Media Mentions
2006
David Fuller was quoted in the March 2006 issue of Corporate Counsel in an article about how businesses will have to more often publicly report when CEOs use the corporate jet for personal trips if the U.S. Securities and Exchange Commission adopts new rules on executive compensation. "Personal use of corporate jets has tripled over the past decade," according to a survey of proxy statements conducted last year by Mr. Fuller. "The rise can be partly attributed to 9/11," he said.
David R. Fuller, Aircraft Acquisition and Operation, Tax
David Fuller was quoted in the February 20 issue of National Law Journal in an article about how businesses will have to more often publicly report when CEOs use the corporate jet for personal trips if the U.S. Securities and Exchange Commission adopts new rules on executive compensation. Personal use of corporate jets has tripled over the past decade, according to a survey of proxy statements conducted last year by Mr. Fuller.
David R. Fuller, Aircraft Acquisition and Operation, Tax
2005
David Fuller was quoted in the article "IRS Focus on Executive Benefits Raises Governance Concerns" in the July 20 newsletter, Dow Jones Corporate Governance regarding powerful executives using corporate jets for personal reasons.
David R. Fuller, Employee Benefits & Pensions, Tax
David Fuller was quoted in the June 28 issue of the Financial Times in a column about business owners and executives using corporate jets for personal travel.
David R. Fuller, Aircraft Acquisition and Operation, Tax
David Fuller was quoted by Bloomberg on June 7 regarding executives' personal use of corporate jets and a new rule by the IRS that limits deductions for all costs of flying company jets when used even partially for personal reasons.
David R. Fuller, Aircraft Acquisition and Operation, Tax
2004
David Fuller was quoted in the December 27 issue of Business Week in regard to the IRS' recent decision that gift certificates given to employees to purchase the traditional holiday turkey are a cash equivalent and are now taxable to employees. As a result, many companies have begun to tax the employees or decided not to issue the gift certificates this holiday season.
David R. Fuller, Employee Benefits & Pensions, Fringe Benefits, Tax
Andrew Liazos and David Fuller were quoted in the September 2004 issue of Financial Executive International in regard to the IRS beginning to address "significant non-compliance by public companies with the tax law requirements applicable to executive compensation." "The agency has been developing audit guidelines for its examiners, but has not released a timetable for publication," commented Mr. Liazos. "We'd all love to see IRS guidelines, but they don't have any requirement to release them to the public, though they would release them to the agents for audits," Mr. Fuller said.
David R. Fuller, Andrew C. Liazos, Employee Benefits & Pensions, Executive Compensation, Non-Qualified Deferred Compensation, Tax
David Fuller was quoted in "Personal use of corporate jets flies on IRS radar," published in the Chicago Tribune on January 25. The article discusses the personal use of corporate jets by executives, including those of Hollinger International. David provided extensive tax background to the article's discussion regarding the valuation and income inclusion of the personal use of corporate jets by executives, including the IRS' increased scrutiny of such use as part of its executive compensation audit initiative. Referencing the IRS' increased scrutiny of the personal use of corporate jets, David commented, "We are already seeing it. We just finished an audit where the corporate jet was a big issue." Commenting on the role of corporate security and aircraft valuation issues, David warned that "It's a dangerous gamble" to fail to follow the IRS special valuation rules for security-related travel.
David R. Fuller, Aircraft Acquisition and Operation, Executive Compensation, Fringe Benefits, Tax
David Fuller was quoted on the front page of The Washington Post business section on January 20 in an article reporting on tax breaks for company aircraft. Mentioning MWE's recent seminar on owning and operating private aircraft for business owners, Mr. Fuller stated that considerable tax advantages are available for such aircraft. Although noting limitations exist, David explained that an S corporation shareholder who uses a plane for travel that produced $5,000 in personal taxable income might receive $100,000 in deductions as his or her share of the plane's cost, for a net deduction of $95,000. "It's a great benefit," commented Mr. Fuller
David R. Fuller, Aircraft Acquisition and Operation, Executive Compensation, Fringe Benefits, Private Client, Tax
2003
David Fuller and Andrew Liazos were quoted on the IRS executive compensation compliance initiative in the Los Angeles Times on December 30. Mr. Fuller noted that “the audits are active [and that] the IRS is asking corporate tax directors to give them the personal returns of their executives, officers and directors.” Mr. Liazos advised that companies take the time now to evaluate their level of audit readiness. Mr. Liazos, who was also quoted on this topic in the January issue of CFO Magazine, further noted that now is "the time to inventory exactly what you have and identify what your exposure is."
David R. Fuller, Andrew C. Liazos, Executive Compensation, Fringe Benefits, Tax
David Fuller was quoted in an Associated Press wire story on this subject commenting that although he first became aware of this audit effort in April he has seen it expand from its initial focus on fringe benefits and deferred compensation arrangements to several other types of compensation arrangements, “This beast is growing.” He continued by saying that an internal corporate compliance audit can protect companies from some aspects of an IRS audit but that will not protect executives whose personal returns are also being examined as part of this audit initiative. The wire story was printed in a number of newspapers around the country, including the Chicago Tribune, the Miami Herald and the San Francisco Chronicle.
