California taxpayers should be aware of two major ballot propositions on California’s November 6th, 2012 ballot that are designed to raise taxes on both businesses and individuals. These ballot propositions are California Proposition 30 sponsored by Governor Jerry Brown and California Proposition 39 which is an initiated state statute. Note t [...]

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 IssueCongress stalled extending Section 181 – In 2004, Congress created the Section 181 Film Tax Incentive, which savvy film producers frequently combined with state incentives to attract investors to redu [...]

The newest idiom in the American political lexicon is the "fiscal cliff.” It is all but certain to become a catch-phrase for the next fiscal iceberg facing the supertanker known as the U.S. economy. The fiscal cliff refers to approximately $1.2 trillion in automatic spending cuts coupled with expiration of the Bush-era tax cuts and a payroll tax break. Absent an agree [...]

Seafood is one of the most popular foods in the United States and while the U.S. imports more than 84% of its seafood, only 2% is currently inspected by the FDA. Recent studies have shown that seafood may be mislabeled as often as 25% to 70% of the time for popular fish species.In fact in a recent article in the Los Angeles Times, Oceana, a nonprofit organization, con [...]

Whether you are an individual, company stakeholder or the beneficiary of a trust or estate with profit participation rights to movies and television shows, you may be at risk for underpayment or delayed payment of your participation profits by a studio or other distribution company.As you evaluate the need for an audit, you may want to consider risk factors related to [...]

The name of Eduardo Saverin recently appeared on the Federal Register list of U.S. citizens who have renounced their U.S. citizenship. Saverin who was born in Brazil and currently resides in Singapore is best known as a Facebook co-founder and a soon-to-be billionaire. The motivation for renouncing his citizenship was thought to be tax related since the planned Faceb [...]

Discussions regarding application of self-employment taxes to income passed through from S corporations have come and gone over the past few years. It appears that this issue is making a comeback. Income passed through from S corporations to their shareholders is not subject to self-employment tax even if these shareholders are actively engaged in the daily operation [...]

Welcome to the first issue of our 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 IssueAccounting Rule Changes Could Impact Your Bottom Line – As media technology evolves, companies are seeing changes in their revenue sources. Gone are the days of revenue coming exclu [...]

Companies take numerous precautions to prevent fraud in the work place. Proper internal controls, fair compensation and employee treatment, workplace perks, and appropriate monitoring all help deter fraud in the workplace. The tone and level of involvement from management is crucial. Clear and consistent communication between employees and management is critical to av [...]

On Monday, Apple announced that it is planning to pay a significant dividend to its shareholders for the first time since 1995. The dividend plan is being maneuvered through a maze of U.S. tax issues having to do with repatriating off-shore income. According to its latest regulatory filing, Apple is sitting on a cash hoard of nearly $98 billion. However, $64 billion o [...]