Monthly Archives: May 2008

Catching Up on Some Items

Posted on May 14, 2008 by Russ

I feel so behind on so many items. I guess that’s normal when you return from a vacation…and you look at your calendar and realize that you’re heading out of town again in just a week for your annual continuing … Continue reading →

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Is an Adult Entertainment Tax Next for California?

Posted on May 13, 2008 by Russ

As California continues looking at a massive budget deficit (somewhere between $8 billion and $20 billion) some in the state legislature are looking to implement a tax on the Adult Entertainment Industry. A 25% tax on film production, strip, er, … Continue reading →

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Sales Tax on Hot Chocolate

Posted on May 13, 2008 by Russ

One of my favorite weekly reads is the Leonard Letter. Bill Leonard is one of the elected members of the Board of Equalization. Mr. Leonard notes, “Late last year an article entitled “Why Is Buying Hot Chocolate So Confusing?”appeared in … Continue reading →

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Vallejo Bankrupt

Posted on May 8, 2008 by Russ

The city of Vallejo, in Northern California, will declare bankruptcy sometime in the next few days. Why? Vallejo has a declining industrial base. That’s not a surprise—all of California has that problem. Companies that can move do (or don’t add … Continue reading →

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Heading to Chicago

Posted on May 6, 2008 by Russ

I’m heading to Chicago for the next week, including Friday’s game at Wrigley Field. I’ll apparently need my long-sleeve shirts as the temperature is supposed to drop 30 F over the next two days. In any case, posting will be … Continue reading →

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Snipes Files Notice of Appeal

Posted on May 6, 2008 by Russ

As promised, Wesley Snipes’ attorneys have filed a notice that they intend to appeal Snipes’ conviction and sentencing to the 11th Circuit Court of Appeals. The notice doesn’t specify what arguments they plan on using. The actual appeal will be … Continue reading →

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LA Times: Let’s Tax Our Way Out

Posted on May 6, 2008 by Russ

The Los Angeles Times today editorializes that the way for California to escape the budget crisis is to tax services: “Lawmakers cannot act in a fit of panic, but the scope of this year’s challenge should encourage new solutions, including … Continue reading →

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Loss of Income Insurance Leads to Evasion

Posted on May 4, 2008 by Russ

Buddy’s Carpet & Flooring is a Cincinnati-based chain of carpet stores. Its owners in the late 1990s devised a method of saving on their taxes—they purchased eight “loss of income” life insurance policies for $3.6 million. Those policies led to … Continue reading →

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One CA LLC Fee Case Resolved; Two to Go

Posted on May 4, 2008 by Russ

The Franchise Tax Board will now begin to send out some refunds on LLC Fees paid. These fees have been challenged in three court cases. Two of these cases are still in litigation. The one case that’s been resolved is … Continue reading →

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The List

Posted on May 4, 2008 by Russ

The Franchise Tax Board has posted its six month revision of its 250 biggest scofflaws. The largest debtors from October are gone, and a new name leads the list: Pinehill Investment of Rye, New York owes the FTB $6.133 million. … Continue reading →

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