Category Archives: California

What’s $62 Billion Among Friends?

Posted on January 27, 2013 by Russ

I used to live in California’s central valley. It’s prime agricultural land, with citrus, almonds, pistachios, stone fruits, grapes, and practically anything else that you can eat. The cities there aren’t big (Fresno is the largest), and poverty and unemployment … Continue reading →

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Phil Mickelson Yells “Fore” to California

Posted on January 22, 2013 by Russ

Phil Mickelson has overcome a chronic illness (psoriatic arthritis) and continues to be one of the best golfers in the world. However, Mr. Mickelson golf game may be felled by something that his home state of California and the US … Continue reading →

Posted in California, Texas | Tagged | 1 Comment

California Supreme Court Takes Gillette Case

Posted on January 16, 2013 by Russ

As expected, the California Supreme Court has accepted Gillette vs. Franchise Tax Board. While no date has been announced for the arguments, I’d expect the case to be heard this Spring or Summer, with a decision sometime before year-end. The … Continue reading →

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Entrepreneur Rant on FTB’s Retroactive QSB Ruling

Posted on January 15, 2013 by Russ

Back in December, I reported on how the Franchise Tax Board (California’s income tax agency) would interpret the Cutter decision. I didn’t spend much time on it, as the subject of Qualified Small Business stock (QSB) doesn’t impact many of … Continue reading →

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FTB Announces Procedures for Cutler Decision

Posted on December 21, 2012 by Russ

Back in August, a California court ruled that California’s qualified small business stock exclusion and deferral statutes were unconstitutional. The Franchise Tax Board, California’s income tax agency, announced how it will implement the decision today. For individuals who took the … Continue reading →

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What Didn’t They Understand About the Definition of “Uniform?”

Posted on December 10, 2012 by Russ

California law requires parcel taxes to be uniform for every parcel. That means a parcel of 0.1 acres and a parcel of 10 acres must be charged the same tax. It seems simple, right? Well, back in 2008 voters in … Continue reading →

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California Revenues Below Expectations

Posted on December 9, 2012 by Russ

California Governor Jerry Brown promised that the new taxes that have gone into effect will balance the budget. Well, in November California revenues were $842 million below expectations, and California is $802 million under budget for the fiscal year (which … Continue reading →

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One Year In

Posted on December 6, 2012 by Russ

One year ago, I announced my move from, as Joe Kristan put it, “the perfumed air and divine weather of Orange County to the desert wastes of Nevada.” A friend asked me to expound on my move, both the good … Continue reading →

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Phoenix Woos California Businesses

Posted on November 18, 2012 by Russ

“For every action, there is an equal and opposite reaction.” That’s Sir Isaac Newton’s Third Law of Motion, something I learned in physics years ago. It’s also true about what happens when taxes increase. Options that businesses would rather not … Continue reading →

Posted in Arizona, California | 1 Comment

FTB Appeals Gillette Decision

Posted on November 14, 2012 by Russ

As expected, California’s Franchise Tax Board has appealed the Gillette decision to the California Supreme Court. (The FTB’s Tax Practitioner Liaison sent an email notifying tax professionals of the appeal.) The California Supreme Court does not have to take the … Continue reading →

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