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Posts tagged "business tax"

Opening a Cannabis Business in California? Learn Your Compliance Requirements!

The California Secretary of State recently launched a new online portal, cannabizfile, for those interested in establishing a cannabis-related business. You will find information on topics including registering your business, trademark, or service mark; searching for business records; licensing; and registering and paying taxes with various state agencies.

Partnerships and Pass-Through Entities to Come Under Greater IRS Scrutiny

The IRS Large Business and International division (LB&I) is rolling out a series of campaigns focused on specific compliance issues. The division analyzed extensive data as well as suggestions from IRS compliance employees and the tax community to improve large business compliance activities.

Micro-Captive Insurance Transactions to Come Under IRS Scrutiny

The IRS Large Business and International division (LB&I) is rolling out a series of campaigns focused on specific compliance issues. The division analyzed extensive data as well as suggestions from IRS compliance employees and the tax community to improve large business compliance activities.

IRS Offering Webinars on Year-End Employment Topics

The Internal Revenue Service (IRS) and Social Security Administration are teaming up in November and December to present webinars for employers and tax professionals on topics most relevant to the year's end, including data protection, identity theft, online business services, and filing Forms W-2.

California Shareholder in Prison for Filing False Returns

On October 6, 2017, Shiv D. Kumar, the sole shareholder of a California transportation company that serves disabled individuals, was sentenced to 30 months in prison for filing false corporate returns. The Department of Justice found that Kumar provided his accountant with false books and records, leading to the underreporting of the business' income to the IRS by over $2 million per year in 2009 and 2010.

President Trump Proposes Federal Tax Reforms

President Trump and several key members of Congress have released their proposal for federal tax reform. Their main goals are to simplify the tax code, lower tax rates, increase the competitiveness of American businesses in the international arena, and repatriate dollars currently held in offshore accounts.

Could Physical Presence Make a Comeback for Sales and Use Tax?

If Congressman Jim Sensenbrenner (R-WI) and House Judiciary Chairman Bob Goolatte (R-VA) get their way, it will. On June 12, 2016, Sensenbrenner and Goolatte introduced the "No Regulation Without Representation Act of 2017" which would expand the "physical presence" requirement of a similar 2016 House Bill (H.R. 5893) to all taxes and to all regulations in general.

A New Solution to an Old California Business Problem

We experienced an original success this month, trying a new approach to a very old problem. Businesses that register with the California Office of the Secretary of State (SOS) must, among other things, file annual income tax returns with the California Franchise Tax Board (FTB) and pay either the appropriate amount of income tax due based on the business' California net income, or pay a minimum $800 franchise tax, whichever is larger. Frequently, a taxpayer may set up a business but ultimately abandon the idea before ever operating the business. Or, sometimes a business ceases to operate, but the requisite documents are not correctly filed with the SOS, leaving the FTB to believe the business is still active. Many years may pass before the would-be business owner realizes an annual $800 franchise fee has been assessed against the business, along with additional penalties and interest.

White House Proposes Major Revisions to Federal Tax Law

The last comprehensive revision of the Internal Revenue Code occurred in 1986, when Congress passed the Tax Reform Act of 1986. On April 26, 2017, with less than one page of writing, President Trump has summarized his Tax Reform Plan, which promises to reduce tax brackets, simplify the tax code, create millions of job, and protect a variety of deductions. Included in the plan are the following proposed changes:

FTB Changed Tax Return Due Dates for Business Entities

Remember: The California Franchise Tax Board (FTB) changed the tax return due dates for returns filed by business entities. The original return date is now April 15 for calendar-year filers (one month later than it used to be), and the 15th day of the 4th month following the close of the taxable year for fiscal-year filers. The extended due dates remain unchanged.

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