Brunoro Law Blog

Monday, November 14, 2016

New Regulations Could Impact Employers in the Food and Beverage Industry

How can I ensure my business is in compliance with federal and state regulations?

Employers in the food and beverage industry face significant regulatory changes in the year 2017.  New federal legislation and court rulings will have an impact on employers nationwide, with those in the food and beverage industry perhaps affected the most.  Regulatory compliance is critical for employers, and it can have a tremendous impact on your bottom line.  The following is a look at some of the changes to come in 2017 and how you can ensure you are in compliance:

Overtime Changes

The Department of Labor passed a new law that will update current overtime regulations starting on December 1, 2016.  Under the new federal Fair Labor Standards Act (“FLSA”), the minimum salary that must be paid to an exempt employee will more than double.

Read more . . .

Tuesday, November 8, 2016

2016 Election Could Impact State Taxes in California

How can I minimize my state, federal, and international tax burden?

While most Americans have been closely following the United States Presidential election, there are numerous state tax initiatives that you may have overlooked.  These proposed tax changes could significantly impact your finances.  Voters in several states, including California, will see proposed tax increases on so-called “vice” items, like marijuana, soda, and cigarettes.

Read more . . .

Monday, October 31, 2016

The Consequences of Not Filing or Paying Your Taxes

What could happen if I don’t file my taxes or pay what I owe?

As the last deadline to e-file your 2015 tax returns rapidly approaches, you may be wondering what will happen if you do not file a return or if you file, but don’t pay your taxes in full.  The following is a look at a few possible scenarios:

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Saturday, October 22, 2016

President Obama Lifts Economic Sanctions Against Myanmar

How could the elimination of sanctions impact businesses in Burma and the United States?

President Obama signed an Executive Order on October 7, 2016, lifting economic sanctions previously in place against Myanmar, also known as Burma.  The Order terminates an emergency order that previously deemed the policies of the former government of Burma a threat to U.S. security.  Mr.

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Saturday, October 15, 2016

California’s Fair Pay Act Expected to Influence Federal Legislation

What should California employers know about the California Fair Pay Act?

California took a momentous step forward in achieving equal pay with the passage of the Fair Pay Act.  This law was signed by Governor Jerry Brown in October of 2015 and took effect this past January.  The law requires that employers pay employees of the opposite sex equivalent wages for substantially the same work performed, viewed as a combination of skill, responsibility, and effort, and performed under similar conditions.  California’s Fair Pay Act presents a significant change from the former requirement that all employees receive equal pay for equal work.  Now, employers will need to look beyond job titles to consider what is substantially similar work.

Read more . . .

Tuesday, October 4, 2016

A Primer on Transfer Pricing Agreements

How can my business avoid a transfer pricing dispute with tax authorities?

Foreign transactions continue to see enhanced scrutiny by the Internal Revenue Service, as evidenced by the ongoing transfer pricing disputes with a number of large, high profile corporations. Transfer pricing refers to the amount that is charged for goods and services in transactions between related entities such as parent companies and subsidiaries. In short, IRS regulations require these businesses to identify the value that is created in the transfer. Also, the price must meet the "arm's length standard" that is, a price that would have been reached between unrelated entities.

Transfer Pricing Essentials

Given the tax implications of these transactions, and the increased likelihood of litigation being brought by the government, it is crucial to put in place well designed transfer pricing agreements that will pass muster with IRS.

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Tuesday, September 27, 2016

Kiplinger Ranks California as Nation’s Least Tax-Friendly State

Why are taxes so high in California?

Financial and business forecaster Kiplinger has named California as the nation’s least tax-friendly state for the second time in a row.  Kiplinger looked at numerous factors, including sales tax, income tax, gas tax, and alcohol and tobacco tax.  California residents were taxed high in several areas.  While California has a 7.5 percent sales tax, several cities now have additional localized sales tax, which brings the state average in sales tax to 8.

Read more . . .

Tuesday, September 20, 2016

IRS Might Have Six Years to Audit Taxes, Up From Three

What should I do if I am audited by the IRS?

Filing your taxes can be nerve racking.  Even those who file as diligently and accurately as possible may be worried about the potential for being audited due to the many complexities of tax law.  It is helpful to know how long the IRS has to bring an audit so that you can rest easy once this statute of limitations has passed.  Now, however, taxpayers may need to wait even longer because Congress has ruled that the IRS has six years to look back on your taxes in certain cases. 

Six Year Statute of Limitations for Omission of Significant Income

Traditionally, the IRS has three years to audit your filing, but several exceptions exist to give this government agency far longer.

Read more . . .

Sunday, August 28, 2016

San Francisco Attorney Suspended and On Probation for Failing to File Taxes for 11 Years

What happens if you don't file your taxes?

We frequently hear or read stories about people who are finally caught after not having paid their income taxes for many years. Many of us wonder how it is possible that the offenders aren't caught sooner; we also speculate on what happens when they are caught.

The IRS wants individuals to pay their taxes in a timely fashion and charges heavy penalties if they do not. Nonetheless, it is considered a much more serious offense not to file, than not to pay, taxes. The IRS has many ways of arranging payment if you fear filing because you don't have the funds to pay your back taxes.

Read more . . .

Saturday, August 20, 2016

Tax Implications In California

Understanding your tax obligations can be a daunting project.  The state of California collects certain taxes based on designated income thresholds.  For example, there may be a six percent tax on earnings between the range of approximately $29,373 and $40,773.

Read more . . .

Monday, August 8, 2016

How can I prevent an electronic audit by the SAT?

Since 2011, companies operating in Mexico have been required to utilize electronic invoices (or e-invoices) in order to document business transactions with the country's tax authority - Servicio de Administración Tributaria or SAT. Then in 2014 tax reforms required the electronic uploading of  accounting records to SAT's website. Now, Mexico is enhancing tax regulations by implementing electronic audits as a means of enhancing revenues.

What is e-invoicing?

Electronic invoicing (or e-invoicing) is a method utilized by trading partners to exchange data such as invoices, purchase orders, debit and credit notes, payment terms and instructions and remittance slips in an integrated electronic format such as EDI or XML, or standard internet-based web forms.

The pending electronic audits should not come as breaking news to entities that have been involved in cross border transactions with businesses in Mexico.

Read more . . .

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