Page 7 - Taxation Code News Today

The new Pomona ordinance requires large retail establishments to provide their workers with premium pay of $4.00 for each hour worked, and published a Hero Pay Ordinance Fact Sheet.  The ordinance took effect immediately and will remain in effect at least until June 29.

On March 1, 2021, the City Council of Pomona, California, passed an ordinance that establishes premium pay for retail food workers during the COVID-19 pandemic. Pomona is an...

To embed, copy and paste the code into your website or blog: The California Revised Uniform Limited Liability Company Act authorizes the conversion of a limited liability company into various other types of entities, including a corporation.  Cal. Corp. Code § 17710.02.  Following conversion, the succeeding entity is for all purposes (with certain exceptions under the Revenue & Taxation Code) "the same entity that existed before the conversion and the conversion shall not be deemed a transfe...

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To embed, copy and paste the code into your website or blog: Under California’s Revenue and Taxation Code, the purchase price of real property usually creates a rebuttable presumption regarding the property’s “fair market value.”  However, for that presumption to apply, the sale must be a true “open market transaction” with both the buyer and seller acting on their own volition and under no particular duress. Does a trustee’s sale (aka nonjudicial foreclosure sale) fit that descr...

California Franchise Tax Board List of New Changes for Filing 2020 Tax Returns Published: Sunday, 14 February 2021 06:05 February 14, 2021 - California Franchise Tax Board: Whats new for filing 2020 tax returns. Resident state tax filers list For taxable years beginning on or after January 1, 2020, taxpayers will include the address and county of their principal residence on either: Form 540, California Resident Income Tax Return Form 540 2EZ, California Resident Income Tax Return This is...