Macias Gini & O'Connell LLP

The first half of 2011 saw resurgence in the marketplace both in public equity market performance and a corresponding run-up in middle market M&A activity.

In the wake of the 2008 financial crisis, the subsequent bailout and the extended economic stagnation that has followed, the expectation was that risk management would be priority number one for Corporate America moving forward. However, one only needs to look at the recent $2 billion rogue trading scandal at UBS to realize that business still have a long ways to go to when it comes to managing risk.

Many taxpayers who were willing to pay income taxes on their retirement funds at 2010 rates (or under the special installment rules allowed) in exchange for tax-free future earnings converted their traditional individual retirement account (“IRA”) to a Roth IRA.

The Financial Accounting Standards Board (FASB) recently released a new standard to narrow the options that are available for reporting financial performance.

This affects United States taxpayers seeking to use the Offshore Voluntary Disclosure Initiative and certain other taxpayers.

Take advantage of business provisions that may sunset for good on Dec. 31, 2011

A new rule adopted by the Federal Deposit Insurance Corporation (“FDIC”) allows regulators to take back up to two years of pay from former and current top executives and directors whose financial institutions were liquidated by the government.

The tax laws enacted in the last couple of years contain important income tax and information reporting provisions that are effective for the first time in 2011.