Income/Franchise: California: Franchise Tax Board adopts final rule on apportionment & single sales factor election

State Tax Matters: Final Regulation Section 25128.5, Cal. FTB (eff. 10/22/11). The California Franchise Tax Board (FTB) has adopted its final regulation reflecting budget legislation enacted during 2009 that permits an “apportioning trade or business” to make an annual election to apportion its business income using a single sales factor effective for taxable years beginning […]

Multistate Tax Alerts: Michigan extends deadline to December 31, 2011 for disregarded entity compliance

State Tax Matters: A Multistate Tax Alert that was previously issued on November 30, 2010 summarized the Michigan Department of Treasury’s Notice to Taxpayers Regarding Federally Disregarded Entities and the Michigan Business Tax (Nov. 29, 2010) (“Notice”). The Notice, as originally issued, provided generally that a “person” that is a federal disregarded entity (“DRE”) is […]

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