How the New City of San Francisco Stock Option Tax Legislation Affects You

On Friday, June 3, 2011, Mayor Ed Lee addressed San Francisco’s current policy on taxing gains on stock options by signing into legislation an ordinance granting a partial tax exclusion on stock options for private companies in San Francisco. San Francisco is the only jurisdiction in the state to impose a payroll tax on stock options.…

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2011 OVDI Program Q&A’s Updated by IRS; FBAR Deadline Reminder

On June 2, the IRS updated the Q&A’s describing the 2011 Offshore Voluntary Disclosure Initiative.  The initiative is discussed in more detail in our March 3rd blog post, but generally it is a program that allows taxpayers with undisclosed foreign income or assets to come into compliance for a penalty that is below that which…

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IRS Focusing Gift / Estate Tax Enforcement on California Property Tax Records

Last month, in court in the Eastern District of California, the IRS asked for permission to serve a “John Doe” summons on the California Board of Equalization to require California authorities to release California property tax records relating to transfers of property for little or no consideration.  If enforced, the summons would require the state…

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“Poison Pill” Plans Used to Preserve NOLs

In a recent Delaware Supreme Court case, Versata v. Selectica, (10/4/2010 Del. Sup. Ct.) 5 A.3d 586, the court approved Selectica’s use of a net operating loss (NOL) preservation plan. The plan essentially allowed Selectica to issue diluting shares to existing shareholders whenever a new shareholder attempted to obtain more than 4.99% of the shares…

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