The California FTB is not requiring partnerships or LLCs to report their tax basis capital accounts under California law on 2022 returns. The mandate to use tax basis capital reporting as determined under California law will not go into effect until the 2023 taxable year. For more information about CA tax basis capital gain reporting […]
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California passed AB150 for the tax years from 2021 – 2025 to provide workaround to the $10,000 federal cap placed on deducting state and local taxes (SALT). The elective PTE tax allow eligible pass – through entities (S – Corporation, Partnerships, and LLCs) to deduct state taxes at the entity level for federal tax purposes.
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Single Member LLCs Filing a Form 568 Since the tax year 2022 filing season is underway for the small business community, we would like to remind our single member limited liability company (SMLLC) clients that the Form 568 is due to be filed as well. This is to refresh the information known, a SMLLC company
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