Category Archives: Tax Alerts

What’s New: Texas Establishes Two Month Amnesty Program for Most State and Local Taxes Potential Impact: Moderate. Moderate. Texas recently announced its “Project Fresh Start,” which is a tax amnesty program (“Program”) established by the Texas Comptroller of Public Accounts. … Continue reading →

What’s New: Extension of Popular Federal Incentives Omitted From Last Serious Pre-Election Legislation Potential Impact: High. HR 3630, the Temporary Payroll Tax Cut Continuation Act of 2011, was passed by Congress on February 17, 2012 and is expected to be … Continue reading →

What’s New: Proposed Regulations Relax FATCA Requirements Potential Impact: Moderate. The Foreign Account Tax Compliance Act (“FATCA”) was originally enacted during 2010 as a fiscal offset to the “HIRE Act’s” job creation measures. FATCA’s objective is to combat offshore tax … Continue reading →

What’s New: Deadline to File Another New Tax Form is Rapidly Approaching – Due January 17, 2012 Potential Impact: Moderate. Corporations (among other entities) are now required to file IRS Form 8937, Report of Organizational Actions Affecting Basis of Securities, … Continue reading →

What’s New: IRS Guidance Supports Opportunity to Adjust Closed Year NOL for Open Year Utilization Potential Impact: Moderate. The IRS recently released a Technical Advice Memorandum (CCA 201151021) that, although not citable precedent, provides some support for taxpayers to adjust … Continue reading →

What’s New: Ringing in 2012 with Higher Corporate Taxes Potential Impact: High. As we start the New Year on a relatively positive economic note, our optimism is marred somewhat by the uncertainty looming in the tax world. Such uncertainty includes … Continue reading →

Clifton Douglas Client Has Successful IPO San Jose, CA — November 9, 2011 — Clifton Douglas announced today that its client, Imperva Inc., successfully completed an initial public offering of stock. Clifton Douglas acted as Imperva’s tax services provider throughout … Continue reading →

What’s New: November 1 Deadline Approaching for FBAR Filing Potential Impact: Moderate. A federal Form TD F 90-22.1, Report of Foreign Bank and Financial Accounts (FBAR), must be filed by each U.S. person who has 1) a financial interest in … Continue reading →

What’s New: IRS Launches Voluntary Compliance Program for Workers Misclassified as Independent Contractors Potential Impact: Moderate. Previously, companies that misclassified workers as independent contractors instead of employees could find only limited relief under the IRS’ Worker Classification Settlement Program (CSP). … Continue reading →

What’s New: IRS Gives Retroactive Liberalized Treatment of Success-Based Fees Potential Impact: High.In our “April Tax Alert – Issue 1” we highlighted the IRS’ release of Revenue Procedure 2011-29, which created a safe harbor election allowing taxpayers to allocate 70% … Continue reading →