Publications

Final Regulations and Additional Guidance on Section 199A Deduction

By | March 28, 2018|

As part of the Tax Cuts and Jobs Act (“TCJA”) enacted at the end of 2017, a new Internal Revenue Code Section 199A (“Section 199A”) was created to provide a 20 percent deduction for owners of pass-through entities (partnerships, S-Corporations, and sole proprietors) for taxable years beginning [...]

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Your Transition Tax Installments May Be Accelerated

By | March 28, 2018|

The U.S. Treasury released final Code Section 965 regulations on January 15, 2019, known as transition/repatriation tax, which clarify many unanswered questions and concerns. The clarifications are mixed with good and bad news. One of the clarifications, related to section 965(h) acceleration [...]

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Impact of California’s New Adoption of Economic Nexus Rules for Sales and use Tax in Wake of Wayfair Ruling

By | March 28, 2018|

The California Department of Tax and Fee Administration (CDTFA) announced recently in Special Notice L-565 that, beginning April 1, 2019, a retailer located outside of California is required to collect use tax if, during the preceding or current year: The retailer’s sales into California exceed [...]

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IRS releases Notice 2018-99: Interim Guidance to Determine Parking Expenses for Qualified Transportation Fringe

By | March 28, 2018|

The Internal Revenue Service has issued interim guidance for determining the parking fringe benefit expenses paid or incurred after Dec. 31, 2017. The new rules will help organizations determine the amount of parking expenses that are now subject to unrelated business taxable income (UBTI) for [...]

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2018 Food and Beverage Report | Food Innovation: The Push and the Pull of Consumer Demand

By | March 28, 2018|

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2018 Nonprofit Report | Board Governance: The Path to Nonprofit Success

By | March 28, 2018|

In Board Governance: The Path to Nonprofit Success, Green Hasson Janks takes a closer look at the nonprofit board’s responsibilities around governance, strategy, risk, advocacy and fundraising. Download Whitepaper

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Treasury Releases Proposed Regulations on Section 199A Deduction

By | March 28, 2018|

Background As part of the Tax Cuts and Jobs Act (“TCJA”) enacted at the end of 2017, a new Internal Revenue Code Section 199A (“Section 199A”) was created to provide a 20-percent deduction for owners of pass-through entities (partnerships, S-Corporations and sole proprietors) for taxable years [...]

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Treasury Releases Proposed Regulations on Bonus Depreciation

By | March 28, 2018|

Background On Dec. 22, 2017, the Tax Cuts and Jobs Act (“TCJA”), modified certain provisions of the Income Tax Code. One of the most significant changes was the ability to expense 100 percent of the cost of certain eligible property in the year it is placed in service. Detailed information on the [...]

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Supreme Court Rules on Online Retailers Collecting State Sales Tax

By | March 28, 2018|

On Thursday, June 21, the U.S. Supreme Court ruled that out-of-state (i.e., internet) retailers may be required to collect sales taxes in states where they have no physical presence. In the South Dakota v. Wayfair case, the ruling gives states the authority to impose sales tax against [...]

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Canada and Mexico Take Retaliatory Measures Against U.S. Imposition of Steel and Aluminum Tariffs

By | March 28, 2018|

On March 23, 2018, President Trump imposed additional duties of 25 percent for steel and 10 percent for aluminum goods but exempted Mexico and Canada from these tariffs. However, the U.S. announced on May 31, 2018 that it would suspend the exemptions on steel and aluminum goods granted [...]

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Tax Cuts and Jobs Act – Meals and Entertainment and Employee Fringe Benefits Update

By | March 28, 2018|

The changes to the meals and entertainment (“M&E”) and employee fringe benefits has been one of the most confusing and misunderstood areas under the new Tax Cuts and Jobs Act (“TCJA”). As more information becomes available about the TCJA, there appears to be some consensus as to what [...]

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Changes to Bonus Depreciation Under the Tax Cut and Jobs Act

By | March 28, 2018|

Bonus Depreciation Bonus depreciation is a method of accelerated depreciation, which allows a business to make an additional first-year deduction of the cost of qualifying property in the year it is placed in service. Qualified property must either: Have a regular depreciation life of [...]

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IRS Ends Offshore Voluntary Disclosure Program

By | March 28, 2018|

On March 13, 2018, the IRS announced that the 2014 Offshore Voluntary Disclosure Program (OVDP) is set to close on Sept. 28, 2018. It gives the U.S. taxpayers who did not disclose their foreign financial assets only six months to come forward. Background U.S. taxpayers who have ownership [...]

