Wealthy Californians, and more importantly, their children and grandchildren, can pop that champagne. The bill that would have imposed a California gift, estate, and generation skipping transfer tax appears to be dead – – at least for now. It will not get a floor vote in the California Legislature. Absent a floor vote, the California bill will not obtain the required approval of the California Legislature to put it on the November 2020 ballot. (more…)
By Aaron Wais
It is tax season, which means that criminals are busy trying to steal people’s tax information (e.g., names, addresses, social security numbers, income information), which they can use to file fraudulent tax returns and steal tax refunds.
As an employer, you likely maintain your employees’ tax information and, thus, are a target. Indeed, criminals regularly target employers and hack their databases or pose as company executives and send a phishing email asking for all employees’ W-2s for accounting purposes.
As such, it is important to understand your duty to protect your employees’ personal information, as well as potential liability for failing to do so. Most states, including California, make clear that employers have a legal duty to protect their employees’ personal information. These courts also make clear that whether an employer has legally compliant, written policies for protecting private information and responding to data breaches will heavily inform whether and the extent of an employer’s liability for a data breach.
In an earlier alert, we discussed the various export incentives put into place with the passage of the Trade Facilitation and Trade Enforcement Act (“TFTEA”). One long-standing benefit available to exporters is duty drawback, which enhances a company’s ability to compete in the global market. Drawback lowers the cost of U.S. exports by allowing for refunds of duties, taxes and fees paid on imported merchandise which is subsequently exported in its same form, as part of a U.S. manufactured product or similar domestic merchandise which is substituted for the imported merchandise. More details will become evident as the regulations are developed within two (2) years following enactment. Here we discuss the key provisions in the TFTEA which impact drawback. (more…)