest pharmacy benefit managers (PBMs). The FTC rightly calls out how the gross-to-net bubble can raise patients’ out-of-pocket costs, while also acknowledging how rebates can reduce a plan's (but not the patient’s) costs. Apparently, the FTC believes that PBMs’ customers are pretty dumb, because PBMs are able to prevent plans from “appreciating” such healthcare financing dynamics.

Section V.E. of the complaint (starting on page 23) focuses on the PBMs’ alleged unlawful conduct related to preferring high-list/high-rebate insulin products over versions with lower list prices. I thought it would therefore be fun to take the Wayback Machine to November 2021, when I wrote about this specific topic.

Below, you can review my commentary about the warped incentives behind Viatris’ dual-pricing strategy for its interchangeable biosimilar of Lantus. Much of the FTC’s description of the drug channel aligns with my commentary. But before you fist pump too hard for Ms. Khan’s FTC, you should pause to reflect on the agency’s legal theories in light of plans’ revealed preferences.

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The Food & Drug Administration (FDA) recently approved the first interchangeable biosimilar insulin product: the insulin glargine-yfgn injection from Viatris. Read the FDA’s press release.

Alas, I’m sad to report that the warped incentives baked into the U.S. drug channel will limit the impact of this impressive breakthrough.

Viatris is being forced to launch both a high-priced and a low-priced version of the biosimilar. However, only the high-list/high-rebate, branded version will be available on Express Scripts’ largest commercial formulary. Express Scripts will block both the branded reference product and the lower-priced, unbranded—but also interchangeable—version. Meanwhile, Prime Therapeutics will place both versions on its formularies, leaving the choice up to its plan sponsor clients.

Consequently, many commercial payers will adopt the more expensive product instead of the identical—but cheaper—version. As usual, patients will be the ultimate victims of our current drug pricing system.

Below, I explain the weird economics behind this decision, highlight the negative impact on patients, and speculate on what this all could mean for biosimilars’ future. Until plan sponsors break their addiction to rebates, today’s U.S. drug channel problems will remain.
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Value-based care contracting is especially difficult for behavioral health providers, Taft Parsons III, chief psychiatric officer at CVS Health/Aetna, pointed out during a conference this week.

The post CVS Health Exec: Payers Need to Stop Making Behavioral Health Providers Jump Through Hoops In Order to Participate in Value-Based Care appeared first on MedCity News.

Complete Tax Forms Fast, Easy, And Secure For Taxpayers And Accountants

The Income Tax Department has intensified scrutiny on dubious tax refund claims for the assessment years 2021-22 and 2022-23, issuing notices to multiple taxpayers across the country. ...

The Singaporean Government has announced it will amend provisions on transfer pricing adjustments in the draft Income Tax (Amendment) Bill 2021, which includes measures announced in the 2021 Budget, following a consultation.

HM Revenue and Customs has confirmed that UK businesses who wish to pay their deferred VAT liabilities in installments will be able to decide a payment schedule early next year.

In August 2022 this year, Central Board of Indirect Taxes & Custom (CBIC) issued a detailed clarification on reporting of information about reversal of ITC as well as ineligible ITC

Almost everyone Portfolio spoke to is hopeful of an increase in the tax exemption limit to at least ₹2 lakh

To complete this annual ritual by July 31, assessees have several options. It will help to keep abreast of the tweaks made every year

The transport company Optare is using the Government scheme despite owners - the Hinduja family - building a huge fortune. Pictured are the brothers Srichand and Gopi Hinduja.

Have you ever wondered who was paying to recycle that plastic bottle you just threw away?

There are few issues in education that raise as much political and ideological controversy as tuition fees for higher education.

Banks won't touch them they are so financially risky. So why does Obama want U.S. taxpayers to fund nuclear plants when there is a 50% chance they will fail?

This Most Recent Scam is the Newest in Line of IRS Scamming!

Jeffrey A. Rosen, the Deputy Attorney General of the United States, Richard E. Zuckerman, the Principal Deputy Assistant Attorney General of the Justice Department’s Tax Division, Geoffrey S. Berman, the United States Attorney for the Southern District of New York, and Don Fort, the Chief of the Internal Revenue Service, Criminal Investigation (IRS-CI), announced today the guilty plea of Bank Hapoalim (Switzerland) Ltd. and filing of criminal charges against Bank Hapoalim B.M. for conspiring with U.S. taxpayers and others to hide more than $7.6 billion in more than 5,500 secret Swiss and Israeli bank accounts and the income generated in these accounts from the Internal Revenue Service (the IRS).  BHS’s Chief Executive Officer appeared on behalf of the bank to enter the guilty plea before U.S. District Judge Mary Kay Vyskocil.

A south-east Queensland council with more than 700 memorabilia items the bulk of which is believed to have been bought with ratepayers' money is asking the community what should be done with the haul.

Government marketers are spending an increasing amount of money on bringing so-called influencers to Australia, but is it money well spent?

(California Court of Appeal) - Affirmed. The court found that Senate Bill No. 1107 directly conflicts with Political Reform Act of 1974 and does not further the purposes of the Act.