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Treatment of Qualified Improvement Property under the Tax Cuts and Jobs Act

By | March 28, 2018|

On Dec. 22, 2017, the President signed the Tax Cuts and Jobs Act (“TCJA”). This act changed many provisions of the Internal Revenue Code (“IRC” or “the Code”). Some notable modifications include changes to the treatment of Qualified Improvement Property (“QIP”). Qualified Improvement [...]

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Bipartisan Budget Act Analysis

By | March 28, 2018|

New Act Includes Disaster Tax Relief for Victims of California Wildfires On Friday, February 9, 2018, Congress passed and the President signed into law the Bipartisan Budget Act of 2018 (the Act), putting an end to the short-lived government shutdown. In addition to keeping the government [...]

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Final GOP Tax Analysis

By | March 28, 2018|

On Friday (December 15, 2017), the Joint Conference Committee bridged the differences between the House and Senate bills and unveiled the final version of the tax reform bill. Both the House and Senate plan to vote on the bill early this week and get it ready for [...]

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GOP Tax Plan Analysis

By | March 28, 2018|

In the early hours of Saturday (December 2, 2017) morning, the U.S. Senate passed the Tax Reform bill. While the overall framework of the Senate bill is similar to the House bill passed on November 16, 2017, there are certain differences. It is anticipated that the Senate [...]

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House Releases Proposed Tax Reform Bill

By | March 28, 2018|

The House of Representatives Ways and Means Committee released their plan to significantly rewrite the tax code. The Tax Cuts and Jobs Act contains a wide range of changes affecting individuals and businesses. While the bill still needs to pass both houses of Congress and is expected to [...]

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2017 Entertainment and Media Report | The Evolution of Profit Participations and Navigating Disruption in the Motion Picture and TV Industry

By | March 28, 2018|

Our 2017 Entertainment and Media Whitepaper, The Evolution of Profit Participations / Navigating Disruption in the Motion Picture and Television Industry, was released at our 2017 Entertainment and Media Forum. The paper is based on our 2017 Entertainment and Media Survey and interviews with [...]

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2017 Nonprofit Report | The Give and The Get: The Future of Philanthropy

By | March 28, 2018|

Our 2017 Nonprofit whitepaper, The Give and The Get: The Future of Philanthropy, was released at our 2017 Nonprofit conference on Sept. 14 at the Dorothy Chandler Pavilion. The paper is based on our 2017 Nonprofit Survey and interviews with west coast nonprofit leaders. Download Whitepaper

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2017 Food and Beverage Report | The Future of Food: Meeting Consumer Demands with Sustainable Resources

By | March 28, 2018|

Our 2017 Food and Beverage whitepaper, The Future of Food: Meeting Consumer Demands with Sustainable Resources, was released at our 2017 Food and Beverage Forum on Sept. 26 at Angel City Brewery. The paper is based on our 2017 Food and Beverage Survey and interviews with west coast Food and [...]

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President Trump’s Tax Plan Revealed

By | March 28, 2018|

On Wednesday, April 26, the White House issued President Donald Trump’s main goals and priorities for tax reform, including significant cuts of the corporate tax rates, moving to a territorial tax system and eliminating business tax breaks for special interests. The White [...]

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New Due Dates for Submitting Forms W-2 and 1099-MISC is Jan. 31

By | March 28, 2018|

Some of the many tax items that companies send out in the early part of each year are payroll forms: W-2, 1099-MISC and a few others. Under prior rules, employers and business had until Feb. 28 to submit the previous year W-2 to the Social Security Administration and [...]

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2016 Entertainment and Media Report | The Evolution of New Media: Making Money in a World Where Digital Streaming Rules

By | March 28, 2018|

Our 2016 Entertainment and Media Whitepaper, The Evolution of New Media: Making Money in a World Where Digital Streaming Rules, was released at our 2016 Entertainment and Media Forum on Oct. 18 at The Mark. The paper is based on our 2016 Entertainment and Media Survey and interviews with west [...]

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2016 Food and Beverage Report | Beyond Start-up: Whetting the Appetite for Growth

By | March 28, 2018|

Our 2016 Food and Beverage Whitepaper, Beyond Startup: Whetting the Appetite for Growth, was released at our 2016 Food and Beverage Forum on Sept. 29 at the Petersen Automotive Museum. The paper is based on our 2016 Food and Beverage Survey and interviews with west coast industry experts. [...]

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Requirement to Disclose Foreign Beneficial Owners of U.S. LLCs

By | March 28, 2018|

Perhaps in response to the increased discussions that U.S. is becoming a potential tax haven and the continued pursuit of transparency by the government, the Treasury announced on March 30 that it will be issuing proposed regulations to expand on Section 6038A. Certain [...]

