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Archive for the ‘Calif’ Category

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

Businesses moving from Calif to Texas

Posted by taxguru on August 3, 2012

One of the business and tax strategies I have long helped clients with is shifting all or part of their business income and operations out of the PRC, usually to close-by tax free states, such as Washington, Nevada or Texas.  This trend is going to continue to grow, as the morons in Sacramento continue the drive towards bankruptcy. 

Here is a great video from Bill Whittle on why smart Calif businesses with a desire to continue in existence are moving out of the state.  An immediate free nine percent increase in pay for all of the employees, who won’t have to pay Jerry Brown any more income taxes, is just one of the many benefits.


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Doing business in the PRC…

Posted by taxguru on May 15, 2012

Jerry Brown’s plea to voters: ‘Please increase taxes temporarily’ – There is no such thing as a temporary tax in the real world that we non-politicians inhabit.


From BlogComix2


Posted in Calif | Comments Off on Doing business in the PRC…

How to drive even more productive citizens away…

Posted by taxguru on December 6, 2011

Gov. Jerry Brown implores California voters: Please raise taxes on yourself – In other words, “Hit the road or we will take all of your money.”


Posted in Calif | Comments Off on How to drive even more productive citizens away…