Many are claiming that the California tax authorities are being unfair by their recent decision to retroactively charge business owners to 2008 for transactions in which they legally obtained tax breaks. A small business owner who had previously benefited legally from tax breaks from selling a business has more than likely been contacted by the tax authorities demanding payment for back taxes. It remains to be seen what kind of repercussions this will have on businesses in our state.
The struggling American economy has hit many businesses across the nation hard. Often, California CEOs wrestle with the difficult choice of selling a business or letting a company that they worked hard to build run itself into the ground. Other business owners decide to restructure their companies, which can include selling off parts of the business rather than the entire kit and caboodle. Photo juggernaut Eastman Kodak Inc. recently made the surprising announcement that it is selling off its still-photography business.