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U.K. Tax Budget Released

By | March 28, 2018|

On March 16, 2016, U.K. Chancellor George Osborne presented the first Spring Budget of the U.K. Parliament with some significant changes that may affect U.S.-based companies with operations in the U.K. (as well as U.K.-based companies with operations in the U.S.) and [...]

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2016 Nonprofit Report | Risk: Opportunities and Challenges in a High Risk World

By | March 28, 2018|

Our 2016 Nonprofit Whitepaper, Nonprofit Risk: Opportunities and Challenges in a High-risk World, was released at our 2016 Nonprofit Conference on Sept. 15 at the Dorothy Chandler Pavilion. The paper is based on our 2016 Nonprofit Survey and interviews with west coast nonprofit leaders. Download [...]

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Protecting Americans from Tax Hikes (“PATH”) Act of 2015: International Tax Provisions

By | March 28, 2018|

On Dec.18, 2015, Congress passed and the President signed into law the PATH Act of 2015, which provides certain provisions with either permanent or temporary extensions. The domestic provisions of the PATH Act of 2015 were described in our last Tax Alert released on [...]

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Protecting Americans from Tax Hikes Act of 2015 (“PATH”)

By | March 28, 2018|

Congress is set to pass a bill containing extensions of many significant tax provisions, and the President is widely expected to sign PATH into law. Over the last several years, Congress had waited until year end or the beginning of the following year to extend many major [...]

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IRS Increases the De Minimis Safe Harbor Limit to $2,500

By | March 28, 2018|

Effective Jan. 1, 2016, a taxpayer that does not have an Applicable Financial Statement (“AFS”) can deduct the cost to acquire or produce a unit of property, up to $2,500 per invoice (or per item as substantiated by the invoice), rather than capitalizing the cost. The [...]

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Safe-Harbor Method for Restaurant and Retail Refresh/Remodeling Costs

By | March 28, 2018|

The Internal Revenue Service recently released a Revenue Procedure that could have significant benefits to businesses that operate retail establishments or restaurants. It can also benefit taxpayers who lease property to certain businesses. This benefit is in the form of a [...]

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2015 New Media Industry Trends | Consolidating Media to Meet Consumer Demands

By | March 28, 2018|

Our 2015 Entertainment and Media Whitepaper New Media Industry Trends: Consolidating to Meet Consumer Demands looked at trends in New Media distribution, advertising, and mergers and acquisitions (M&A) and how the industry is consolidating in order to achieve the scale necessary to offer the [...]

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2015 Food and Beverage Report | Women and Their Roles in the Industry

By | March 28, 2018|

Our 2015 Food and Beverage Whitepaper (Women in the Food and Beverage Industry: A Green Hasson Janks Report) is on the role of women both as leaders and as consumers in the industry and is based on our 2015 survey of West Coast food and beverage executives. The whitepaper was released at our 2015 [...]

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Surface Transportation and Veterans Health Care Choice Improvement Act of 2015

By | March 28, 2018|

On Friday, July 31, the Surface Transportation and Veterans Health Care Choice Improvement Act of 2015 (ACT) was signed into law. The Act, which was mainly intended as a temporary extension of the Highway Trust Fund, includes many important tax provisions. This Tax Alert [...]

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BE-10 Surveys Must Be Filed by June 30 for First-Time Filers

By | March 28, 2018|

In the interest of keeping you informed of developments in the international tax area, please note that the US Department of Commerce Bureau of Economic Analysis (“BEA”) is conducting a survey which is requiring every US Person (that has previously not filed) to file Form [...]

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IRS Provides Relief to Small Businesses from Filing Form 3115 Related to Tangible Property

By | March 28, 2018|

In our prior communication dated November 18, 2014, we informed you about the tangible property regulations issued by the IRS. The regulations explain when amounts paid to acquire, produce, or improve tangible property can be deducted and when they must be capitalized. [...]

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The 5 Top Emerging Licensing and Brand Promotion Growth Areas for the Entertainment Industry

By | March 28, 2018|

By Danny Simon and Ilan Haimoff Film and Television Brand Integration and Cross Promotion Opportunities With more and more subscribers and viewers skipping commercials on their DVR or similar technologies, advertisers are looking for new and creative ways to get their [...]

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Entertainment and Media Newsletter: Volume 4, Issue 1

By | March 28, 2018|

Welcome to the Entertainment and Media Newsletter, containing content related to the people, news and business issues we see in our day-to-day service to the industry. In this issue: Hollywood and Bollywood – A Closer Look There is a great amount of potential between the [...]

