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Go-Biz publishes more details regarding the California Competes Tax Credit
The Governor’s Office of Business and Economic Development (GO-Biz) has adopted final regulations to implement the California Competes Tax Credit (CCTC) program. The final regulations are substantially similar to the emergency regulations that were adopted on November 17, 2014. GO-Biz administers the CCTC, which is a credit against the personal income tax and the corporation…
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Possible FBAR Reporting for Bitcoin Users
The IRS has issued guidance in the form of Notice 2014-21 that virtual currencies such as Bitcoin will be treated as property. The sale or exchange of virtual currency or the use of virtual currency to pay for goods or services may result in a tax liability. Uncertainties continue, however, regarding the future regulation of…
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Finding and Reporting Hidden Treasure
The State of California is currently in possession of more than $6.9 billion in unclaimed property, including cash, belonging to approximately 24.9 million individuals and organizations. The State acquires unclaimed property through California’s Unclaimed Property Law, which requires “holders” such as corporations, business associations, financial institutions, and insurance companies to annually report and deliver property to…