OCBJ article: “Business Owners Consider Fleeing State’s High Taxes”

Richard Warner, Senior Tax Manager, was recently asked to participate in the Orange County Business Journal’s special report on “Accounting and Management Consulting.”  In the Q&A section, Richard addressed the topic of “Business Owners Consider Fleeing State’s High Taxes.”

Excerpt: “Excessive taxes in California have routinely been viewed by high income residents simply as the price paid to enjoy our great year-round weather and sandy beaches. While some consideration has been given in the past toward establishing residency elsewhere, the actual exiting of the state to avoid the onerous tax laws was usually not acted upon.  This view is giving way to business owners aggressively approaching ways to reduce taxes by leaving California permanently. Our firm has had many discussions and performed various analyses in the last few years for clients who ultimately left the state or are seriously considering doing so — soon. The recent cap on state tax deductions under tax reform was the last straw.”