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Congress Passes Tax Extender Package: ABLE Legislation for the Disabled

By | March 28, 2018|

  Late Tuesday, December 16, the Senate passed the tax package, H.R. 5771. This legislation includes the “Tax Increase Prevention Act of 2014 (TIPA),” which extends over 50 currently expired “extender” provisions through 2014. This tax package also includes H.R. [...]

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Entertainment and Media Newsletter: Volume 3, Issue 4

By | March 28, 2018|

Welcome to the Entertainment and Media Newsletter, containing content related to the people, news and business issues we see in our day-to-day service to the industry. In this issue: The History of the Laugh Track Whether you love or hate the laughter you hear in your [...]

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Quarterly California Tax Legislative Update: July 2014 - September 2014

By | March 28, 2018|

The purpose of this Quarterly California Tax Legislative Update is to provide our clients and prospective clients with timely and meaningful updates that affect both their personal income and business taxes. The 3rd quarter of 2014 saw an expansion of the California [...]

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2014 Entertainment and Media Report | Key Trends in Television: Outlook and Opportunities

By | March 28, 2018|

The television industry is undergoing a radical transformation as networks are forced to rethink their traditional business models in an increasingly fragmented and digitized marketplace. Revolutionary technological advancements in content-delivery systems have fundamentally transformed the current [...]

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California Enacts Film and Television Tax Credit Expansion

By | March 28, 2018|

The California Film and Television Job Retention and Promotion Act was signed into law by Governor Jerry Brown on September 18, 2014. The new law significantly increases the amount of film and television tax credits and eligibility to participate in the film and television [...]

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California Announces 2nd Round of Applications for the California Competes Credit

By | March 28, 2018|

  The State of California recently announced three application periods for the California Competes Credit program for fiscal year 2014/2015. The State has allocated over $150 million to the program for fiscal year 2014/2015. This tax alert contains information on the [...]

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2014 Food and Beverage Report | Industry Snapshot

By | March 28, 2018|

The dynamic U.S. food and beverage industry is driven by constantly shifting consumer trends, increased competition and constant innovation. To remain competitive, it is important for companies to continually evaluate their business models and offerings. Executives are cautiously optimistic about [...]

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Entertainment and Media Newsletter: Volume 3, Issue 3

By | March 28, 2018|

Welcome to the Entertainment Newsletter, containing content related to the people, news and business issues we see in our day-to-day service to the industry. In this issue: The Impact of the New Revenue Recognition Standard on the Media and Entertainment Industry On May [...]

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Quarterly California Tax Legislation Update: April 2014 – June 2014

By | March 28, 2018|

The purpose of this Quarterly California Tax Legislative Update is to provide our clients and prospective clients with timely and meaningful updates that affect both their personal income and business taxes. The 2nd Quarter of 2014 saw California provide an update on [...]

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California Supreme Court Victory for Retailers on Excess Sales Tax Reimbursement

By | March 28, 2018|

On May 1, 2014, the California Supreme Court ruled 4-3 that state consumer protection laws do not provide recourse to customers on excess sales tax reimbursements. See Loeffler v. Target Corp., Cal. Sup. Ct. No S173972 (5/1/14). The issue at hand was whether customers [...]

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Quarterly California Tax Legislation Update: January 2014 - March 2014

By | March 28, 2018|

  The purpose of this Quarterly California Tax Legislative Update is to provide our clients and prospective clients with timely and meaningful updates that affect both their personal income and business taxes. The first quarter of 2014 was a relatively quiet [...]

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New York State Enacts Major Corporate Income/Franchise Tax Changes

By | March 28, 2018|

On March 31, 2014, New York State governor Andrew Cuomo signed into law major corporate tax changes that will affect taxpayers that have operations in New York as well as taxpayers that are doing business in the State. The changes are generally effective for tax years [...]

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Entertainment and Media Newsletter: Volume 3, Issue 2

By | March 28, 2018|

Welcome to the Entertainment Newsletter, containing content related to the people, news and business issues we see in our day-to-day service to the industry. In this issue: Watch for Those Red Flags! If you have an investment in an entertainment company, keep in mind that [...]

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California Ruling: Sourcing of Management Fees for California Nonresidents

By | March 28, 2018|

California recently issued Franchise Tax Board Chief Counsel Ruling 2013-04, which deals with the sourcing of management fees for nonresidents of California for services provided to a private equity fund (“PEF”) and to the fund’s portfolio investments where the [...]

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F.I.C.A Refunds From Severance Payments

By | March 28, 2018|

Our Tax Alert of January 8, 2014 discussed potential refund claims to recover F.I.C.A taxes paid on severance payments made to former employees. The United States Supreme court issued a unanimous opinion on March 24, 2014 in which it determined that payments to laid off [...]

