Sacramento Seeks to Breathe Life into the Dying QSBS Exemption

The fiscal cliff deal extended the 100% qualified small business stock exemption for federal purposes. California tax authorities, however, have taken a restrictive and limiting view and have announced that the exemption will not be allowed for state income tax purposes. Under recently proposed SB 209, (1) taxpayers who did not already claim the QSBS exclusion…

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California Finalizes Investment Adviser Exemption

California-based investment advisers to private funds, whether exempt or registered at either the state or federal level, must file at least portions of Form ADV. All such filings are required to be made electronically through the Investment Advisor Registration Depository (www.iard.com). Investment advisers who plan to rely on the new California exemption have 60 days from the effective date of the exemption to file their initial Form ADV with the state.

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