1) The Court also suggested that manifest disregard of the law may no longer be a viable basis on which to vacate an arbitration award, but fell short of actually making that a part of its holding.
In the ensuing three years, conflicts have arisen in the circuit courts regarding whether the manifest disregard standard survived Hall Street.
However, over the years, and even in Hall Street, the Supreme Court has not affirmatively stated whether manifest disregard is an independent, common law ground for vacatur, or simply a shorthand method of referring to the grounds enumerated in the FAA.
Increasing the war pensioner disregard
has been a priority of ours for a number of years," said council leader Coun Bob Symonds.
6662(a) imposes a 20% accuracy-related penalty for understatements due to negligence; disregard of rules or regulations; substantial understatement of income tax; substantial valuation misstatement; substantial overstatement of pension liabilities; or substantial understatement of gift or estate tax valuation.
Disregard of regulations or rules is defined by Regs.
They are intent on serving their own personal interests with complete disregard
for the public will.
Disregard of rules or regulations includes any careless, reckless or intentional disregard of the code, temporary or final regulations, revenue rulings or notices.
The penalty for negligence or disregard of rules or regulations is not imposed if the taxpayer adequately discloses his or her position on Form 8275 ("Disclosure Statement"), or Form 8275-R ("Regulation Disclosure Statement") for a "good faith" challenge to a regulation, and attaches it to the return or a qualified amended return.
Section 6694(b) imposes a $1,000 preparer penalty for each return reflecting an understatement of tax liability due to a preparer's willful attempt to understate the tax liability or intentional or reckless disregard of the rules or regulations.
The same rationale that requires the taxpayer to disregard
a 2-month period between loans in determining whether an obligation is outstanding at year-end may also be applied in determining whether an obligation is outstanding for more than one year for purposes of former Treas.
The SMLLC suffers from the same defect, including the risk that a liability shield may be pierced because the single owner disregards the entity's separate legal existence.
Not all of the states will disregard the entity for income tax purposes.
6662 imposes a 20% penalty on (1) substantial understatements of income tax and (2) underpayments attributable to negligence or disregard of rules or regulations.
The two accuracy-related provisions of greatest concern to most taxpayers are (1) the substantial understatement component and (2) the two-pronged component for negligence or disregard of the tax rules or regulations.