Category Archives: California

California has passed (and the Governator has signed) SB50, a law allowing tsunami-related charity donations made in January 2005 to be taken on your 2004 tax returns. The same conditions that apply to donations on the Federal (US) tax returns … Continue reading →

California currently has a tax amnesty program. It has a little carrot and a BIG stick. If you haven’t filed (or are otherwise delinquent) for a tax year before 2003, you can file an amnesty application by March 31st; you … Continue reading →

According to the Daily News, Disneyland brings $3.6 billion annually to the local economy. This story details the positive impact of the theme park: $1.62 billion to Orange County (45% of the impact). That mouse brings in a lot of … Continue reading →

California received yet another warning about its’ dreadful business climate. According to this story in the Sacramento Bee, 1.3 million of California’s 1.5 million factory jobs are in danger of being lost. According to the Bay Area Economic Forum, most … Continue reading →

Assemblywoman Wilma Chan (D-Alameda) introduced AB6. This would increase the state’s top income tax rates by 0.7%. Most Californians would pay 10% income tax rates under this bill, up from 9.3%. This bill does require a 2/3 vote, and passage … Continue reading →

Today’s Orange County Register editorializes on a brain drain [registration required]: the high cost of doing business in the Golden State has led corporate planners to locate elsewhere. I wrote last week that liberals would like California to increase taxes … Continue reading →

That’s what syndicated columnist Thomas Elias suggests in today’s Pasadena Star-News. That’s not how Mr. Elias puts it; rather, he states that increasing property taxes on businesses is the “obvious solution” to California’s budget problems. It’s not. The obvious solution … Continue reading →

This evening I attended continuing education (required for professional tax preparers) and heard about changes in California tax law. As I was reading the material, I thought there was a typographical error on one item: “Seventy-five percent of punitive damage … Continue reading →

For those who didn’t file, or those that California thinks didn’t file, there is a tax amnesty underway. To accountants’ dismay, the filing period is concurrent with the tax season (February 1st – March 31st). An excellent article on the … Continue reading →

Health Savings Accounts (HSAs) are an excellent vehicle for saving money on health care and have tax advantages for your Federal tax returns. But California has yet to conform and, based on last year’s experience, probably won’t. According to this … Continue reading →