This week on the SALTovation podcast we continue our conversation with Michael Cataldo. Michael breaks down Public Law 86272 and how it affects businesses in California. He discusses the market-based sourcing rules and key cases like Bindley and Luber, which highlight the challenges of tax compliance in the state. Meredith, Stacey, and Michael talk about Governor Newsom’s budget proposals and how they could impact financial institutions, especially with the potential switch to a single sales factor for apportionment.
Listen for tips on how to navigate California’s tricky tax regulations and how upcoming changes could impact the future of business operations.
Key Takeaways:
- What are the ramifications of Public Law 86272 on enterprises operating within California's jurisdiction?
- Market-based sourcing regulations: businesses are facing complexities in their compliance efforts.
- How current cases impact accountant practices significantly.
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