With the flurry of action at the end of the recent state legislative session, it is easy to overlook two laws that are having significant impacts on businesses statewide as well as the accountants they work with.
Assembly Bill 147 took effect in April and requires out-of-state and online retailers like eBay, Etsy or Amazon to collect sales taxes like local brick-and-mortar California businesses, in a bid to eliminate the advantage of out-of-state and online retailers.
AB 91 is more wide ranging in its impacts, which include limiting what income executives can claim as deductions and other changes that the state predicts will bring in roughly $1.6 billion in revenue in fiscal year 2019-2020.
Several of the provisions of AB 91, which took effect in July, harmonize state tax law with federal rules that resulted from the 2017 Tax Cuts and Jobs Act, according to Annette Nellen, a San Jose State university professor and director of the Master of Science in taxation program.
For the full story: The North Bay Business JournalThe north bay business journal
by chase difeliciantonio
October 7, 2019