San Francisco Gross Receipts Tax Update: New Regulations Impact Returns Due Today

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Beginning in 2014, every person engaging in business within San Francisco is subject to an annual Gross Receipt Tax (“GRT”) measured by the person’s gross receipts from all taxable business activities attributable to San Francisco. The GRT will be phased in and the existing Payroll Expense Tax phased out over a 5-year period. During this phase-out period, taxpayers must report their GRT and Payroll Expense Tax liabilities on a single tax return, the first of which is due March 2, 2015. A person engaging in business within San Francisco must file a single GRT and Payroll Expense Tax return on a combined basis with all of that person’s related entities.

Yesterday, Pillsbury attorney Michael Cataldo published his client alert San Francisco Gross Receipts Tax Update: New Regulations Impact Returns Due Today. The Alert discusses the San Francisco Office of the Treasurer and Tax Collector’s recently issued Gross Receipts Tax regulations, tax return filing instructions and other guidance addressing major changes to how owners of disregarded entities are taxed, combined reporting, and procedures for requesting a two-month extension of time to file returns that are otherwise due today.

If you have any questions about the content of this blog, please contact the Pillsbury attorney with whom you regularly work or Michael Cataldo, the author of this blog.