(California Court of Appeal) - In a reverse validation action under Code Civ. Proc. section 863 challenging the propriety of school districts' use of lease-leaseback agreements in contracting for construction or improvement of school facilities, the trial court's judgment sustaining defendants' demurrer is: 1) reversed in part as to the conflict of interest claim where plaintiff has stated a claim of conflict of interest against the construction company-defendant sufficient to withstand a demurrer; but 2) otherwise affirmed.

(California Court of Appeal) - Affirmed. The court found that Senate Bill No. 1107 directly conflicts with Political Reform Act of 1974 and does not further the purposes of the Act.

The Land Valuation Department is reminding all land taxpayers to complete and submit the survey forms received in the mail during the first two weeks of November 2019, with forms available for download for those who have no received them. A government spokesperson said, “The Land Valuation Department is reminding all land taxpayers to complete […] (Click to read the full article)

Eyewitness News has learned that the Berlin High School football recruiting scandal may have cost Berlin taxpayers tens of thousands of dollars. Continue reading →

Congress Sets Up Taxpayers to Eat $454 Billion of Wall Street’s Losses. Where Is the Outrage?

By Pam Martens and Russ Martens: May 7, 2020 ~ Beginning on March 24 of this year, Larry Kudlow, the White House Economic Advisor, began to roll out the most deviously designed bailout of Wall Street in the history of America. After the Federal Reserve’s secret $29 trillion bailout of Wall Street from 2007 to 2010, and the exposure of that by a government audit and in-depth report by the Levy Economics Institute in 2011, Kudlow was going to have to come up with a brilliant strategy to sell another multi-trillion-dollar Wall Street bailout to the American people. The scheme was brilliant (in an evil genius sort of way) and audacious in employing an Orwellian form of reverse-speak. The plan to bail out Wall Street would be sold to the American people as a rescue of “Main Street.” It was critical, however, that all of the officials speaking to the … Continue reading →

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California's stay-at-home order due to the coronavirus reduced vehicle collisions on roadways by roughly half, saving taxpayers an estimated $1 billion.

On 23 September 2019, we published an article headlined 'Labour's tax bombshell: Corbyn's benefits splurge plot would cost taxpayers £520 billion' the article focused on Labour's potential objective of introducing a universal basic income and its associated costs.

Carmel is spending too much taxpayer money building expensive roundabouts when simpler ones would be enough, a letter to the editor says.

The American Dental Association sent a letter to third-party payers urging that administrators of dental benefit plans adjust and adapt reimbursement procedures important to dentists and patients — including coverage for temporary procedures and adjusting fee schedules to account for cost of increasing infection control procedures ¬— in the midst of the “unprecedented and extraordinary circumstances dentists and their patients face” during the pandemic.

The ADA is urging third-party payers to alter their fees to account for the increasing cost of personal protective equipment that dentists are using to protect themselves, their staff and patients.

Economists have long known there are two reasons that people cheat on their taxes. One is that they are poor and need the extra cash so badly they are willing to risk getting caught. The other is that they are rich and have lots of "non-matchable" income -- mostly investment income not directly...

A petition is being circulated to get a $600,000 bridge replacement project near Millvale scrapped.

Interest in Section 12J has grown each year, with the current financial year being no different, says Jonty Sacks, a partner at Jaltech.

By the end of February, most taxpayers are looking for every opportunity to reduce their tax liabilities.

GSTN added that a taxpayer can now transfer the amount available in an electronic cash ledger from one major head to another major head, keeping the minor head the same.

The e-way bill generated on or before March 24 and expiring during the March 20-April 15 period would now be valid till May 31.

Ryan Fisher Vinyl & Carpet Showroom RA/94/2017 Thorntons plc and Clarions Solicitors Limited RA/80/2017 and RA/93/2017 The Upper Tribunal (Lands Chamber) has handed down two decisions recently which have highlighted the Tribunal’s pragmati...

The state accuses the ride-hailing apps of flouting a labor law by classifying drivers as independent contractors instead of employees.

Residents in the Adelaide Hills will cover the cost of an "unfortunate" planning error involving state soccer authorities which has led to construction of smaller pitches than intended in original plans.

Today’s post is the second in our three-part investigation of the ultimate impact of the coronavirus on the drug channel. Here is a link to the first part of our survey analysis: Coronavirus Industry Impact: Patients, Pharmacies, and Wholesalers (Part 1). That article includes details about the methodology and respondents.

Today, I review how people in the industry think coronavirus will affect:

• Federal drug pricing legislation

• FDA new drug approvals

• Public support for single-payer health insurance

• Third-party payment for prescription drugs

I also highlight survey respondents’ comments on whether the current situation will bring overseas pharmaceutical manufacturing back to the United States.

Tomorrow, I’ll examine survey responses that address how the coronavirus may affect the public’s perception of the industry’s participants. In the meantime, remember that every day is no pants day when you work from home.
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Marco Parenti Adami, Emanuel Agustino, Michele Bergantino and Roger Schaerer, bankers at an international bank, were indicted by a federal grand jury in the Eastern District of Virginia and charged with conspiring with other Swiss bankers to defraud the United States.

Martin Lack, a former UBS AG banker who is currently an independent asset manager, has been charged with conspiracy to defraud the United States.

A federal court in California has permanently barred Gwenn Wycoff and Frank Ozak from forming trusts for others.