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House Ways and Means Committee Releases Tax Reform Proposal

By | March 28, 2018|

On Tuesday, February 26, 2014, House Ways and Means Committee chairman Dave Camp released his long-awaited draft legislation on tax reform. The draft is a 979 page report titled “Tax Reform Act of 2014.” If enacted, the draft legislation would usher the single biggest [...]

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Risk Assessment Approach to Evaluating the Need for a Royalty Audit

By | March 28, 2018|

While royalty and profit participation agreements can provide tremendous income opportunities for many in the entertainment industry, ensuring they are administered fairly can be challenging. Those that license intellectual property must ensure that their property rights [...]

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Entertainment and Media Newsletter: Volume 3, Issue 1

By | March 28, 2018|

Welcome to the Entertainment Newsletter, containing content related to the people, news and business issues we see in our day-to-day service to the industry. In this issue: What Profit Participants Need to Know – Product Placement and Product Integration in Television [...]

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Quarterly California Tax Legislation Update: October 2013 - December 2013

By | March 28, 2018|

  The 4th Quarter of 2013 was a relatively quiet time in California from a tax legislative perspective. The Franchise Tax Board (“FTB”) held interested party meetings for potential amendments to its sales factor market sourcing rules and to clarify the treatment [...]

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Food Digest, January 2014: Taxing Thoughts: California’s Onerous Taxing Environment

By | March 28, 2018|

During our 2nd Annual Food & Beverage Industry Forum in September 2013, the difficulties surrounding doing business in California were recurring themes in the panel discussion. The conversation prompted this issue’s topic where we will be discussing the high tax [...]

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Auld Lang Syne: Form 990 Changes for Tax Years Beginning in 2013

By | March 28, 2018|

The beginning of the new calendar year provides us with an opportunity to both wish all of you a happy and healthy new year and to update you on changes to the Core Form of Form 990, as well as changes to Schedule A Public Support Test and Schedule B List of Contributors [...]

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California’s New Partial Sales Tax Exemption for Manufacturers and Certain Biotechnology Companies

By | March 28, 2018|

The State of California has enacted a new law effective July 1, 2014, allowing manufacturers and certain Research and Development (“R&D”) companies a partial sales/use tax exemption on certain manufacturing and R&D equipment purchases. This tax alert contains [...]

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Severance Wages May be Considered for F.I.C.A. Tax Refunds: The Quality Stores Court Case

By | March 28, 2018|

If your organization or entity made severance payments to former employees in 2010, it may be wise to file a claim for refund of F.I.C.A. taxes with the Internal Revenue Service by April 15, 2014. The United States Supreme Court is hearing arguments this month on the [...]

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Entertainment and Media Newsletter: Volume 2, Issue 3

By | March 28, 2018|

Welcome to the Entertainment Newsletter, containing content related to the people, news and business issues we see in our day-to-day service to the industry. In This Issue: California’s Withholding Tax Requirements Place an Extra Compliance Burden on the Entertainment [...]

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Quarterly California Tax Legislation Update: July 2013 - September 2013

By | March 28, 2018|

The 3rd Quarter of 2013 was time for California to clarify existing law in a number of different areas including the California Enterprise Zone credit, like-kind-exchange transactions and the treatment of gain or loss on the sale of qualified small business stock. [...]

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2013 Entertainment and Media Report | Independent Film and Television Industry Snapshot

By | March 28, 2018|

Independent production companies are no longer limited to making and distributing documentaries and art-house projects. Once considered renegades, many companies of this type are now well-established and well-respected industry players. While the characteristics of each independent production [...]

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2013 Food and Beverage Report | Outlook and Opportunities for Growth in the California

By | March 28, 2018|

In the extremely competitive food and beverage industry, companies are changing the way they do business. With a continuing sluggish economic climate, executives are revamping traditional sales models, focusing on innovation, packaging, and generating new products. Further, they are evaluating new [...]

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Social Media in the Food and Beverage Industry: September 2013

By | March 28, 2018|

Food and beverage executives are recognizing the significant impact that digital, social and mobile technologies have on business growth. Research shows that the industry’s top-performing companies have an active and integrated social media presence. In addition to [...]

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State and Local Tax Alert: Los Angeles Tax Amnesty Program Enacted September 2013

By | March 28, 2018|

The city of Los Angeles recently announced a tax amnesty program that will apply to various city taxes including: Business Tax Telephone, Electric & Gas Users Tax Commercial Tenant’s Occupancy Tax Transient Occupancy Tax Parking Occupancy Tax For more details [...]

