Clients and Associates,In a year in which the California Franchise Tax Board (the “CaliforniaFTB”) has already adopted rules that change how asset management fees are sourced, the San Francisco Tax Collector (“SF Tax Collector”) has also finalized similar rules. Broadly, the SF Tax Collector is now taking the position that, regardless of where an asset manager is actually located, if it provides services to investors within the city limits of San Francisco, then fees for those services should b...
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