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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 IndustryOn May 28, 2014, the International Accounting Standards Board (IASB) and the Financial Accounting Standards B [...]
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 potential legislation that would change the definition of an ownership change for real property tax [...]
As many of you know, I serve on the Board of the Downtown Women’s Center, a wonderful organization committed to ending homelessness for women. At a Board meeting earlier this month, our CEO, Lisa Watson, shared some of the nonprofit trends she has been observing. One trend she noted was that the government is looking at Social Impact Investment and Social Impact Bonds [...]
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 could challenge sales tax determinations made by a retailer in Court based on state consumer protecti [...]
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 could challenge sales tax determinations made by a retailer in Court based on state consumer protecti [...]
The first quarter of 2014 was a relatively quiet time in California from a tax legislative perspective. The Franchise Tax Board ("FTB") upheld its position that pretty much all income in California should be treated as apportionable business income based on a Superior Court ruling that a merger termination fee is apportionable business income in California. The State [...]
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 time in California from a tax legislative perspective. The Franchise Tax Board (FTB) upheld its position that pret [...]
Nonprofit Finance Fund (NFF) released the results of its 2014 State of the Nonprofit Sector Survey last week, and the findings are not surprising: The economic recovery is leaving behind many nonprofits and communities in need: 80% of respondents reported an increase in demand for services, the 6th straight year of increased demand. 56% were unable to meet demand i [...]
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 beginning on or after Jan. 1, 2015, unless noted in this tax alert.This tax alert summarizes each of [...]
Fraud not only hurts a nonprofit organization financially, it hurts the people it serves and the community that supports it. Due to the negative publicity that can result, it is often kept quiet. But management and Boards of nonprofit organizations need to be aware of the risks and ensure appropriate internal controls are in place. Setting the right "tone at the top" [...]
