While the federal penalty for failure by individuals to access health insurance under the Patient Protection and Affordable Care Act (also known as Obamacare) was eliminated by the Tax Cuts and Jobs Act of 2017, several states, including California, have instituted...
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Month: October 2019
Cannabis Businesses Can Now Deduct Expenses on California Tax Returns
California Governor Gavin Newsom recently signed AB 37 into law, which legalizes licensed state cannabis businesses including marijuana growers, processors, and sellers to take deductions for their business expenses on state income tax returns. It exempts these...
Californian Sentenced to Nearly 2 Years in Prison for Failing to Report Offshore Accounts on Federal Tax Returns
Teymour Khoubian, a businessman based in Southern California, was recently sentenced to 21 months in prison for filing false tax returns that failed to report his offshore accounts in Germany and Israel from 2005 through 2011, representing a total tax loss to the U.S....
IRS Issues Guidance on Taxation of Virtual Currency Blockchain Transactions
The Internal Revenue Service (IRS) recently issued guidance for taxpayers who transact in virtual currency. Revenue Ruling 2019-24 (available here) addresses when distributions of new currency following a soft or hard fork will be a taxable event to the holder of the...
CDTFA to Hold Interested Parties Meeting on the Marketplace Facilitator Act
The California Department of Tax and Fee Administration (CDTFA) recently released its Initial Discussion Paper for the Interested Parties Meeting it is hosting on October 15, 2019, in Sacramento to discuss and clarify the Marketplace Facilitator Act established in...
CDTFA Releases Its First Annual Report on California Sales and Use Tax
The California Department of Tax and Fee Administration (CDTFA) recently released its first annual report on the administration and enforcement of the state's sales and use tax programs. During FY 2017-18, the CDTFA managed nearly 1 million sales and use tax permits...
New California Bill Clarifies Worker Classification Test for Professions Excluded from AB 5
On October 2, 2019, the Governor of California approved Assembly Bill 170, which details the alternative test for workers to be classified as Independent Contractors within professions that are specifically excluded from the provisions of Assembly Bill 5, which was...