David R. Fuller, Corporate Responsibility, Executive Compensation, Fringe Benefits, Tax
David Fuller was quoted in Business Week on December 12 in an article reporting on the IRS's audit initiative on compensation paid to corporate officers, executives and board members. The IRS recently said it intends to make executive pay part of every future corporate audit. “They are clearly sending a signal that they are no longer a kinder, gentler IRS. I don't see this blowing over,” Mr. Fuller commented.
David R. Fuller, Corporate Responsibility, Executive Compensation, Fringe Benefits, Tax
David Fuller was profiled in the November 28 issue of the Washington Business Journal. The two page spread, “Journal Profile: Paving the Way,” focused on Mr. Fuller’s efforts to start a project to help parents understand tax advantages and reduce the costs associated with adoptions. The article discussed how David's interest in this project was a result of going through the adoption process himself.
David R. Fuller, Executive Compensation, Fringe Benefits, Pro Bono, Tax
Comments by David R. Fuller were included in the article, "Fare Media Could Include Debit Cards" in the May 2003 edition of Employer's Guide to Fringe Benefit Rules. Mr. Fuller and Ms. Cook predict that debit card programs for transit use will change many employers' Qualified Transportation Fringe Benefit programs.
David R. Fuller, Executive Compensation, Fringe Benefits, Tax
David Fuller and Jerry E. Holmes were mentioned in the article "Controversy Persists Over 1-Percent Threshold" in the February 2003 edition of Employer's Guide to Fringe Benefit Rules. They speculate that the implementation of national debit card programs may require employers to "convert their cash reimbursement programs to these debit card transit passes" nationwide.
David R. Fuller, Jerry E. Holmes, Executive Compensation, Fringe Benefits, Tax
David Fuller and Jerry Holmes were mentioned in the closing article "Active Year Foreseen in Employee Benefits" in the January 2003 current developments, Complying with IRS Employee Benefits Rules. The article was based on a recent audio conference conducted by David, Janine and Jerry on fringe benefit hot topics.
David R. Fuller, Jerry E. Holmes, Executive Compensation, Fringe Benefits, Tax
2002
David R. Fuller was quoted in the June 26 issue of Tax Notes Today regarding the Treasury Department's decision to indefinitely impose a moratorium on the employment taxation of stock options. Mr. Fuller observed that the Treasury and the IRS have taken a practical approach to this decades-old dispute and that he supported the postponement commenting that, "Employers and their stock administration departments are breathing a collective sign of relief."
David R. Fuller, Executive Compensation, Fringe Benefits, Tax
David R. Fuller appeared at the Treasury regulation hearing on the payroll tax treatment of statutory stock options. The May 14 issue of Tax Notes Today, published an article in advance of that hearing in which Mr. Fuller was quoted extensively. "The IRS guidance has a broad and chilling effect on statutory stock options," observed Mr. Fuller, who has written on the subject, and was involved in the related Sun Microsystems litigation while at the IRS. Mr. Fuller has strenuously defended employer and employee rights to rely on the IRS' longstanding favorable treatment of the plans. Mr. Fuller also commented that there is a "significant administrative burden of tracking, withholding, depositing, and reporting on the exercises" and that the guidance "clearly does not go far enough to alleviating that burden."
David R. Fuller, Executive Compensation, Fringe Benefits, Tax
David Fuller was mentioned in the March 27 and March 28 issues of the Daily Tax Report, regarding their official comment letter to the proposed Treasury guidance on the payroll tax treatment of statutory stock options, including their concerns that the imposition of such taxes would cause significant economic and administrative burdens for employers and employees. Mr. Fuller and recommended that the Treasury Department continue to exempt employee exercises of statutory stock options or disqualifying dispositions of the acquired stock from payroll taxes until such time as Congress enacts legislation authorizing this tax treatment.
David R. Fuller, Executive Compensation, Fringe Benefits, Tax
2001
David R. Fuller was quoted in the November 14 issue of The Wall Street Journal. Mr. Fuller commented on the IRS' proposed regulations that would impose Social Security and Medicare taxes and unemployment taxes on the exercise of certain statutory stock options. The proposed regulations impose additional tax and administrative burdens on both employers and employees. "The IRS issues a turkey--just in time for Thanksgiving," states Mr. Fuller.
David R. Fuller, Executive Compensation, Fringe Benefits, Tax
David R. Fuller was quoted in the November 14 issue of The San Jose Mercury News regarding the IRS' proposed new rules to subject certain stock option plans to payroll taxes. The IRS' proposed rules require companies to withhold payroll taxes when workers buy stock through employee stock-purchase and incentive stock-option plans. But Mr. Fuller commented about the effect of these proposed rules, citing the example of one client with more than 75,000 workers that has shelved its plans to implement an ESPP while the tax issues are debated on Capitol Hill.
David R. Fuller, Executive Compensation, Fringe Benefits, Tax
David R. Fuller, in an extensive interview with the editor of Corporate Counsel Weekly, discussed the many ramifications of the IRS plans to subject statutory options to employment taxes. The question and answer format in the March 21 issue discussed various issues, including the history of the IRS position, the types of stock options impacted, the legal and practical effect of the proposed IRS position, and changes corporations should consider in their stock administration programs.
David R. Fuller, Executive Compensation, Fringe Benefits, Tax
