Results tagged “taxes”

On Halloween, some new tax rules began that will affect your next paycheck and so on. You'll see an additional 10 percent in state income taxes taken out, but not to fear, says the Sacramento Bee. Basically, the state is front-loading the coffers. An excerpt from their in-depth analysis to clarify:

Watch out, they're back. On Sunday the latest in Tea Party protests will hit Los Angeles as part of another bus tour across the country. The traveling two-plus week event, which will be in its first day, promises to "highlight some of the worst offenders in Congress who have voted for higher spending, higher taxes, and government intervention in the lives of American families and businesses," according to its website. Continued: "Let’s stand up and stop the bailouts, cap and trade, out-of-control spending, government-run healthcare, and higher taxes! We’re back and determined to take our country back!"

A state report on restructure California's tax system is due today and the Associated Press, which obtained an early copy, has found that bold changes are recommended, prompting a large amount of skepticism. The AP explains some:

Those who own horses are likely to get less strict water usage laws under a motion going through Los Angeles city council right now, but on a more national level congress looking into tax relief for pet owners.

A new tax incentive allowed under a new bill for filming in California has been so popular, the majority of its allotted money has been taken advantage of by 25 film projects across the state. Local Assemblymember and current LA city council candidate Paul Krekorian's legislation to allow up to $100 million in tax credits for filming became a reality last month with 25 productions already claiming $67 million. “Just one month into the start of this unparalleled effort to boost jobs and invigorate our economy, we have already seen how this targeted economic stimulus measure has retained California jobs that will surely deliver much needed revenue,” Krekorian said yesterday against the backdrop of the nearly empty 20th Century Props, a local business that fell victim to runaway production. The $100 million in tax breaks is expected to inject $2.5 billion back into the state's economy.

Finally, the budget has passed both houses--the Senate early this morning and the Assembly this afternoon--and Governor Arnold Scwharzenegger says he plans to sign it next week. However, the LA Times hints that Schwarzenegger may do some line item vetoing and a $1.1 billion deficit still remains to be solved.

A budget deal was agreed on last night between top legislators and Governor Arnold Schwarzenegger. Part of that deal was cutting $8 million from the state parks system, saving the majority of parks from the original proposal to cut around $70 million forcing the closure of 80% of them.

If marijuana were to be legalized for recreational use, it would raise nearly $1.4 billion for the California, announced a state tax board yesterday. The numbers were from an analysis of a bill, AB390, introduced earlier this year by San Francisco Assemblymember Tom Ammiano.

A state board voted today to hand out IOUs that will be repaid on October 2nd at the earliest. Although Governor Arnold Schwarzenegger's staff wanted a repayment date to be set for as last as next year June with an 1.5% interest rate, staff with Controller John Chiang said people need their money and next year would be too late. Ultimately, the Pooled Money Investment Board sided with Chiang and put the interest rate at 3.75%. "In 1992, CA IOUs were at 5% interest," twittered John Myers from KQED, noting that it will be interesting to see if people buy and sell IOUs hoping to make a profit. Wells Fargo and Bank of America have said they're willing to accept IOUs before July 10th. $140 million in IOUs will be sent to people expecting income tax returns. A full list of where IOUs will be going is here.

The threat of closing most all state parks and a proposal to save them will hit the Assembly floor tomorrow during the budget revision process. Around 20 bills are queued one, one of them asking legislators two park related questions.

Come June 15th--that's just 13 days from now--the state of California could be a path to having no money, Governor Arnold Schwarzenegger told the legislature yesterday. Tough choices lie ahead, such as those we've been hearing about since last week like the cutting of most all state parks and all of welfare. He's urging lawmakers to pass those budget proposals within the next two weeks, a short time to solve a $24 billion deficit.

As President Barack Obama announced plans to overhaul the tax code in order to make it a simpler process to deal with, protests spread across the country today with anti-tax tea parties of sorts. A few hundred reportedly protested in Glendale this afternoon and more events are planned for the Santa Monica Pier and the Van Nuys Civic Center. Down in Orange County, around 1,000 people are protesting outside a courthouse in Santa Ana.

About $6.5 billion in taxes go unpaid each year in California, which could pay the salary for every high school teacher in the state, Dan Simon reported in a CBS/KCAL live report about the delinquent taxpayers list that was released last week. That list included Sinbad, Burt Reynolds and Dionne Warwick, but the man who topped it with nearly $10 million in unpaid taxes is a Northern Californian investor and landlord Winson T Lee--he admitted to Simon that he hadn't filed in ten to fifteen years and likened his delinquency to an "illness" (too much paperwork, he said). Also: Nationwide, around $300 billion in taxes go unpaid each year, which is half of the defense budget. That number is expected to grow this year.

