Monthly Archives: March 2011
March Tax Alert – Issue 2
What’s New: IRS Issues 382 Guidance for Pre-IPO Stock Valuations Potential Impact: Moderate. IRC § 382 provides specific limits on utilization of federal net operating losses (and state net operating losses where federal conformity exists) in the event of a … Continue reading
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March Tax Alert – Issue 1
What’s New: California Continues to Crack Down on Out-of-State Businesses with Stricter Nexus Requirements Potential Impact: Moderate. California-based companies can take some solace in the fact that the State is searching for additional tax revenues elsewhere. On the other hand, … Continue reading
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Clifton Douglas Published in Journal of Accountancy
Clifton Douglas Published in Journal of Accountancy San Jose, CA — February 28, 2011 — Clifton Douglas announced today its publication of its article “Act 2 for Business Tax Incentives” in the renowned Journal of Accountancy (March 2011 Issue). The … Continue reading
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L. 2011, S86, effective 03/24/2011, directs the Franchise Tax Board (FTB) to establish a Voluntary Compliance Initiative (VCI).
For those taxpayers that either utilized an abusive tax avoidance transaction or have unreported income from the use of an off-shore financial arrangement—by providing a 91 day amnesty period, running from August 1, 2011 through October 31, 2011; and requires … Continue reading
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Key tax accounting considerations of the Illinois corporate tax rate increase and NOL suspension.
On January 13, 2011, Illinois enacted legislation (S.B. 2505) that significantly increased the corporate income tax rates and suspended the net operating loss deduction. This legislation will affect the financial reporting of all enterprises with operations in Illinois. As a … Continue reading
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Treasury official pushes for comprehensive tax reform & dismisses calls for standalone repatriation tax holiday.
In a March 23rd blog post titled “Just the Facts: The Costs of a Repatriation Tax Holiday,” Treasury Assistant Secretary for Tax Policy Michael Mundaca questioned the efficacy of a repatriation tax holiday as a means of increasing U.S. investment … Continue reading
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Taxation of foreign-source income: current law and options for reform.
According to the U.S. Treasury Department, offshore tax deferral will cost the federal government approximately $213 billion over the next five years. This article explains offshore tax deferral and other mechanisms that corporations use to lower their domestic tax liabilities, … Continue reading
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New FAQs shed further light on filing Schedule UTP.
Click here for IRS’s “Frequently Asked Questions on Schedule UTP, released on March 23, 2011. IRS has issued a series of new FAQs explaining the new-for-2010 requirement for certain corporations to file Schedule UTP (Uncertain Tax Position Statement) with their … Continue reading
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Another Clifton Douglas Client Files For IPO.
San Jose, CA — March 23, 2011 — Clifton Douglas announced today that its client, Apache Design Solutions, Inc. (“Apache”), successfully filed an S-1 Registration with the Securities and Exchange Commission for an initial public offering of stock. Clifton Douglas … Continue reading
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Clifton Douglas Client Files For IPO
Another Clifton Douglas Client Files For IPO San Jose, CA — March 23, 2011 — Clifton Douglas announced today that its client, Apache Design Solutions, Inc. (“Apache”), successfully filed an S-1 Registration with the Securities and Exchange Commission for an … Continue reading
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