Taxation
Ca. Tax Lawyer March 2021, Volume 30, Number 1
Content
- 2020 Annual Meeting of the California Tax Bar & California Tax Policy Conference Report
- Bringing Back the Buffer: a Proposal to Amend Crtc Section 18604(a) to Provide a Seven-Month Filing Extension to Corporate Taxpayers
- Contents
- Masthead
- Message from the Chair
- Request for Guidance Regarding Making Proper S Corporation Consents of Form 2553, Election by a Small Business Corporation
- Tax Bar Business
- Tax Treatment of Undocumented Immigrants in California
- Taxation Section 2020-2021 Leadership Directory
- Visiting the Committees
- Modification of California Unemployment Insurance Code Section 1755(a) to Provide a Minimum Holding Period for Surrender of Property Subject to Levy from Financial Institutions
Modification of California Unemployment Insurance Code Section 1755(a) to Provide a Minimum Holding Period for Surrender of Property Subject to Levy from Financial Institutions
By Rami Khoury, Joyce Cheng and Alexander Schindler1
The authors would like to thank Robert Schriebman and Patrick McGinnis for their helpful comments.2
EXECUTIVE SUMMARY
The current legislation under California Unemployment Insurance Code ("CUIC") § 1755 governs bank levies by the Employment Development Department ("EDD"). CUIC § 1755(a) explains the levy process, applicable statutory periods, and identifies a response time of "within five days of service of the levy." This means that once a levy is served upon a financial institution, the institution must remit the levied funds to the EDD "within five days of service of the levy" to avoid being deemed liable for the tax.