Tax and financial advice from the Silicon Valley expert.

California conforms to federal income tax return filing extension

The California Franchise Tax Board, which administers California's individual income tax and corporate franchise tax, has announced it will conform to the federal extension of time to May 15, 2023 for making payments and filing income tax returns that are due during the period January 8 to May 14, 2023.

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IRS filing deadlines extended for many Californians

The filing deadline for federal individual and business income tax returns (including Form 5500) of certain California taxpayers with a due date on or after January 8, 2023 is extended to May 15, 2023.

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IRS relief for domestic passthrough entity reporting requirement

The IRS is waiving the requirement to include international tax information Schedules K-2 and K-3 for most domestic partnerships and S corporations for tax year 2021 (IR-2022-38, February 16, 2022.)

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Tax and financial advice from the Silicon Valley expert.