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 sourcing rules and to clarify the treatment of a corporate partner’s interest in a partnership for income/franchise tax purposes. Additionally, California [...]

During our 2nd Annual Food & Beverage Industry Forum in September 2013, the difficulties surrounding doing business in California were recurring themes in the panel discussion. The conversation prompted this issue’s topic where we will be discussing the high tax climate in California. Food and beverage owners and executives are looking for guidance on how to addre [...]

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 Form 990, as well as changes to Schedule A Public Support Test and Schedule B List of Contributors for tax years beginning in 2013. This tax alert contains information on [...]

The State of California has enacted a new law affective July 1st, 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. How much Sales or Use Tax is Exempt? – The partial exemption applies to the state sales and use tax rate portion which is cu [...]

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 tax alert contains information on the following:How much Sales or Use Tax is Exempt?Who is Eligible?Who is a Qualified Pur [...]

By: Richard Ruvelson 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. The United States Supreme Court is hearing arguments this month on the question of whether payments made by employers under a severance plan were subjec [...]

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.The United States Supreme Court is hearing arguments this month on the question of whether payments made by employers under a severance plan were subject to F.I.C.A. taxes as [...]

Yesterday, the Office of Management and Budget (OMB) released for public inspection the Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards. The intention of this 758 page document is to streamline Federal grants rules and procedures. The new requirements apply to continuing awards as of the start of the 2014/2015 fiscal year [...]

Nonprofit organizations inherently have less funding and resources to build a bulletproof internal control system. Therefore, the management team should look for less expensive ways to monitor the effectiveness of its control environment, especially now that more and more data resides and transfers through new technology. Words like “Cloud,” “Portals,” and “Smartphone [...]

With most of us looking forward to a day of over-indulgence with friends and family at the dinner table tomorrow, there are many who will be visiting community kitchens and missions for a donated meal, or sadly, even going hungry. On November 1, 2013, food stamp benefits were cut to more than 47 million Americans on the Supplemental Nutrition Assistance Program (SNAP) [...]