Monthly Archives: November 2010

California’s 2010 Conformity Bill Needs Supermajority Approval. by Fidel Mendoza, Esq. (RIA) An Initiative Measure approved by California voters November 2 as Proposition 26 (the Supermajority Vote to Pass New Taxes and Fees Act) has cast a doubt on the … Continue reading →

The Franchise Tax Board (FTB) will be asking taxpayers who file lists of uncertain tax positions (UTP) with their federal income tax returns to attach those lists to their state returns. According to the FTB audit and legal divisions there … Continue reading →

Forms reflect employer’s new ISO and ESPP information reporting to IRS for 2010. Form 3921, Form 3922 Click here for the text of Form 3921. Click here for the text of Form 3922. Click here for the text of Instructions … Continue reading →

New York Judge Remands “Amazon” Case for More Information. by Tracy M. Villecco, Esq. (RIA) A New York Supreme Court judge for the Appellate Division has reinstated complaints filed by out-of-state online retailers challenging a 2008 sales and use tax … Continue reading →

CRS examines economic effect of proposals to extend Bush tax cuts. Click here for the text of the Congressional Research Service Report titled “The Bush Tax Cuts and the Economy.” A recent Congressional Research Service (CRS) Report examines the Bush … Continue reading →

Proposition 24 fails; businesses keep tax breaks. http://www.bizjournals.com/sacramento/news/2010/11/02/business-taxes-hinge-on-proposition-24.html

California — Corporate Income Tax — FTB penalty reference chart. The Franchise Tax Board (FTB) has updated its Penalty Reference Chart that lists penalty codes numerically by Revenue and Taxation Code numbers. The chart’s other columns show the penalty name, … Continue reading →

California — Corporate Income Tax — Mandatory e-pay penalty begins. The Franchise Tax Board (FTB) is reminding taxpayers that, starting January 1, 2011, the mandatory e-pay penalty will be assessed when a person required to make payments electronically pays using … Continue reading →

Treasury report supports President’s call for 100% expensing through 2011. On Oct. 29, Treasury’s Office of Tax Policy issued a report making the case for the Code to be changed to permit 100% expensing under Code Sec. 179 for a … Continue reading →