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Jared R. Callister

California Tax Review

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GOP Tries Repeal of Estate Tax

Republicans in both houses of congress are introducing bills to permanently repeal the estate tax.  While bills like this are customarily introduced, the While House is taking steps to formally criticize these bills.  WH spokesman Josh Earnest even went so far as calling the bill "fiscally irresponsible".  The libertarian Cato Institute, on the other hand, calls the estate tax itself an "immoral" tax because it taxes income and earning that have already been taxed.  Repbuclicans argue that the estate tax harms businesses and family farms.

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Suspended CA Corporations Cannot File Tax Court Petitions

If you have a California entity, failure to timely file statements of information or timely pay or file state income taxes can lead to the entity's suspension.  Under CA law, when an entity is suspended, its corporate powers, rights, and privileges are suspended.  In addition, any contract entered into by the entity during the suspension is not enforceable unless the now revived entity seeks and obtains a Certificate of Voidability from the CA Sec. of State.

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Blue Shield of California Loses CA Tax Exemption

In August, the Franchise Tax Board actually revoked Blue Shield of California's state tax-exempt status and ordered it to file returns and pay taxes going back to 2013.  Although Blue Shield was not tax-exempt for federal tax purposes, it had attempted to retain its state tax-exempt status which it has maintianed for over 70 years.  Although the reasons for the revocation are not public, it is likely due to the fact taht the company is reported to hold massive billion dollar reserves, but makes annual charitable distributions that are much smaller.  The operative question is whether Blue Sh

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Tax Relief for Farmers Who Got Incorrect Obamacare Tax Forms

Under Code Sec. 36B(a), certain taxpayers are allowed a refundable premium tax credit to help afford health insurance bought through an Exchange. On Feb. 20, 2015, the Department of Health and Human Services announced that it had issued Forms 1095-A containing erroneous information to some taxpayers who received advance subsidies toward their purchase of health insurance through healthcare.gov.  These taxpayers have been informed that they will be receiving corrected Forms 1095-A from the Health Insurance Marketplace. Taxpayers need this form to file a complete and accurate return.

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