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The California Secretary of State suspends or forfeits an entity
for failure to file the required Statement of Information, and in the case of a
domestic corporation that is an association formed to manage a
common interest development, the required Statement by Common Interest Development
Association. In addition, the Secretary of State may
suspend domestic or foreign corporation for the failure of the
corporation to reimburse the Victims of Corporate Fraud Compensation
Fund for a paid claim. The Franchise Tax Board
suspends or forfeits an entity for failure to meet tax requirements
California Corporations Can Request a Certificate of Entity Status natlawreview.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from natlawreview.com Daily Mail and Mail on Sunday newspapers.
Where individual, corporate, and passthrough entity taxation meet
By Mo Bell-Jacobs, J.D.; Bridget McCann, CPA; and Steve Wlodychak, J.D., LL.M. Related
Editor: Bridget McCann, CPA
By now, most practitioners are well aware of the annual limitation enacted by the law known as the Tax Cuts and Jobs Act (TCJA), P.L. 115-97, in 2017 that limits the amount of state and local taxes individuals can deduct for federal income tax purposes to not more than $10,000 ($5,000 in the case of a married individual filing a separate return) (the SALT cap).
1 No doubt most are also aware of the ensuing legislation at the state level to offer taxpayers a workaround to the SALT cap by enacting passthrough-entity-level taxes, which arguably impose the tax liability for owners of passthrough entities (PTEs) (such as partnerships, LLCs treated as partnerships, and S corporations) instead directly on the PTE.
What about the alleged damages raised in the breach of contract dispute?
Texas case law identifies two lines of legal reasoning in determining when a debt is “created or “incurred”. The first line of case law stands for the proposition that a debt is neither created nor incurred until it is reduced to a liquidated sum of money.
In
Cain v. State, 882 S.W.2d 515 (Tex. App. – Austin 1994, no writ), Lee Cain appealed a district court decision holding him personally liable for the debts of the Timber Creek Oil Company of which he was an officer and director.
The Texas Railroad Commission had originally sued Timber Creek Oil Company and Mr. Cain, individually, to recover nearly $50,000 that it had spent plugging fifty of the company’s oil wells. The commission authorized the expenditure of state funds on December 19, 1988, and paid out the funds between July 1989 and December 1989. Timber Creek failed to file its 1989 Texas franchise tax report, which was due on March
The deadline to protest your Texas property taxes is coming up
You may protest if you disagree with the appraisal district value or any of the appraisal district s actions concerning your property. Author: Reagan Roy Updated: 2:27 PM CDT April 20, 2021
TYLER, Texas One of your most important rights as a taxpayer is your right to protest to the appraisal review board (ARB).
You may protest if you disagree with the appraisal district value or any of the appraisal district s actions concerning your property.
If you are dissatisfied with the ARB s findings, you have the right to appeal the ARB s decision. Depending on the facts and type of property, you may be able to appeal to the state district court in the county in which your property is located; to an independent arbitrator; or to the State Office of Administrative Hearings (SOAH).