Tax Alerts

April 27, 2017

President Trump’s Tax Plan Revealed

By | April 27, 2017|

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 [...]

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November 30, 2016

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

By | November 30, 2016|

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. [...]

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April 14, 2016

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

By | April 14, 2016|

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 [...]

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March 21, 2016

U.K. Tax Budget Released

By | March 21, 2016|

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 [...]

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December 23, 2015

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

By | December 23, 2015|

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 [...]

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

By | December 18, 2015|

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 [...]

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

By | December 4, 2015|

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 [...]

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

By | December 2, 2015|

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 [...]

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August 5, 2015

Surface Transportation and Veterans Health Care Choice Improvement Act of 2015

By | August 5, 2015|

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 [...]

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June 23, 2015

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

By | June 23, 2015|

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 [...]

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February 17, 2015

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

By | February 17, 2015|

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 [...]

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December 17, 2014

Congress Passes Tax Extender Package & ABLE Legislation for the Disabled

By | December 17, 2014|

  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 [...]

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October 22, 2014

Quarterly California Tax Legislative Update: July 2014 – September 2014

By | October 22, 2014|

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 [...]

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September 30, 2014

California Enacts Film and Television Tax Credit Expansion

By | September 30, 2014|

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 [...]

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

By | September 24, 2014|

  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 [...]

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July 18, 2014

Quarterly California Tax Legislation Update: April 2014 – June 2014

By | July 18, 2014|

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 [...]

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May 7, 2014

California Supreme Court Victory for Retailers on Excess Sales Tax Reimbursement

By | May 7, 2014|

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 [...]

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April 28, 2014

Quarterly California Tax Legislation Update: January 2014 – March 2014

By | April 28, 2014|

  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 [...]

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New York State Enacts Major Corporate Income/Franchise Tax Changes

By | April 4, 2014|

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 [...]

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California Ruling – Sourcing of Management Fees for California Nonresidents

By | April 1, 2014|

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 [...]

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March 26, 2014

F.I.C.A Refunds From Severance Payments

By | March 26, 2014|

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, [...]

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February 27, 2014

House Ways and Means Committee Releases Tax Reform Proposal

By | February 27, 2014|

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 [...]

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January 21, 2014

Quarterly California Tax Legislation Update: October 2013 – December 2013

By | January 21, 2014|

  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 [...]

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

By | January 16, 2014|

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 [...]

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

By | January 10, 2014|

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 [...]

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

By | January 8, 2014|

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. [...]

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October 11, 2013

Quarterly California Tax Legislation Update: July 2013 – September 2013

By | October 11, 2013|

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 [...]

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September 16, 2013

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

By | September 16, 2013|

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 [...]

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August 14, 2013

State & Local Tax Alert – August 2013

By | August 14, 2013|

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 be an [...]

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June 11, 2013

Quarterly California Tax Legislative Update: April 2013 – June 2013

By | June 11, 2013|

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 [...]

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May 1, 2013

Quarterly California Tax Legislation Update: January 2013 – March 2013

By | May 1, 2013|

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 [...]

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April 22, 2013

Proposed Tax Changes from the “Green Book”

By | April 22, 2013|

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 [...]

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February 1, 2013

Quarterly California Tax Legislation Update

By | February 1, 2013|

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 [...]

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January 2, 2013

American Taxpayer Relief Act

By | January 2, 2013|

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 [...]

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November 14, 2012

Post-election Tax Implications

By | November 14, 2012|

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. [...]

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October 12, 2012

2012 California Tax Ballot Measures

By | October 12, 2012|

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 [...]

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February 17, 2012

Proposed Tax Changes in the Green Book

By | February 17, 2012|

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 [...]

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December 29, 2011

Tax Alert: Payroll Tax Cut Extended through February 2012

By | December 29, 2011|

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 [...]

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November 15, 2011

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

By | November 15, 2011|

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 [...]

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October 3, 2011

Tax Alert: New IRS Voluntary Classification Settlement Program for Workers

By | October 3, 2011|

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 [...]

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August 11, 2011

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

By | August 11, 2011|

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 [...]

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May 25, 2011

California Sales Tax Implications for Prewritten Software

By | May 25, 2011|

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 [...]

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2010 IRS Audit Statistics

By | May 6, 2011|

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 [...]

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April 7, 2011

Congress Passes Bill to Repeal the Expanded Form 1099

By | April 7, 2011|

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 [...]

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February 8, 2011

Voluntary Disclosure Program for Foreign Accounts/Assets

By | February 8, 2011|

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 [...]

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December 17, 2010

Tax Relief Act of 2010

By | December 17, 2010|

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 [...]

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October 29, 2010

California Budget Act of 2010

By | October 29, 2010|

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 [...]

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September 24, 2010

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

By | September 24, 2010|

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 [...]

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April 30, 2010

Amendment to California State Assembly Bill 2640

By | April 30, 2010|

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 [...]

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March 19, 2010

President Signs Hiring Incentives to Restore Employment (HIRE) Act

By | March 19, 2010|

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 [...]

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Patient Protection & Affordable Care Act

By | March 10, 2010|

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 [...]

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February 25, 2010

California Treatment of Section 1031 Exchanges

By | February 25, 2010|

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.  

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FY 2011 Budget and Tax Proposals

By | February 8, 2010|

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 [...]

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January 6, 2010

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

By | January 6, 2010|

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 [...]

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