Monthly Archives: January 2011

The Worker, Homeownership, and Business Assistance Act of 2009, enacted Nov. 6, creates an opportunity for most businesses to elect to carry back either a 2008 or 2009 federal net operating loss for three, four, or five years. While it … Continue reading →

On Dec. 19, 2008, New Jersey repealed the sales ‘‘throwout’’ and ‘‘the regular place of business’’ provisions for privilege periods beginning on or after July 1, 2010. However, on a retroactive basis—and generally until July 1, 2010—all New Jersey taxpayers … Continue reading →

In 2009, private companies are required to adopt Financial Accounting Standards Board Interpretation No. 48 (FIN 48), Accounting for Uncertainty in Income Taxes. In this article, authors Douglas M. Sayuk, Matthew H. Fricke, and Shamen R. Dugger, of Clifton Douglas … Continue reading →

One of Warren Buffet’s most well-known aphorisms is that “[I]t’s not necessary to do extraordinary things to get extraordinary results.” This tenet is especially apropos with respect to 2009 year-end tax accounting wherein small adjustments could result in significant financial … Continue reading →

With the recent release of a draft ‘‘Schedule UTP,’’ the IRS continues its agenda to require disclosure of uncertain tax positions on federal corporate income tax forms. While the new schedule appears to exclude state-related uncertain tax positions, the question … Continue reading →