Spidell's California Minute

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.

This week we're covering California's tax basis capital account reporting requirement, which goes into effect after a two-year delay.

This week we're covering the Unclaimed Property Voluntary Compliance Program to help businesses come into compliance with the unclaimed property reporting requirements.

This week we're covering how gross income from tiered LLCs impacts the LLC fee calculation.

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.