For anyone who lives in or does business in California, there are some important new tax rules you need to know. And even if you don’t have anything to do with California – this is crazy enough to read anyway!

California recently required that all corporations doing business in California pay an $800 fee to the Franchise Tax Board to register in California. Now, even if you are NOT doing business in California, but are a California resident and manage an LLC that holds property or does business entirely outside of California, you still need to register your entity with the FTB in California and pay the $800 annual fee, or face frightening consequences. For more information, I encourage you to read the following article:

New California Rules for Real Estate Holdings

This information is important, even if you do not reside in California or do business there. When it comes to California, logic is out the window.