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. From a local perspective, the City of Los Angeles has implemented a tax amnesty program designed to give businesses the opportunity to come forward and pay existing liabilities without incurring substantial underpayment or late filing penalties.
This tax alert contains information on the following:
New Legislation Provides Clarification Related to the End of the California Enterprise Zone Credit
Enacted Legislation in Response to Cutler Decision Regarding QSBS Exclusions/Deferrals
New Reporting Requirements for Like-Kind Exchanges Involving In-State and Out-of-State Property
California Withholding Voluntary Compliance Program