California Franchise and Sales Tax Update: Critical New Developments
Adapting Compliance and Tax Planning to Latest Requirements
Recording of a 100-minute CPE/CLE webinar with Q&A
This seminar will offer a thorough review of key details of finalized and proposed changes involving California sales and use, corporation franchise and income tax compliance for tax specialists at companies with tax obligations in California.
- Key developments in corporate franchise and income tax
- Budget Senate Bill X3
- New standard for “doing business” in California
- Single-sales apportionment election
- Elimination of cost-of-performance sourcing
- Switch from Joyce to Finnegan approach in calculating combined sales factor numerator
- Budget Assembly Bill X3
- New jobs creation tax credit for small businesses
- New film production expenses tax credit
- New 20% penalty for large corporate underpayments
- Restrictions driven by state’s financial crisis
- 50% limitation on state tax credit claims and suspension of NOL deductions
- FTB’s delays of franchise tax refunds
- Budget Senate Bill X3
- Key developments in state sales and use tax
- 2009 through 2011 general rate increase
- Proposed Reg. 1698.5 on two-year deadline on audits
- Assembly Bill 347 on new 25% penalty for not producing electronic records for audits
- Assembly Bill 178 on affiliate nexus standard for online business activities
- Shifts in California tax compliance and planning to consider as result
The panel will explore these and other important topics:
- Finalized sales and use tax developments: The rate hike, suspension of refund interest, managed audits for open tax accounts, and tougher oversight of registration.
- Proposed sales and use tax changes: The impact if the proposed Web nexus, audit cut-off and audit records penalty measures become reality, and how soon to expect action.
- Finalized corporation franchise and income tax developments: The pace of refunds, limits on using tax credits and NOLs, the major new underreporting penalty, the single-sales apportionment alternative and the new "doing business" standard.
Following the speaker presentations, you'll have an opportunity to get answers to your specific questions during the interactive Q&A.
She has worked with the firm since 2001 and has more than 17 years of accounting experience. She previously worked with... | Read More
She has worked with the firm since 2001 and has more than 17 years of accounting experience. She previously worked with closely held corporate and high-net-worth clients for BDO Seidman and Deloitte & Touche.Close
He is attached to the firm's Tax Group and is particularly active with transactional tax matters for business clients.... | Read More
He is attached to the firm's Tax Group and is particularly active with transactional tax matters for business clients. He serves on the California Bar Taxation Section's Executive Committee and chairs the annual income tax seminar at Whittier Law School.Close
Morrison & Foerster
He chairs the firm's West Coast State and Local Practice Group and has been a partner since 1982. He focuses on SALT... | Read More
He chairs the firm's West Coast State and Local Practice Group and has been a partner since 1982. He focuses on SALT matters with a particular specialty in defending technology and telecom companies' tax strategies in litigation.Close
Senior Tax Director, Southern California SALT Practice Leader
He has worked with BDO Seidman for 1 1/2 years. Previously, he worked in the PricewaterhouseCoopers SALT group for nine... | Read More
He has worked with BDO Seidman for 1 1/2 years. Previously, he worked in the PricewaterhouseCoopers SALT group for nine years, leaving as the Orange County SALT Leader. He has more than 26 years of state tax experience, having also spent 17 years with the California Franchise Tax Board.Close
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