Searching Content indexed under Income Tax by Mike Shaikh ordered by Published Date Descending.
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Supreme Court To Consider Due Process Nexus
On January 11, 2019, the United States Supreme Court granted certiorari in North Carolina Department of Revenue v. The Kimberly Rice Kaestner 1992 Family Trust ("Kaestner").
United States
16 Jan 2019
California Accidentally Posts Draft Tax Collection Rules For Online Retailers -- Legal Challenges Possible If Draft Rules Are Adopted
California briefly posted online a draft notice containing new use tax collection rules for retailers, indicating that it may imminently adopt use tax nexus thresholds similar to South Dakota's.
United States
10 Aug 2018
California Taxpayers Should Fight Imposition Of The LCUP And Other Penalties In The Wake Of Gillette.
In October 2012, a California Court of Appeal held that taxpayers could, under the Multistate Tax Compact, elect to apportion income using an equally weighted, three-factor method ...
United States
17 May 2018
Over $620 Million Of California Competes Tax Credits Awarded To Businesses
Over the past four years, GO-Biz has awarded over $620 million in California Competes Tax Credits, a tax credit that may be used to offset the awardee's California income ...
United States
14 May 2018
California Expands Voluntary Disclosure Program for Out‑of‑State Trusts
On September 25, Governor Brown signed into law Senate Bill No. 813, which updated the California Voluntary Disclosure Program (VDP) to include out-of-state trusts with California beneficiaries and non-resident partners of out-of-state partnerships, and to allow the Franchise Tax Board (FTB) to waive the S Corporation or partnership late-filing penalty for specified returns under the VDP.
United States
29 Sep 2017
California Tax Developments (2nd Quarter 2015)
The California Supreme Court has scheduled oral arguments in the Gillette Multistate Tax Compact case.
United States
9 Sep 2015
California Tax Developments
GO-Biz Rolls Out First Awards of 2015 For fiscal year 2015, the Governor’s Office of Business and Economic Development ("GO-Biz") is authorized to award $151.1 million in California Competes Tax Credits to taxpayers who apply for and compete for the lucrative credits. There were three application periods for the 2014-2015 fiscal year. On January 15, GO-Biz awarded $31 million in tax credits to 94 taxpayers.
United States
9 May 2015
California Tax Developments (4th Quarter 2014)
In our last quarterly update, we reported on a controversial opinion recently published by a California Court of Appeal.
United States
18 Feb 2015
California Tax Developments (3rd Quarter 2014)
On November 14, the Fresno County Superior Court determined that Swart, an Iowa-based corporation with a tangential investment in California, did not meet the statutory requirement for doing business in California.
United States
4 Dec 2014
California Taxpayers: Gillette Still An Option For The 2013 Return
What’s the Option? We’re all still waiting for a final decision in Gillette.1 In the meantime, taxpayers have an option for the returns due this fall. They may compute their apportionment using one of the following two methods:
United States
18 Aug 2014
California Tax Developments - February 2014
Happy 2014! The start of the New Year invites a look back on highlights from the past year. In case you missed it, here’s a recap of what happened in the great Golden State during the last quarter of 2013.
United States
7 Feb 2014
California Tax Developments
A thirty-seventh individual pleaded guilty to participating in a conspiracy to rig bids and commit mail fraud at public real estate foreclosure auctions in Northern California.
United States
11 Nov 2013
California Court Finds Securitization Entities Subject To California Income Tax
A California Superior Court has issued a decision with significant impact on financial services.
United States
22 May 2013
CA’s 20% LCUP Penalty Shouldn’t Apply To Compact Elections Under Gillette
We respectfully request the FTB to notify taxpayers that it will not impose the LCUP upon taxpayers who elect the Compact method on original, timely filed returns pending the final resolution of these issues in court.
United States
19 Sep 2012
California Court Tentatively Holds 50% Tax Shelter Promotion Penalty Cannot Apply Retroactively
A San Francisco Superior Court has released a tentative statement of decision, holding that the Franchise Tax Board (FTB) could not retroactively apply an increased penalty rate for tax shelter promotion activities.
United States
16 Nov 2011
Nordstrom's Preliminary Injunction Denied – VCI 2 Is Still On
With just one week left before the end of California's second Voluntary Compliance Initiative ("VCI 2"), a trial court considered whether the VCI 2 compliance period should remain open past October 31 pending a decision on whether one of the key provisions of VCI 2 is constitutional.
United States
31 Oct 2011
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