California tax news snippets from the leader in California tax law analysis — Dedicated to bringing you tips and hot topics that will save you time and save your clients money.
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Bill would ease passthrough entity tax prepayment requirement
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This week we’re covering a bill that has been introduced which would allow entities to make a passthrough entity tax election even if they didn’t make a June 15 prepayment.
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LLC filing essentials: what every tax pro needs to know
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This week we’re covering what a tax professional needs to know about LLC filing requirements.
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This week we’re covering some enhancements to the MyFTB account system that have improved and streamlined the user experience.
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FTB is going after out-of-state preparers
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This week, we’re covering the requirement for a nonresident sole proprietor to pay California tax on income received from California.
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Key nonconformity issues for 2023 returns
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This week we’re covering some key California nonconformity issues for 2023 returns.
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Watch out for these common filing season traps
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This week we’re covering some filing season traps that taxpayers can fall into, and what to watch out for to avoid these costly mistakes.
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How to become a California nonresident
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This week we’re covering what a taxpayer moving out of California needs to do to break ties with the state and actually become a nonresident.
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Passthrough entities have until end of year to maximize federal tax benefits of elective tax
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This week we’re covering why a passthrough entity that made the passthrough entity tax election may want to pay the remainder of the tax by December 31.
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Some older POA declarations set to expire December 31, 2023
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This week we’re covering some older Power of Attorney declarations set to expire at the end of this year, and how to see which declarations are affected in MyFTB.
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Annual tax exemption expiring in 2024 for certain entities
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This week we’re covering the expiration of the temporary exemption for the $800 annual tax that’s available for new LPs, LLCs, and LLPs.
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Splitting refunds when taxpayers divorce
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This week, we’re covering tips for splitting refunds when taxpayers divorce.
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California conformity/nonconformity to the SECURE 2.0 Act
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This week we’re covering California conformity and nonconformity to various SECURE 2.0 Act provisions.
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Verifying estimated tax payments with the FTB
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This week we’re covering some things to keep in mind when verifying estimated tax payments with the FTB.
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One-time penalty abatement implemented
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This week we’re covering the FTB’s new one-time penalty abatement provision, which goes into effect for tax years beginning on or after January 1, 2022.
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California tax basis capital account reporting is coming
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This week we’re covering California’s tax basis capital account reporting requirement, which goes into effect after a two-year delay.
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Avoid unclaimed property fines: get into compliance
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This week we’re covering the Unclaimed Property Voluntary Compliance Program to help businesses come into compliance with the unclaimed property reporting requirements.
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How gross income from tiered LLCs impacts the LLC fee
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This week we’re covering how gross income from tiered LLCs impacts the LLC fee calculation.
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California LLC electing S corporation treatment
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This week we’re covering some issues that an LLC may face when it elects to be treated as an S corporation, and what the best course of action is.
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How to handle identity verification notices from the FTB
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This week we’re covering identity verification notices from the FTB and the best way to handle these notices.
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This week we’re covering some questions we continue to receive about intergenerational property transfers under Proposition 19.
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Passthrough entity tax: to elect or not to elect?
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This week we’re talking about considerations for whether and how to make a passthrough entity tax election for 2022 and/or 2023.
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CalSavers and California’s retirement mandate
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This week we’re discussing CalSavers enforcement notices and what to do if an employer receives one.
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The e-pay mandate: don’t combine California estimates
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This week we’re covering avoiding the e-pay requirement, which may apply to a taxpayer if they combine estimate payments and exceed the threshold.
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Going from a SMLLC to a multimember LLC (or vice versa)
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This week we’re talking about some things to keep in mind when a single-member LLC becomes a multi-member LLC, or vice versa.
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October 16 storm-related postponement traps to watch out for
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This week we’re covering some traps to watch out for regarding the filing postponement to October 16.
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Watch out for potential traps when paying passthrough entity taxes
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This week we’re covering some potential traps to watch out for when paying passthrough entity taxes.
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ERC refunds and California returns, practitioner questions answered
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This week we’re covering questions we’ve been receiving from practitioners regarding Employee Retention Credit refunds and California returns.
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New business personal property form for short-term rentals
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This week we’re talking about the new business personal property reporting requirement for owners of short-term rentals.
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When do you need to file Form FTB 3840?
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This week we’re covering when taxpayers need to file Form FTB 3840, which is used for reporting like-kind exchanges.
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What to do if an LLC filed a partnership return
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This week we’re covering what to do if an LLC filed a partnership return when it shouldn’t have.
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No long-term care insurance tax in California...yet
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This week we’re covering what a long-term care insurance tax might look like if one were to be enacted in California.
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Help clients avoid tax when retiring outside California
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This week we’re talking about a way you can help clients avoid tax when they retire outside of California, by structuring payouts to take advantage of a carveout from California taxation.
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E-file issues that cause filing rejections
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This week we’re covering the top reasons for e-file rejections for business and individual returns.
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How to respond when clients call about the new California Paid Sick Leave grants
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This week we’re covering how to respond when clients call about the new California Paid Sick Leave grants.
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FTB continues their outreach letter campaign
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This week we’re covering the FTB’s letter campaign regarding Schedule A and Schedule C deductions and what taxpayers should do if they receive one of these letters.
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Passthrough entity tax elections and superseding returns
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This week we’re covering the passthrough entity tax election and how to make the election on a superseding return, which the FTB defines somewhat differently than the IRS.
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Know the filing requirements when exchanging California property
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This week we’re discussing filing California’s Form 3840, which is filed when California property is exchanged for out-of-state property.
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Storm postponements delay June 15 payments
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This week we’re covering how the filing and payment extension affects the June 15 prepayment deadline for the passthrough entity elective tax and the LLC gross receipts fee.
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Nonresident sole proprietor income taxability
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This week we’re covering nonresident sole proprietor income and California taxability, along with a recent OTA decision regarding an out-of-state accountant.
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California’s one-time penalty abatement program is now live
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This week we’re talking about California’s new one-time penalty abatement program.
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How to minimize the impending SDI tax increase
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More information on the October 16 disaster postponement
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This week we’re covering some questions that we’ve been receiving from practitioners on the October 16 disaster postponement due to the California winter storms.
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This week we’re discussing California conformity to the SECURE 2.0 Act.
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How to become a California nonresident
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This week we’re discussing things taxpayers should consider when they’re moving out of California and establishing residency in another state.
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This week we’re covering voluntary and involuntary administrative dissolution procedures for unused entities.
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FTB’s City/County tax information sharing program
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This week we’re covering the FTB’s City and County tax information sharing program as it relates not only to home-based businesses, but to employees working remotely from home.
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Help clients avoid mandatory e-pay penalties
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This week we’re discussing the e-pay mandate and the penalties for failing to make mandatory e-payments.
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Timely information sharing, publicizing form changes, top Spidell’s wish list
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This week we’re covering some proposals for change that Spidell presented at the FTB’s recent Taxpayer Bill of Rights Meeting.
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Middle Class Tax Refunds aren’t really tax refunds
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This week we’re discussing California’s Middle Class Tax Refund eligibility and taxability.
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SDI wage base cap eliminated starting in 2024
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This week we’re covering the elimination of the SDI wage base cap, and what you can do to prepare for this new tax increase on wage earners.
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