Senate Bill 711 (S.B. 711) would update California’s conformity date to the Internal Revenue Code (IRC) from January 1, 2015, to January 1, 2025. If enacted, this change would apply to taxable years beginning on or after...more
The California Office of Tax Appeals (OTA) held a California resident was not entitled to claim an other state tax credit (OSTC) for taxes paid to Massachusetts because gain from the sale of an LLC membership interest was...more
Following the IRS’s announcement of tax relief for 41 California counties* affected by severe winter storms, the California Franchise Tax Board (FTB) and California Department of Tax and Fee Administration (CDTFA) announced...more
In the Appeal of Sheward, 2022-OTA-228P (May 25, 2022), the California Office of Tax Appeals (OTA) held the California Franchise Tax Board (FTB) failed to follow its own market-based sourcing apportionment regulation by...more
This week, Governor Newsom vetoed Senate Bill 792 (Glazer), which would have required large online retailers to include with their sales tax returns an additional schedule that reports gross receipts based on the “ship to” or...more
California’s Court of Appeal held a local sales tax ordinance (Measure K) was a general tax, not a special tax, and therefore its adoption did not require a two-thirds vote (supermajority) under California’s Constitution. A...more
Forty-four states plus the District of Columbia impose an income tax on corporations. In response to the COVID-19 pandemic, 36 of those 45 jurisdictions have established income tax relief to corporate taxpayers in the form of...more
UPDATE: On Friday morning, March 20, Treasury Secretary Mnuchin tweeted: “At [President Trump’s] direction, we are moving Tax Day from April 15 to July 15. All taxpayers and businesses will have this additional time to file...more
3/20/2020
/ Coronavirus/COVID-19 ,
Federal Taxes ,
Filing Deadlines ,
Franchise Tax Board ,
Income Taxes ,
IRS ,
State Taxes ,
Tax Deferral ,
Tax Relief ,
Tax Returns ,
U.S. Treasury
There were two competing bills regarding tax sharing agreements (TSAs) this legislative session: SB 531 and SB 485. The former would have barred all TSAs at the local level as of January 1, 2020. ...more