Tax Guru – Ker$tetter Letter

Helping real people win the tax game.

Archive for August 8th, 2012

Formally dissolving a business

Posted by taxguru on August 8, 2012

From Blog Pix

A huge expensive mistake people often make is assuming they can just close up their corporation’s bank account, walk away and that’s the end of it.  That’s not enough to satisfy the authorities, especially in the PRC. 

Until all of the proper official forms are filed and accepted by the Secretary of State’s office, that entity is technically still alive and has to pay all of the related taxes, including California’s $800 per year minimum tax.  Penalties and interest make that balance grow quite quickly.

Even if you’ve left the original state, that’s no security against being pursued for the delinquent taxes and penalties.  I have seen plenty of cases where fellow California refugees have been hounded by the FTB in other states, including here in the Ozarks.  The FTB aggressively pursues taxes all over the world.

I mention this because there is a good article in the FTB’s latest issue of TaxNews on how to properly wrap up a defunct business:

A Guide to Formally Terminate a Business Entity’s Legal Existence

This article from the previous month’s TaxNews is also very illustrative of the large amounts of money at stake for not properly dissolving a business entity.

Suspended/Forfeited Business Entities Revivors

 

TaxCoach Software: Are you giving your clients what they really want?

 

Posted in Calif, corp | Comments Off on Formally dissolving a business

The Cheese-Eating Surrender Monkeys lead the way…

Posted by taxguru on August 8, 2012

Indigestion for ‘les Riches’ in a Plan for Higher Taxes –  Killing the Golden Goose is just too irresistible to some idiots in power.  In a preview of what could very easily happen here in the USA if the Marxists are re-elected in November, France is planning a 75% income tax rate on their “evil rich.”  As anyone with a brain could predict, those in the crosshairs are already planning their exits from that country. 

Posted in SoakTheRich, TaxHikes | Comments Off on The Cheese-Eating Surrender Monkeys lead the way…