03/18/2010 - Warning: Trusts in Texas May Be Subject To Texas Franchise Tax!
The Texas franchise tax (also known as the “margin tax”) is so expansive that it can apply to private trusts administered in Texas.

03/16/2010 - The Storm Rages On: How Best to Obtain Texas Property Tax Reductions in a Turbulent Economic Climate
As we navigate the waters of these tough economic times, appraisal districts faced with massive city, school and county revenue losses caused by declining property values will most likely try to stem the tide by not voluntarily lowering taxpayers’ 2010 property values to their fair market values. Meanwhile, property owners struggle to reconcile the aftermath of declining occupancy rates, the bid/ask spread, and frozen financial markets with their property’s value as appraised by their local appraisal district.

02/24/2010 - Texas and Many Other States Will No Longer Automatically Respect the Form of Transactions Selected by Taxpayers for Sales Tax Purpose
Historically, a significant number of states had a general policy of respecting the form of a transaction chosen by a taxpayer and applied their sales tax laws based on that form of transaction. But several states, including Texas, that adopted and followed this policy are now undergoing a major shift to a new policy whereby they will determine the taxability of a transaction.

11/11/2009 - Special New Tax Election to Carry Back Net Operating Losses for up to 5 Years
On November 6, 2009, the Worker, Homeownership, and Business Assistance Act of 2009 (H.R. 3548) (the “Act”) was signed into law. The Act provides taxpayers (including corporate and non-corporate taxpayers) with a special election to carry back net operating loss (“NOL”) deductions for up to 5 years, rather than 2 years, as generally is permitted.

07/07/2009 - IRS Launches a Multi-Year Random Audit Program on Employment Tax Returns
Recently the IRS announced that it will begin conducting detailed, random employment tax audits of companies in November 2009. A representative with the IRS Small Business/Self-Employed (SBSE) Division stated that the government’s purpose during these audits will be to scrutinize employers’ treatment of workers as either employees or independent contractors, employers’ executive compensation policies, and certain other employment-related matters.

04/08/2009 - The Other End of the Firehose: The Treasury Giveth and the IRS Taketh Away
Presented as part of "Tax Issues in Large Case Chapter 11 Bankruptcies," ABA, April 8, 2009.

03/05/2009 - New York Fires Warning Shot at Hedge Funds Issuing Carried Interests
As the current economic downturn continues without signs of abating, many states are looking intently for new sources of revenue to meet their operating needs, and “carried interests” appear to be one of those sources moving onto the state tax chopping blocks. 

02/19/2009 - The Opportunities and Risks of the New Federal Stimulus Bill
On February 19th, Haynes and Boone hosted a teleconference examining the business opportunities and risks inherent in the American Recovery and Reinvestment Act of 2009 (commonly referred to as the Stimulus Bill). To learn more about how this important new legislation will impact you and your business, please contact your Haynes and Boone attorney. 

12/31/2008 - Ready to Rumble? (Or…How Best to Obtain Texas Property Tax Reductions for Your Business and Residence Due to Lower Property Values)
Irresistible force, meet immovable object. The irresistible force is the drop (extreme drop in many circumstances) in taxpayers’ property values during 2008. The immovable object is appraisal districts’ desire to maintain 2009 property tax values in order to avoid massive city, school and county revenue losses.

In anticipation of Texas appraisal districts not lowering voluntarily taxpayers’ 2009 property values to their fair market values, what follows is a brief toolkit to use in preparing for the good fight.

10/27/2008 - The Dark Side of the Internet: States Now Imposing Taxes on Businesses Regardless of Physical Presence
Does your company operate its business over the internet or make sales through its website? Do your customers or other businesses refer business to your website? Depending on the circumstances and the state, you might have inadvertently fallen into an ever-expanding trap of “nexus” with the states where your customers or the referring businesses are located.

10/01/2008 - Drilling Down the Texas Margin Tax: A Gusher or Dry Hole of Taxes for the Oil & Gas Industry?
Texas Tax Lawyer, October 2008, Vol. 36, No. 1, pp. 28-30, State Bar of Texas, Section of Taxation.
The oil and gas industry faces a new hurdle in navigating around the Texas franchise tax (also commonly referred to as the “margin tax”). Traditionally, investors and mineral operators were organized as limited partnerships to avoid the franchise tax. However, the new tax applies to virtually all entities, including limited partnerships and most trusts (other than certain grantor trusts). Although there has been a general alarm about the new tax, several provisions of the tax provide favorable treatment to oil and gas investors and operators and careful tax planning could result in substantial tax savings.

09/24/2008 - A State Government “Hammer” for Non-Paying Taxpayers
News alert that discusses the increase in state tax audits due to the current state revenue shortfalls. 

07/01/2008 - Hot Branding News, July 2008

11/07/2007 - Non-Profit Alert: Upcoming IRS 501 (c)(3) Workshops
The Internal Revenue Service will offer one-day workshops for small and mid-sized 501(c)(3) exempt organizations in 2007 and 2008. The workshops are designed for administrators, volunteers, and tax practitioners who are responsible for tax compliance. Registration is on a first-come, first-served basis (limited to 200 attendees per workshop), and the non-refundable cost is $45 (including a text and other IRS forms and publications).

02/01/2007 - FIN 48: Solving Tax Uncertainty with Accounting Uncertainty

11/27/2006 - New Foundation and Charity Rules
Major new charitable organization rules in a Pension Act? In this case, yes - the Pension Protection Act of 2006 (the “Act”), recently signed by President Bush, changes a number of Internal Revenue Code provisions governing charitable organizations and their donors. This Alert briefly describes four of the changes that may be of the most interest to our clients and other friends.