It's a day of reckoning, a day of doom, and, for a lucky few with refunds due, a day of joy. Be it what it may, today is Tax Day, and if you are a procrastinator, you might be just putting the finishing touches on your 1040 and getting ready to sign that payment check. If you aren't submitting your taxes online, rest assured there are a few post offices in the area who are ready to handle your last-minute (and we mean last minute!) tax-mailing needs. The USPS is keeping a handful of locations open until midnight so they can collect and postmark your taxes, including Airport Station near LAX, the Pasadena Main Post Office, and the Van Nuys Main Post Office. You can call 1-800-ASK-USPS to find out about the hours of your nearest Post Office, or check a complete listing of extended hours and service limits online here. Happy Tax Day!

It's April 1st and that means a few things other than your taxes are due in 15 days. The state's sales tax increases today by 1%, meaning within the city of Los Angeles, we'll be paying 9.25%. That is, until July when Measure R kicks in lopping on another half cent, meaning we'll have a 9.75% sales tax. And wait, there's more: on the May 19th statewide special election ballot, Prop 1a asks us to extend higher taxes by one to two years beyond the 2011 expiration. For some other cities in LA County, their sales tax is getting close to 11%.

This morning the state announced higher income taxes and more cuts in programs because stimulus money earmarked for the state budget was not enough. Basically, last month's budget plan said if the state doesn't receive at least $10 billion from the feds, more taxes and cuts were going to happen. Well, it happened, California got $8.17 billion.

"We are facing a multi-million dollar budget deficit and before we have to cut any additional city services, I want to ensure we crack down on the most egregious tax cheats," said Councilwoman and City Controller candidate Wendy Greuel today of the city's new webpage calling out 16 businesses who owe the city more than $100,000 in taxes. Volvo owes over $112,000 and Fidelity, $165,000. But that's not the worst. A handful owe over a million dollars including United Valet Parking and company called Crystal Enterprises owes over $3 million. Before publishing the list (.pdf), the city sent out letters notifying the tax cheating business that they would be published. Five of them--at a total of $2.1 million-avoided publication by entering into settlement discussions with the City Attorney's office and one is under review.

Other than $1.3 billion in vetoes, Governor Arnold Schwarzenegger signed a package of 34 bills this afternoon that are meant to clear up the $42 billion deficit. It relies on spending reductions, revenue increases (aka taxing you more), use of the economic stimulus and government efficiency. If passed, $5.8 billion will come from a handful of ballot measures that Californians will vote on in a special May 19th election.

Finally, the state senate and assembly came to a compromise and passed the much needed budget. "Our work is not over," tweeted Governor Arnold Schwarzenegger. "We were in a crisis. But crisis provides opportunity for real reforms for California."

"We threw Gray Davis out of office because of his tax increases," a Los Angeles resident told the Daily News about the new state proposed tax increases. "Now they're trying to do this, and it's three times worse."

Not too long after a bench warrant was issued for Girls Gone Wild founder Joe Francis was he taken in by Federal Marshals this afternoon, five hours after he was supposed to arrive in court this morning. Francis, who was one-half of a team asking for Washington D.C. to bail out the porn industry last year, was due in court for tax evasion charges. He reportedly illegally deducted over $20 million from his companies. Francis told TMZ earlier today that he was sick and had a "note to prove it," but was going to head to court anyway. Looks like the feds were there to greet him.

That's how bad the budget is. State Controller John Chiang today announced that he will have to delay $3-plus billion payments, including state income tax refunds, health, welfare, education and other programs. "With no signs of an economic recovery in sight, it is critical that the Governor and the Legislature enact a sound budget solution that provides much-needed cash by February 1," Chiang's website stated. "If not, the State will be $346 million in the red at the end of February, and $5.2 billion in the red in April." Payments will be doled out 30 days late, but if February 1st comes around and no budget is set, they could be delayed another 30 days.

It's always been a way to make some extra cash in Los Angeles. Get your home listed with location scouting agencies and someday a film crew will come to you and pay you for the use of your house. Now that time are tough, more people want in, even if it means some porno action, which can earn up to $5,000 a day (stain fee?). The good news is that the money you earn is not taxable unless you have more than 15 days of film shoots. But that won't be a problem--shooting in Los Angeles is considerably down.

In a time when the city of Los Angeles is in the red by $433 million, the Grammy Awards yesterday got $124,163 in special event fees waived (you know, permits, officers, street closures and the like). With city services being cut and fees to residents being raised (like parking meter rates, etc), some folks are not happy. After all, with all the advertising, the glamour and lawsuits against college students, the music industry can't afford this drop-in-the-bucket (to them) fee?

As tax season approaches, California Attorney General came to an agreement today with H&R Block over deceptive practices, although the tax preparation company claims no wrongdoing, according to the state.

Don't let your money go to waste, especially when not acting on it means the government gets to keep it. The Daily News has launched a nifty database of residents in LA County who are owed money by the IRS. Just plug in your name and city and voila, and you could be surprised.

I was standing in a long line at the ATM on the parking lot side of the Sunset & Vine WaMu when I noticed an LAPD car circle around the parking lot and then pull up to the red zone just to the right of the access ramp. The driver left the car running, got out and came and stood in the painfully-slow-and-not-moving-very-fast line.