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" [...]

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 according to the Association of Certified Fraud Examiners, approximately 5 percent of the revenue of [...]

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 services were performed wholly in California.This tax alert contains information on the following:FactsRulingC [...]

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 services were performed wholly in California. Facts The taxpayer, an individual nonresident of California wa [...]

Our Tax Alert of Jan. 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 workers are subject to both social security and Medicare taxes. The Supreme Court, which sided with th [...]

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 workers are subject to both social security and Medicare taxes. The Supre [...]