Spidell's California Minute

This week we're covering California conformity to certain provisions of the Federal Disaster Tax Relief Act.

This week we're talking about planning for California's net operating loss suspensions that go into effect in 2024.

This week we're covering penalty relief options for taxpayers who are subject to estimated tax payments.

This week, we're covering how to report IRS partnership audit changes to the FTB.

This week we're covering some of the exemptions from the ABC test for worker classification that will sunset for certain industries at the end of this year.

This week we're covering three California planning strategies to consider implementing by the end of the year.

This week, we're talking about holding a vacation home in an LLC and the California tax consequences.

This week we're covering property tax adjustments for commercial properties.

This week we're looking at some of the tricks and traps around filing a final corporate return.

This week we're discussing how California treats accrued market discount income.

This week, we're covering the recent decision by the U.S. Supreme Court not to review the Olsen case challenging AB 5.

This week, we're covering dividing property in a divorce and how that affects basis and the principal residence exclusion, among other things.

This week we're covering some of the more common California adjustments to be aware of for individual taxpayers.

This week, we're covering the coming FUTA payroll tax increase that's the result of California's Unemployment Insurance Fund loan.

This week we're discussing nonresident sole proprietor income taxability in light of several Office of Tax Appeal decisions.

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.

This week we're covering calculating California tax on trust income.

This week, we're talking about changes that Proposition 19 made to transfers of California real property between parents and children.

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.

This week, we're discussing how to determine the basis of inherited property that's held in joint tenancy.

This week, we're discussing some tips for filing Form 3840 to report certain like-kind exchanges.

This week we're covering common errors taxpayers make when using FTB's Web pay system, and some tips for avoiding those mistakes.

This week, we're covering reasons why the FTB may reject a Power of Attorney submission and tips for avoiding errors.

This week we're covering the voluntary and involuntary administrative dissolution process for nonoperating entities.

This week we're covering two common scenarios that arise when employees are working remotely.

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.

This week, we're discussing the use of loan-out corporations, which are in the crosshairs of the EDD for AB 5 purposes.

This week we're covering how real estate withholding is reported when the property is owned by a trust.

This week we're talking about what factors into a taxpayer's tax rate and how it can add up.

This week, we're covering the FTB's annual outreach campaign to certain taxpayers who filed Schedule A and Schedule C.

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.

This week we're covering some things to keep in mind about making the June 17 passthrough entity elective tax prepayment.

This week we're discussing the FTB's new multi-factor authentication process for MyFTB Accounts.

This week we're covering LLC fee late-payment notices for 2022 that some taxpayers have only recently received.

This week we're talking about property tax increases for partial transfers of property.

This week we're covering the tax treatment of CalPERS long-term care premium settlement payments.

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.

This week we're covering what a tax professional needs to know about LLC filing requirements.

This week we're covering some enhancements to the MyFTB account system that have improved and streamlined the user experience.

This week, we're covering the requirement for a nonresident sole proprietor to pay California tax on income received from California.

This week we're covering some key California nonconformity issues for 2023 returns.

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.

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.

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.

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.

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.

This week, we're covering tips for splitting refunds when taxpayers divorce.

This week we're covering California conformity and nonconformity to various SECURE 2.0 Act provisions.

This week we're covering some things to keep in mind when verifying estimated tax payments with the FTB.

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.