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State and Local Tax Alert: August 2013

By | March 28, 2018|

Is your business or organization making payments/distributions in excess of $1,500 to nonresident independent contractors, shareholders or partners? If yes, then understanding the reporting requirements under California’s nonwage income tax withholding rules should [...]

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Entertainment and Media Newsletter: Volume 2, Issue 2

By | March 28, 2018|

The Green Hasson Janks Entertainment Newsletter contains content related to the people, news and business issues we see in our day-to-day service to the industry. In This Issue The Alan Ladd Case Motion picture distributors, or studios, often license motion pictures and [...]

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Quarterly California Tax Legislative Update: April 2013 - June 2013

By | March 28, 2018|

The purpose of this quarterly California Tax Legislative update is to provide our clients and prospective clients with timely and meaningful updates that affect both their personal income and business taxes. The 2nd Quarter of 2013 saw a proposed law change that [...]

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Quarterly California Tax Legislation Update: January 2013 – March 2013

By | March 28, 2018|

The purpose of this quarterly California Tax Legislative update is to provide our clients and prospective clients with timely and meaningful tax legislative updates that will affect both their personal and businesses taxes. While the First Quarter of 2013 was considerably [...]

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Proposed Tax Changes from the “Green Book”

By | March 28, 2018|

The United States Treasury recently released the so-called “Green Book,” which is the Administration’s Fiscal Year 2014 Revenue Proposals. The Green Book is the President’s wish-list of tax changes, and as usual, this year’s wish-list is a cornucopia of tax proposals – [...]

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Entertainment and Media Newsletter: Volume 2, Issue 1

By | March 28, 2018|

Welcome to the Entertainment Newsletter, containing content related to the people, news and business issues we see in our day-to-day service to the industry. In This Issue: Section 409A – An Important Tax Issue In response to the Enron crisis in the early 2000s, Congress [...]

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Food and Beverage Newsletter: February 2013

By | March 28, 2018|

Green Hasson Janks recently con­ducted a targeted survey of food in­dustry business owners and executives to explore topics such as business growth, pricing issues, new-business strategies and financial management. This year’s survey results show that owners are cautiously [...]

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Quarterly California Tax Legislation Update

By | March 28, 2018|

The Fourth Quarter of 2012 was a busy time in California from a tax legislative standpoint. California residents potentially saw a significant increase in their personal income taxes as a result of the passage of proposition 30. In addition, sales tax rates have increased [...]

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American Taxpayer Relief Act

By | March 28, 2018|

On January 1, 2013, the House of Representatives passed H.R.8, the American Taxpayer Relief Act (the Act). The President is expected to sign the legislation. The Act averts many of the tax hikes that were scheduled to go into effect on January 1st. It also retains certain [...]

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Entertainment and Media Newsletter: Volume 1, Issue 3

By | March 28, 2018|

Welcome to the Entertainment Newsletter, containing content related to the people, news and business issues we see in our day-to-day service to the industry. In This Issue Film production tax credit extended– On September 30, 2012 Governor Brown extended the tax credit for [...]

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Post-Election Tax Implications

By | March 28, 2018|

With the 2012 election behind us, we wanted to provide you with a brief overview of the likely changes immediately ahead of us and its implications for taxpayers from both a federal and California perspective. The election, which ultimately turned out to be a [...]

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2012 Food and Beverage Report | Outlook and Opportunities for Growth in the California

By | March 28, 2018|

The food and beverage industry is one that can thrive even in the face of a struggling economy. It is, however, important for business owners and executives to know how to navigate financial, market and operational challenges to ensure a strong revenue stream and long-term viability. While some [...]

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2012 California Tax Ballot Measures

By | March 28, 2018|

California taxpayers should be aware of two major ballot propositions on California’s November 6th, 2012 ballot that are designed to raise taxes on both businesses and individuals. These ballot propositions are California Proposition 30 sponsored by Governor Jerry Brown [...]

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Entertainment and Media Newsletter: Volume 1, Issue 2

By | March 28, 2018|

Welcome to the Entertainment Newsletter, containing content related to the people, news and business issues we see in our day-to-day service to the industry. In This Issue Congress stalled extending Section 181 – In 2004, Congress created the Section 181 Film Tax [...]

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Seafood Mislabeling: Taking the High Road

By | March 28, 2018|

Seafood is one of the most popular foods in the United States and while the U.S. imports more than 84% of its seafood, only 2% is currently inspected by the FDA. Recent studies have shown that seafood may be mislabeled as often as 25% to 70% of the time for popular [...]

