Category Archives: California

The Flow of AGI from One State to Another

Posted on July 20, 2013 by Russ

From watchdog.org comes an interesting interactive map showing how money has flowed from state to state. Back when I moved to Nevada from California, I noted this issue. Here’s yet more verification that this is real. The five biggest losers … Continue reading →

Posted in Arizona, California, Illinois, Nevada, New Jersey, New York, North Carolina, Ohio, Texas | 1 Comment

California Considering Conforming to Mortgage Debt Relief for One More Year

Posted on July 10, 2013 by Russ

The California Senate passed SB30 in June. This measure would extend California’s mortgage debt relief for one more year (through 2013). Note that the California mortgage debt relief is more stringent (in qualifications) than federal. The measure has been sent … Continue reading →

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No More Tax Credits for Strip Clubs in California

Posted on July 7, 2013 by Russ

The California legislature banned strip clubs from obtaining hiring tax credits. The legislation, which passed the state legislature last week, is expected to be signed into law by Governor Jerry Brown in the next few days. The specific legislation banned … Continue reading →

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When a Day Late Isn’t a Dollar Short

Posted on April 16, 2013 by Russ

I’m in zombie mode — it’s midnight and the last of the work is done (for a short time). I’ll be out the rest of today (Tuesday). Tax Day is over. One place where it’s sort of not over is … Continue reading →

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Bozo Tax Tip #2: Nevada Corporations

Posted on April 10, 2013 by Russ

A repeat follows, but it’s one again getting a lot of play due to business conditions in California. While I’m focusing on California and Nevada, the principle applies to any pair of states. Nevada is doing everything it can to … Continue reading →

Posted in California, Nevada | Tagged | 1 Comment

News From California Regarding QSBS

Posted on February 28, 2013 by Russ

Two pieces of news out of California regarding the Qualified Small Business Stock situation. For those who aren’t aware, a court last year ruled that California couldn’t discriminate against out-of-state Qualified Small Business Stock (QSB). The Franchise Tax Board interpreted … Continue reading →

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Important Court Ruling for Entities Owned by Californians Located Outside of California

Posted on February 28, 2013 by Russ

Let’s say you have a business entity, Widgets, Inc. It’s a Nevada corporation; the corporation is located in Las Vegas. The business has no operations in California but it is a corporation with one owner who resides in California. However, … Continue reading →

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Mailbag

Posted on February 24, 2013 by Russ

We get mail: I moved to California in 2012, and earned just $5,000 while in California versus a lot of money outside of the state. Yet those robbers want me to pay based on my overall income. This can’t be … Continue reading →

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Could Tax Accountants Have Caused California’s Revenue Surge?

Posted on February 20, 2013 by Russ

California budget officials couldn’t figure out where the extra $5 billion in tax revenue came from in January. As this Los Angeles Times article asks, was this an accounting anomaly? Governor Jerry Brown’s administration now believes it was a timing … Continue reading →

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California Hasn’t Conformed to 2013 Debt Forgiveness…Yet

Posted on January 30, 2013 by Russ

Mortgage debt forgiveness was part of the “Fiscal Cliff” bill that passed Congress on January 1st. If you sell your primary residence in a short sale (or your home is foreclosed), the cancelled debt (up to $400,000) is generally not … Continue reading →

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