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“Change in Ownership” Can Trigger Documentary Transfer Tax

926 North Ardmore Avenue, LLC v. County of Los Angeles, (9/22/14, B248536) - The California Court of Appeals has recently held that, as a general rule, the Documentary Transfer Tax (“DTT”) applies whenever there is a...more

9/26/2014 - Appeals Change in Ownership Local Ordinance Real Estate Transfers Transfer Taxes

Is Your Out-of-State LLC “Doing Business” in California?

Individuals and entities, including those from outside California, who invest in or do business through an out-of-state limited liability company (“LLC”) may be surprised to find out that they have filing obligations and tax...more

7/17/2014 - Corporate Counsel Filing Requirements Foreign Entities Limited Liability Companies Tax Liability

California Documentary Transfer Tax: Separate Unrecorded Statement of Tax No Longer Allowed After December 31, 2014

The California Documentary Transfer Tax Act requires the amount of documentary transfer tax due to be shown on the face of the document. However, if the party submitting the document for recordation requests, then the amount...more

6/12/2014 - Transfer Taxes

Severance Payments are Taxable under FICA

On Tuesday, March 25, 2014, the U.S. Supreme Court ruled in favor of the Internal Revenue Service in a dispute over the payroll tax treatment of certain types of severance compensation....more

3/31/2014 - FICA Taxes IRS Quality Stores SCOTUS Severance Agreements

California Tax Relief for Sellers of Qualified Small Business Stock

On Friday October 3, 2013, Governor Brown signed into law AB 1412, which provides full relief for individuals affected by the decision in Cutler v. Franchise Tax Board, where the California Court of Appeal held that the...more

10/9/2013 - Jerry Brown Qualified Small Business Stock Small Business Stocks

Final Section 336(e) Regulations Allow Step-Up in Asset Tax Basis in Certain Stock Acquisitions

Final regulations were issued last month under IRC Section 336(e). These regulations present beneficial planning opportunities in certain circumstances....more

6/18/2013 - Final Rules LLC S-Corporation Shareholders Stocks Tax Planning Voting Powers

California State Senate Passes Measure Providing Partial Relief From Cutler Decision (re: QSBS)

The California State Senate yesterday approved a measure providing relief (albeit only partial relief) to those taxpayers facing retroactive tax assessments by reason of the Cutler decision. In Cutler v. Franchise Tax Board...more

6/3/2013 - Cutler v Franchise Tax Board New Legislation Retroactive Taxes Tax Assessment

FTB issues Notice to Retroactively Deny "Qualified Small Business Stock" Tax Benefits. Amended Returns Should be Filed.

A California appellate court recently held as unconstitutional the California statutes extending the benefits of selling “qualified small business stock” (QSBS) to California taxpayers. In Cutler v. Franchise Tax Board (2012)...more

12/28/2012 - Commerce Clause Cutler v Franchise Tax Board Discrimination Franchise Tax Board Income Taxes Qualified Small Business Stock Retroactive Application Retroactive Taxes

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