Tag Archives: FTB

Swart Broadens

Posted on November 29, 2018 by Russ

California’s Franchise Tax Board believes that any business with even a remote tie to California should pay California tax. Let’s say you own a 0.21% interest in Acme LLC. Acme invests in something in California. You have no authority to … Continue reading →

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FTB’s New MyFTB Impresses; Will the IRS Take Heed?

Posted on January 25, 2016 by Russ

Submitting a Power of Attorney form to the IRS means I must fax the form to the IRS’s Centralized Authorization File (CAF) unit and hope that the POA is entered in timely. A few years ago authorized e-services providers (which … Continue reading →

Posted in California, IRS | Tagged , | 1 Comment

My Love/Hate Relationship with the FTB

Posted on December 1, 2015 by Russ

For those who don’t know, I used to reside in California. I prepare more California tax returns than any other state’s returns (though it is no longer a majority–or even close to a majority–of my clients). I have a lot … Continue reading →

Posted in California | Tagged | 1 Comment

Hyatt Decision a Win for FTB as Far as Damages, but Decision Upheld that FTB Committed Fraud

Posted on September 18, 2014 by Russ

The Nevada Supreme Court released its decision today in Franchise Tax Board of California v. Hyatt. The decision is definitely a win for the FTB as far as damages; however, the Court upheld that the FTB committed fraud against Mr. … Continue reading →

Posted in California | Tagged , | 4 Comments

Sometimes, Pigs Do Fly (California Repeals FTB’s QSB Tax Grab)

Posted on October 6, 2013 by Russ

I look out the window of my office, and I saw the pig that flies: [The Flying Pig is via a Creative Commons license, from Wikipedia. And, no, I didn’t see one flying by my office in Las Vegas.] California … 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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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 →

Posted in California | Tagged , | 1 Comment

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 and BOE Release List of 500 Biggest Tax Delinquents

Posted on October 18, 2012 by Russ

California’s Franchise Tax Board released its list of the 500 largest income tax delinquents on Tuesday. New to the list is a notation of whether or not the individuals have state licenses. I’m amazed at how many attorneys are on … Continue reading →

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