Office vacancies have caused the values of Bay Area commercial real property to significantly decline in 2022. The value of real property that is used to determine the property tax assessment for the 2023-2024 fiscal year...more
In 1978, California voters passed Proposition 8, which amended the California Constitution to allow a temporary reduction in assessed value when the market value of a property has fallen below its factored base year value as...more
San Francisco voters will confront a number of tax measures on the November ballot. These measures are summarized below....more
On March 27, 2020, Congress approved and the President signed the Coronavirus Aid, Relief, and Economic Security Act (CARES Act, H.R. 748). In addition to the Families First Coronavirus Response Act (FFCRA) upon which we...more
4/3/2020
/ CARES Act ,
Coronavirus/COVID-19 ,
EFMLA ,
EPSLA ,
Families First Coronavirus Response Act (FFCRA) ,
Family and Medical Leave Act (FMLA) ,
Financial Stimulus ,
New Legislation ,
Paycheck Protection Program (PPP) ,
Relief Measures ,
SBA Lending Programs ,
Sick Leave ,
Sick Pay ,
Tax Credits ,
Trump Administration
[Updated March 20, 2020]
Individual Taxpayers. On March 20, 2020, Treasury Secretary Steven Mnuchin announced that, at the President’s direction, “we are moving Tax Day from April 15 to July 15.” While no formal notice has...more
The California Office of Tax Appeals (“OTA”) recently issued a decision finding that a nonresident sole proprietor, who performed all services outside of California but performed such services for California customers, was...more
As many in California already know, the State does not conform automatically to new Federal tax legislation, including the Tax Cuts and Jobs Act enacted on December 22, 2017 (“TCJA”). Instead, any conforming changes must be...more
In August 2018, the U.S. Department of the Treasury issued final Regulations concerning the qualifications, designation, authority, and resignation of the required Partnership Representative under the new Centralized...more
Commercial Rent Tax for Childcare -
Proposition C—the Commercial Rent Tax for Childcare and Early Education—is set to take effect January 1, 2019, and increase the Gross Receipts Tax ("GRT") on Commercial Rents. ...more
Internal Revenue Code (IRC) Section 1031 allows nonrecognition of gain or loss where property held for investment or for productive use in a trade or business is exchanged for like-kind property held for the same purpose. ...more
The February 15, 2017 deadline for nonprofit organizations in California seeking to initially obtain or renew exemption from property taxes is quickly approaching, and there are changes to the reporting requirements if your...more