The first installment payment for the new San Francisco Gross Receipts Tax was due April 30, 2014. Many questions about the new tax remain. While the City has provided some relief from installment underpayment penalties, taxpayers need answers to these questions to accurately determine their tax liability.
On November 26, 2013, the San Francisco Board of Supervisors approved amendments to the San Francisco Business and Tax Regulations Code (“Code”), providing for penalty relief for delinquent Gross Receipts Tax (“GRT”) installment payments1, mandatory combined reporting for Payroll Expense Tax purposes, and the imposition of a new penalty for failure to file returns on a combined basis or failure to provide worldwide payroll or gross receipts information.
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Topics: CRTC, Franchise Tax Board, Gross Receipts Tax, Payroll Taxes, Penalties, Reporting Requirements, Tax Credits, Tax Penalties
Published In: General Business Updates, Labor & Employment Updates, Tax Updates
DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.
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