In California, business personal property (which means any kind of property that is not real estate) is subject to an annual tax.  Business owners must file Form 571-L with the county in which they are located every year.  Business owners must file this property statement which details costs of all supplies, equipment and fixtures at [...]

Guest Post by Gabrielle Lessard, Esq.
The recently enacted health insurance reform legislation includes a tax credit that helps many small businesses provide coverage for their employees.  Many tax-exempt non-profit organizations can also receive the health care tax credit, although at a reduced level.
To qualify, small businesses and exempt organizations must:

Have [...]

When you are located in California and you buy something from outside of California (for example via the internet) that would have been subject to sales tax if purchased within California, you may think – cool – I avoided California sales tax!  No such luck!  Such purchases are subject to California “use tax” – which [...]

For taxable years beginning on or after January 1, 2009, the California LLC gross receipts fee must be estimated and paid by the 15th day of the 6th month of the current taxable year. LLCs will use new form FTB 3536, Estimated Fee for LLCs, to remit the estimated fee. A new penalty in the [...]

Guest post by Cecily Jackson, Esq.
In Garnett v. Commissioner, the U.S. Tax Court reversed a longstanding IRS practice of applying the Limited Partner (LP) passive loss deduction limitation to owners of Limited Liability Partnerships (LLPs) and Limited Liability Companies (LLCs). The Tax Court ruled that LLP and LLC owners that are legally permitted to actively [...]