Hi I am small business owner and the the calif state board of equalization is requesting I show them all of my bank statements.

If you do not cooperate with the BOE, they can subpoena the records so it makes no sense to not cooperate fully, unless of course you are involved...

California does NOT have a gift tax.

Can I set up an S corp in a state without income tax, then live and work in CA as a sole proprietor to avoid CA income tax?

No; the CA FTB will not allow you to work in CA and earn a living wage without paying your fair share of income tax. You may move to Nevada and...

Can a regular Tax Preparer do a S-corporation filing instead a CPA?

Yes; you are not required to use a CPA to prepare your S Corp tax returns.

I have been mailed a set of forms asking for my current information. I do indeed owe back taxes. How do I negotiate for payments

I agree with my colleague but would add that you will probably need to complete all back tax returns as a first step. But, before filing same,...

What is the California Long Term Cap Gain Tax rate? Can you please break down for me the scale, based on amount of cap gain.

As mentioned by many of my colleagues, California does NOT tax capital gains differently from ordinary income. Accordingly, the ordinary income...

Income tax refund check

So long as you have a joint bank account, the bank will accept the deposit.

If dividends or interest is under $ 10.00 in a savings account for the year, do I have to clam it on income tax ?

Gross income is defined as any and all income. So yes, you must report the $6.32 if you are required to file a tax return.

Do I need to pay state taxes for CA ?

Yes; California taxes your earnings earned worldwide once you are a resident of California. You probably do not owe AR taxes since you are no...

My boss is willing to give me 20% of our company, do I have to pay a gift tax? How long do I have to pay the tax?

This is a rather complicated situation. I am afraid that the IRS and FTB would find this is not a gift but income to you since you work for this...