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Red Flags to Help You Assess the Need for a Profit Participation Audit

By | March 28, 2018|

Whether you are an individual, company stakeholder or the beneficiary of a trust or estate with profit participation rights to movies and television shows, you may be at risk for underpayment or delayed payment of your participation profits by a studio or other [...]

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Entertainment and Media Newsletter: Volume 1, Issue 1

By | March 28, 2018|

Welcome to the first issue of our Entertainment Newsletter, containing content related to the people, news and business issues we see in our day-to-day service to the industry. In This Issue Accounting Rule Changes Could Impact Your Bottom Line – As media technology [...]

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Forensic Accounting Newsletter: How to Detect and Prevent Fraud in the Workplace

By | March 28, 2018|

Companies take numerous precautions to prevent fraud in the work place. Proper internal controls, fair compensation and employee treatment, workplace perks, and appropriate monitoring all help deter fraud in the workplace. The tone and level of involvement from management [...]

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Proposed Tax Changes in the Green Book

By | March 28, 2018|

On February 13th the United States Treasury released its Green Book which is the Treasury’s explanations of the Administration’s Fiscal Year 2013 revenue proposals. There are many proposed tax changes, which are significant. These are the Administration’s proposals and [...]

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A Quick Glance at Tax Savings Ideas for the Food Industry

By | March 28, 2018|

It is that time of the year where discussions are often focused on seeking ways to save money on taxes. The U.S. currently has the distinction of being the country with the highest corporate income tax rate in the industrialized world. While tax reform and reduction in the [...]

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Tax Alert: Payroll Tax Cut Extended through February 2012

By | March 28, 2018|

On December 23, Congress passed H.R. 3765, the “Temporary Payroll Tax Cut Continuation Act of 2011” (“Bill”). The Bill was signed into law shortly thereafter. The Bill provides for a two month extension of the payroll tax cut which was already in place for 2011 and a [...]

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Breaking into the Hispanic Food Marketplace

By | March 28, 2018|

The Hispanic marketplace has become the most important U.S. demographic growth driver in the food, beverage and restaurant sectors, according to data from Hispanic market research firm Latinum Network. Demographic trends indicate Hispanics should continue to be a dominant [...]

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SB 459 Imposes Penalties for “Willful” Misclassification of Employees as Independent Contractors

By | March 28, 2018|

On October 9, 2011, California Governor Jerry Brown signed Senate Bill 459 (“Bill”) into law. The Bill imposes significant penalties against employers if they are found to have been involved in “willful” misclassification of employees as independent contractors. The Bill [...]

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Impact of Lease Accounting on Corporate Real Estate

By | March 28, 2018|

The commercial real estate industry is no stranger to big accounting changes – all we have to do is look at how fair value accounting impacted the industry. However the impending update to lease accounting has a potential impact beyond obvious accounting. The best way to [...]

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Tax Alert: New IRS Voluntary Classification Settlement Program for Workers

By | March 28, 2018|

New IRS Voluntary Classification Settlement Program for Workers Misclassified as Independent Contractors For years, the issue of classifying workers as independent contractors or employees has been an area of significant scrutiny by the IRS. At its core, the determination [...]

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Tax Treatment of Success-based Fees Incurred In an Acquisition or Reorganization

By | March 28, 2018|

Transactions often involve payment of fees by the acquiror or by the selling target. Traditionally the IRS has viewed such fees, referred to as “success-based fee”, as costs that produce significant long-term benefits, and therefore required to be capitalized. Taxpayers [...]

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Find Your Next Business Improvement Idea: From a CPA

By | March 28, 2018|

There are basic business principles we all recognize. Cash is king. Buy low, sell high. But as simple as these concepts sound, we also recognize how difficult they can be to execute. A CPA has the unique perspective of seeing the company from all angles and at a deep [...]

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California Sales Tax Implications for Prewritten Software

By | March 28, 2018|

On April 27, 2011, the California Supreme Court declined to review the Court of Appeal’s decision in Nortel Networks, Inc. v. State Board of Equalization. This precedential decision may have far reaching implications on the taxation of pre-written software, or “canned [...]

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2010 IRS Audit Statistics

By | March 28, 2018|

We are frequently asked a simple question, “what are my chances of being audited?” While there is never a precise answer to this question, the IRS annually releases information about the audits that have been conducted in the previous year which provides a measuring stick. [...]

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Congress Passes Bill to Repeal the Expanded Form 1099

By | March 28, 2018|

On April 5, 2011, the U.S. Senate voted to repeal the controversial information reporting requirements that were enacted as part of the package of last year’s Health Care Reform and Small Business Tax Incentives. The bill was previously approved by the House on March 3, [...]

