Thanks to the complexity of our labor laws, attorneys and accountants stand to benefit from Assembly Bill 1228 which went into effect April 1st. (link to AB1228 - https://legiscan.com/CA/text/AB1228/id/2843232) Nothing is ever as straightforward as it seems when it...
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New Laws
PROPOSED RULES TO STOP MONEY LAUNDERING IN REAL ESTATE TRANSACTIONS
The Financial Crimes Enforcement Network (FinCEN) has proposed new rules to deter money laundering in residential real estate transactions in the United States. The rule would require certain real estate professionals who handle closing transactions and settlements to...
The California Court of Appeals Rules that Proposition 22 is Mostly Constitutional
In November 2020, the voters approved Proposition 22, the Protect App-Based Drivers and Services Act (Bus. & Prof. Code, §§ 7448–7467). This meant app-based drivers such as Uber, Uber Eats, Lyft, and GrubHub, could be classified as independent contractors by the...
How to Hire Independent Contractors and Survive in Post-AB 5 California
Many of our new business clients ask, “How can I engage independent contractors after the passage of AB 5?” While Assembly Bill No. 5 (2019) (“AB 5”), and its successor, Assembly Bill No. 2257 (2020) (“AB 2257”), have certainly made it more difficult for businesses to...
Clarification for Out-of-State Entities Doing Business in California on Property Ownership Threshold
In a Pending Precedential Opinion by the California Office of Tax Appeals (OTA), the OTA clarified that in determining whether an out-of-state LLC doing business in California and therefore subject to the annual tax each year, the determination based on the property...
FTB Clarifies what is Taxable to a Nonresident’s Sale of a California Partnership Interest
The FTB issued Legal Ruling 2022-02 on July 14, 2022 to address the taxation on the sale of certain partnership assets by a nonresident of California. The sale of the partnership interest is a tangible asset, sourced and taxed to the taxpayer’s state of residence....
The EU Joins in Creating Consumer Protection for Crypto Users
The European Union (EU) executed its Marketplace in Crypto-Assets (MiCA) on June 30, 2022, which provides the regulatory framework for digital assets in the EU bloc when the asset, or token, has an issuer. Coins that have no issuers, like Bitcoin, will have other...
Governor Signs Bill Regarding the Cannabis Industry
Assembly Bill No. 195, published July 1, 2022, makes a number of important changes to streamline administration and transparency of California's cannabis industry. One such amendment was made which discontinues cultivation tax beginning on January 1, 2023, and...
Finally, the Answer on Worker Classification in the California Trucking Industry
Last week the U.S. Supreme Court denied the request to hear the appeal of a case which ultimately resolves the worker classification rules for truckers in California that had been challenged since September 2019 when Assembly Bill 5 (AB 5) was enacted to codify the...
Tax Treatment of PPP Loans in California
Many tax preparers and businesses are wondering about the status of PPP loan deductions when preparing their state income tax returns this year. While the federal government has provided that businesses may deduct the expenses covered by the PPP loans, the California...
