Monthly Archives: October 2010

LMSB becomes LB&I. The IRS announced on August 4, 2010, that the Large and Midsize Business (LMSB) Division will be renamed the Large Business and International (LB&I) Division to reflect a realignment undertaken to enhance international tax administration. [see This … Continue reading →

Dec. 31, 2010 is deadline to make Code Sec. 409A corrections without penalty. Dec. 31, 2010 is the last chance for nonqualified deferred compensation (NQDC) plans that don’t comply with Code Sec. 409A to qualify for penalty-free corrections under a … Continue reading →

CD Client News – SuccessFactors’ 1075 Percent, Five-Year Growth Earns Ranking as the Fastest Growing Public SaaS Company in North America. http://finance.yahoo.com/news/SuccessFactors-1075-Percent-prnews-3670558517.html?x=0&.v=1

International Tax Reform. Ways & Means Chair Levin stated his intention to bring to the House floor in the post-election lame-duck session a bill to crack down on tax avoidance by MNEs.

Feature of the Week—Schedule UTP (Part 2). Last week, we began a series of “Features” on Schedule UTP (Form 1120) (Uncertain Tax Position Statement). This week, we conclude with a look at the current definitions related to the Schedule (from … Continue reading →

Quarterly withholding returns required beginning first calendar quarter of 2011. L. 2010, S856, effective 10/19/2010, requires the filing of quarterly withholding returns. The quarterly return must include the total amount of wages, employer and employee contributions, and any other information … Continue reading →

Year-end planning: when C corporations should defer or accelerate income. As year end approaches, practitioners are scrambling to determine if individual clients should shift income and deductions between this year and next, a task made complicated by uncertainty over 2011 … Continue reading →

California Governor Signs 2010 Budget Trailer Bills. On October 19, 2010, California Governor Arnold Schwarzenegger signed several Budget Trailer Bills that implement the state’s Budget Act of 2010 (S870), including S858 that continues the suspension of the net operating loss … Continue reading →

On October 13, the President signed into law H.R. 946, the “Plain Writing Act of 2010.” This first-of-its-kind measure requires federal agencies, including IRS, beginning not later than Oct. 13, 2011 (one year after the enactment date) to use “plain … Continue reading →

Year-end tax planning: Who should try to reduce AGI for 2010? At this time there is a great deal of uncertainty over which income tax rates will apply for 2011. Unless Congress acts, under the EGTRRA sunset rules (see Weekly … Continue reading →