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.

10/01/2009 - Software Licenses: Permission vs. Forgiveness and the Law of Unintended Consequences
In a case that may prove to be as serendipitous for struggling software companies as anything else, the United States Court of Appeals for the Sixth Circuit wrote another chapter in the law of unintended consequences with its ruling in Cincom Systems, Inc. v. Novelis Corp. (published September 25, 2009 pursuant to Sixth Circuit Rule 206: File Name: 09a0346p.06).

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.

06/26/2009 - FURTHER UPDATE: IRS Extends FBAR Filing Deadline in Limited Circumstances
We recently alerted clients to the looming FBAR filing deadline of June 30, 2009. The IRS has now provided a limited extension of the deadline until September 23, 2009 FOR SOME—BUT NOT ALL—TAXPAYERS. 

06/24/2009 - Foreign Account Holders and Persons with Authority over Foreign Accounts – BEWARE! The June 30th U.S. Filing Deadline May Apply to You
Pursuant to the Bank Secrecy Act, certain U.S. persons are required to disclose information related to foreign financial accounts in which or over which they maintain an interest or some level of control. This information is disclosed by filing Form TD F 90-22.1, Report of Foreign Bank and Financial Accounts. (This Treasury Department form is commonly referred to as an “FBAR”). The FBAR, which reports a taxpayer’s foreign financial accounts held or controlled during the 2008 calendar year, must be filed by June 30, 2009 (no extension is available) with the U.S. Department of Treasury. The purpose of this Alert is to provide a summary of the scope of an FBAR (including the recent revisions to this form) to assist our clients in complying with the stringent reporting requirements and avoid the onerous penalties relating to the failure to timely file this form.

05/07/2009 - Weathering the Storm: Modifying Your Company’s Debt: Tax Trap or Treasure?
Debtors increasingly are requesting that their creditors modify the terms of their debts because of difficulty or inability to service their debts in accordance with the debts’ existing terms. Faced with the prospect of debtor defaults and having to foreclose on property securing their loans causing the accrual of financial losses, creditors, too, often have an incentive to restructure debt to maximize their returns.

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. 

02/25/2009 - Weathering the Storm: Purchasing a Company’s Own Debt - The Tax Consequences May Surprise You
Recently, we have been approached by a number of companies that have expressed an interest in purchasing their own outstanding debt that, in many cases, is trading at a significant discount. While a debt acquisition (redemption) transaction may save cash for a company, unless one of the statutory exceptions is applicable, this type of transaction generally will result in the company immediately recognizing ordinary income. The purpose of this Alert is to provide a summary of the material federal income tax consequences associated with a company’s purchase of its own debt.

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.

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. 

01/10/2008 - Health Law: 2007 Highlights and Reminders for 2008

Texas Tax Reform Analysis
A Haynes and Boone teleconference

Texas Tax Reform is Imminent, Including a Possible Substantial Rewrite

01/01/2003 - Schools, Fools and Tax Collector Tools
New Stuff and New Uses For Old Stuff When the Tax Reaper Swings His Scythe (2003 Texas CPA Tax Institute)