state tax Tag

The California Franchise Tax Board (FTB) recently issued a reminder that anyone acquiring the assets of a business also acquires the seller’s withholding tax liabilities. Thus, in order to avoid being held personally liable, the successor is advised to withhold in trust an amount of...

Apportionment is the division of an entity’s income between all states in which it has a presence. The unitary-business principle attempts to prevent entities from shielding income from apportionment by dropping an income-producing business division into one or more subsidiaries that operate in different states...

The California Court of Appeal held on July 24, 2012 that California may not eliminate multistate taxpayers’ use of an equal-weighted apportionment formula for calculating income tax liability. Other jurisdictions may agree. However, on August 9, 2012 the California Court of Appeal stated that it...

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