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Looking Beyond the Numbers

By | March 28, 2018|

What food executives look for in today’s CPAs Think back to the days when you might visit a CPA only to find him sitting in the corner of his office, wearing green eye shades, hovering over a stack of documents trying to make heads or tails of a client’s financial [...]

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Voluntary Disclosure Program for Foreign Accounts/Assets

By | March 28, 2018|

A new voluntary disclosure program, the 2011 Offshore Voluntary Disclosure Initiative was announced February 8th by the Internal Revenue Service (“IRS”) to encourage taxpayers with undisclosed offshore accounts/assets to disclose and report such information to the IRS. The [...]

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Tax Relief Act of 2010

By | March 28, 2018|

After much Congressional deliberation, The Tax Relief Act of 2010 (the “Act”) been passed by the House just before midnight on December 16, 2010 and is expected to be signed into law by the President imminently. This significant piece of tax legislation temporarily extends [...]

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California Budget Act of 2010

By | March 28, 2018|

On October 8, 2010, the California budget impasse finally ended when Governor Arnold Schwarzenegger signed the California budget into law. In conjunction with the passage of the budget, a trailer bill, Senate Bill 858, was subsequently enacted into law on October 19, [...]

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House Passes H.R. 5297, the Small Business Jobs Act of 2010

By | March 28, 2018|

The House passed H.R. 5297, the Small Business Jobs Act of 2010 (the “Act”) on September 23. The measure had been previously passed by the Senate and is expected to be signed into law on September 27, 2010 by the President. The Act includes a number of important tax [...]

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Addressing the Accounting, Tax and Business Needs of Food Executives: August 2010

By | March 28, 2018|

In this issue, we address price sensitive consumers, obtaining capital in a tough economy, and implications of the Patient Protection and Affordable Care Act (PPACA). Download Newsletter

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What Lenders Should Know About the Management Letter

By | March 28, 2018|

Written by Ilan Haimoff, principal in our Internal Controls Consulting team, this publication offers a brief description of the management letter and ideas for how lenders and investors might use the management letter as part of their risk assessment. Download Newsletter [...]

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Amendment to California State Assembly Bill 2640

By | March 28, 2018|

This alert is an update on the development of California State Assembly Bill 2640 (“AB 2640”) relating to Section 1031 Exchanges. Section 1031 Exchanges allow taxpayers to defer recognition of gain or loss from exchanges of like-kind property. Additionally, AB 2640 also [...]

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President Signs Hiring Incentives to Restore Employment (HIRE) Act

By | March 28, 2018|

On March 18 2010, the President signed legislation (H.R. 2847) into law that creates temporary tax incentives for hiring unemployed workers, retaining workers, extends the increased small business expensing limits under Section 179, and increases Foreign Account [...]

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Patient Protection: Affordable Care Act

By | March 28, 2018|

On March 23 2010, the President signed The Patient Protection and Affordable Care Act (Act). The new law is slated to raise taxes on individuals, businesses, high cost group health plans, along with new fees on selected health care industries by nearly $400 billion [...]

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Addressing the Accounting, Tax and Business Needs of Food Executives: March 2010

By | March 28, 2018|

In this issue, guest author David Orr, Senior VP and Regional Manager with Manufacturers Bank addresses ways of finding and keeping your financing sources in a difficult economy.   Download Newsletter

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California Treatment of Section 1031 Exchanges

By | March 28, 2018|

During the February 19 2010 meeting, California State Assembly made a proposal in Assembly Bill 2640 (“AB 2640”). This tax alert highlights the proposed provisions.   Click here to learn more

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FY 2011 Budget and Tax Proposals

By | March 28, 2018|

As a result of changes made by the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA), the Estate tax and the Generation Skipping Transfer (GST) tax was repealed for estates of decedents who pass away in 2010. EGTRRA also provided for a modified carryover [...]

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Updates on Estate Tax and Generation Shipping Transfer (GTS) Tax

By | March 28, 2018|

As a result of changes made by the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA), the Estate tax and the Generation Skipping Transfer (GST) tax was repealed for estates of decedents who pass away in 2010. EGTRRA also provided for a modified carryover [...]

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Addressing the Accounting, Tax and Business Needs of Food Executives: November 2009

By | March 28, 2018|

In this issue, Don Snyder addresses ways of minimizing fraud in the workplace. Download Newsletter

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Addressing the Accounting, Tax and Business Needs of Food Executives: June 2009

By | March 28, 2018|

In this issue, four prominent food distribution executives discuss cost cutting measures in their business.   Download Newsletter

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