Franchise Tax Board Settlements – Part Two

A taxpayer who wants to settle must submit a written request, which must include the following information: 1)Taxpayer’s name and current address; 2)Taxpayer representative’s name, current address, fax and telephone number; 3)Taxpayer’s Social Security number or taxpayer identification number; 4)Taxable year(s) involved; 5)Tax amount involved; 6)Present status of dispute (i.e., is it a protest, appeal, […]

Franchise Tax Board Settlements – Part One

Franchise Tax Board Settlements The California Franchise Tax Board (FTB) has authority to settle administrative civil tax disputes. Such authority allows FTB to settle civil tax disputes that arise out of protests, appeals or refund claims filed by taxpayers. The FTB’s Settlement Bureau is the body responsible for the negotiation of settlements. Settlement Bureau is […]

Employment Development Department Appeals

It is important to note that according to Unemployment Insurance Code (“UIC”) Section 1735, an officer, owner or any person in charge of affairs of any corporation, LLC or LLP, is personally liable for the amount of the contributions, withholdings, penalties, and interest unpaid by business entity, if business entity willfully fails to pay the […]

Conclusions about CRA and Dodd-Frank

The success or failure of the Dodd-Frank Act will be ultimately judged by history and the impact that it has with combatting some of the problems that have existed with credit rating agencies both before and after the financial crisis of 2008. Already critics have been quick to condemn the act for the perceived over […]

Consequences for Non-Compliance of Dodd-Frank

Consequences for Non-Compliance of the Law Along with the increased responsibility placed on the credit rating agencies, there are also harsher consequences if they are not compliant with the Dodd-Frank Act. Part of the legislation includes standards and new liabilities for the credit rating agencies. First, there are harsher penalties under the 1934 Securities and […]

Rules for Credit Rating Agencies

Additional Rules for Credit Rating Agencies Under the Dodd-Frank Act The Dodd-Frank Act also has some new rules for the credit rating agencies themselves with the goal of having better corporate governance and maintaining better internal control. First, the Act places more stringent requirements on the company’s board of directors and institutes are requirement for […]

Conflicts of Interest and Credit Rating Agencies

Effects of the Dodd-Frank Act on Conflicts of Interest In addition to administering rating and disclosure rules, The Dodd-Frank Act also imposes several requirements on NRSROs to establish internal control systems that prevents conflicts of interest. The bill’s drafters made it a priority to put certain guidelines in place in order to mitigate the temptation […]