Archive for the ‘The Golden State’ Category

Get On The Ball Now If You Want to “Borrow” from your IRA

Posted on August 4th, 2014 by by George Ashley

As we recently mentioned, there has been some confusion over the application of the “60 day rule,” pursuant to which a bloke can temporarily access his IRA dough for whatever purpose he wants, as long as he replaces the funds within a 60 day period.  And the law has long stated, that one can only […]

Californians Think Taxes Are Too High!

Posted on April 28th, 2014 by by George Ashley

So what else is new, right? Seems the Public Policy Institute of California (PPIC) recently conducted a survey which discovered this surprising fact. And, as good little Obama soldiers all, Californians seem to think that the solution to the problem is to simply tax wealthy folk and corporations more, rather than look for other ways […]

California Tightens The 1031 Noose

Posted on December 16th, 2013 by by George Ashley

California has long conformed to the Federal rule permitting “like kind” exchanges under Section 1031 of the Internal Revenue Code.  Nonresidents who dump their California property and replace it with out of state property, which might be later sold, have always been “on their honor” to pay the California tax upon the ultimate liquidation, though […]

Some Good News – Some Bad – From California

Posted on December 9th, 2013 by by George Ashley

Historically, California has not permitted the carry back of net operating losses – only carry forward.  For taxable years beginning on or after January 1, 2013, however, a net operating loss may be carried back with some limitations: The amount of the NOL arising in 2013 itself is limited to 50% of the total (better […]

FTB Now Monitoring License Plates

Posted on September 9th, 2013 by by George Ashley

So you’re lounging around at your California vacation palace (probably during the winter, during which the golf weather is a little more hospitable there than it is here) and you receive an unwelcome nastygram from the California Revenooers – where’s your California tax return, it wonders. Maybe that’s because the California Franchise Tax Board’s “Luxury […]

California: Still A Leader

Posted on June 17th, 2013 by by George Ashley

In one of the more dubious categories, that is. Recall that some 35 years ago, California voters passed the now famous “Proposition 13,” which cut and limited the annual growth of property taxes. As noted by the Tax Foundation, some Californians worried, at the time, that capping property taxes “at such a low level” would […]

No “Trafficking” Allowed

Posted on November 11th, 2012 by by George Ashley

So you say you operate a medical marijuana “dispensary,” and pursuant to the California Compassionate Use Act of 1996 (how cuddly), you sell the stuff to folks in need of this sort of “medical treatment.” You may very well be in a legit business, but forget trying to get this past the Revenooers, who are […]

Watch That Bank Account: FTB May Grab Your Dough

Posted on November 11th, 2012 by by George Ashley

So you thought privacy laws kept your financial information a secret, and your fiscal identity beyond the reach of the Federal and state Revenooers. Well – get real, particularly if you deal with the California Franchise Tax Board (FTB).  And get familiar with “The Financial Institution Record Match (FIRM)” program, enacted in 2011, which authorizes […]

Favorable Treatment of Main Home Debt Relief Expiring This Year

Posted on November 10th, 2012 by by George Ashley

No question that times are tough in the real estate world these days, and IRS has bestowed a little sympathy toward homeowners – certain discharge of indebtedness won’t be taxed if it relates to your principal residence.  But time is running out on this kindliness…… Generally speaking, whenever a lender agrees to accept less than […]

The States Need the Money!

Posted on November 10th, 2012 by by George Ashley

Is there no end to the quest by state and local government units to find yet more dough?  Yet more and different things to tax? Consider the recent news reported by USA Today regarding the notion that states just might start taxing folks based on the number of miles they drive (rather than how much […]

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