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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Property tax adjustments for commercial properties
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This week we’re covering property tax adjustments for commercial properties.
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Tricks and traps of filing a final corporate return
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This week we’re looking at some of the tricks and traps around filing a final corporate return.
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Understand how California treats accrued market discount income
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This week we’re discussing how California treats accrued market discount income.
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Uber/Lyft workers may soon be receiving back pay and benefits
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This week, we’re covering the recent decision by the U.S. Supreme Court not to review the Olsen case challenging AB 5.
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This week, we’re covering dividing property in a divorce and how that affects basis and the principal residence exclusion, among other things.
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Podcast: Making adjustments on the California return
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This week we’re covering some of the more common California adjustments to be aware of for individual taxpayers.
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Another FUTA payroll tax increase is coming
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This week, we’re covering the coming FUTA payroll tax increase that’s the result of California’s Unemployment Insurance Fund loan.
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Nonresident sole proprietor income taxability
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This week we’re discussing nonresident sole proprietor income taxability in light of several Office of Tax Appeal decisions.
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You don’t have to dissolve a California entity by December 31
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This week we’re discussing the common misconception that a California entity needs to be dissolved by December 31 to avoid the $800 annual tax from accruing for the following year.
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Calculating California tax on trust income
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This week we’re covering calculating California tax on trust income.
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Parent/child property tax transfers under Prop. 19
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This week, we’re talking about changes that Proposition 19 made to transfers of California real property between parents and children.
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Be the hero: Make sure your clients don’t lose out on withheld amounts
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This week, we’re talking about nonwage withholding and some tips for tax pros to make sure clients don’t lose out on withheld amounts.
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Inherited basis in joint tenancy assets
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This week, we’re discussing how to determine the basis of inherited property that’s held in joint tenancy.
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This week, we’re discussing some tips for filing Form 3840 to report certain like-kind exchanges.
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This week we’re covering common errors taxpayers make when using FTB’s Web pay system, and some tips for avoiding those mistakes.
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This week, we’re covering reasons why the FTB may reject a Power of Attorney submission and tips for avoiding errors.
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Administrative dissolution for nonoperating businesses
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This week we’re covering the voluntary and involuntary administrative dissolution process for nonoperating entities.
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Remote worker issues: two common scenarios
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This week we’re covering two common scenarios that arise when employees are working remotely.
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What does it mean to be “doing business” in California?
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This week we’re covering what it means to be doing business in California for the purposes of filing returns and paying the annual or minimum franchise tax.
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This week, we’re discussing the use of loan-out corporations, which are in the crosshairs of the EDD for AB 5 purposes.
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This week we’re covering how real estate withholding is reported when the property is owned by a trust.
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This week we’re talking about what factors into a taxpayer’s tax rate and how it can add up.
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FTB has started its annual outreach letter campaign
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This week, we’re covering the FTB’s annual outreach campaign to certain taxpayers who filed Schedule A and Schedule C.
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Worker classification and tax professionals
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This week we’re covering when a tax professional may be classified as an employee versus an independent contractor, and exemptions from the application of the ABC test to tax professionals.
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Be ready to make the June 17 passthrough entity tax prepayment
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This week we’re covering some things to keep in mind about making the June 17 passthrough entity elective tax prepayment.
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MyFTB multi-factor authentication coming soon
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This week we’re discussing the FTB’s new multi-factor authentication process for MyFTB Accounts.
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Are your clients just receiving 2022 LLC fee late-payment notices?
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This week we’re covering LLC fee late-payment notices for 2022 that some taxpayers have only recently received.
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Property tax increases for partial transfers
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This week we’re talking about property tax increases for partial transfers of property.
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Tax treatment of CalPERS long-term care premium settlement
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This week we’re covering the tax treatment of CalPERS long-term care premium settlement payments.
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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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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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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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