West Coast Lunchtime Legal Briefing - Higher Tax Burdens and New Compliance Challenges for Companies Doing Business in California: What You Need to Know About New and Upcoming Federal, California and San Francisco Tax Law Changes
Recently American tax law has been in a state of unprecedented flux. The American Taxpayer Relief Act of 2012 passed as part of the “fiscal cliff” compromise making dramatic changes to US tax rates and largely reversing Bush era tax cuts. Later in January 2013, the IRS passed the final “FATCA” regulations, thereby effectuating the framework for the country’s most ambitious withholding regime. At the state level, California has seen its own tax rates skyrocket up to 13.3%. Finally, last November, here in San Francisco, the city’s voters overwhelmingly supported a new “gross receipts” tax to be effective starting in 2014. All of these changes portend a higher tax burden and new compliance challenges to companies doing business in California.
During this teleconference investment management partner Gregory Davis, and corporate technology partner Jim DeGraw explored the impact of these momentous tax changes on investment advisors, asset managers, funds and the local biotech, pharma and technology sectors.
Please contact Stephanie Carton for further information.