Tax and financial advice from the Silicon Valley expert.

Tax tips and developments relating to individuals

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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California expands the passthrough entity tax

The passthrough entity tax is a workaround for the $10,000 individual income tax limit on the deduction for state taxes adopted in the Tax Cuts and Jobs Act of 2017. On February 9, 2022, Governor Newsom signed SB 113, which fixes some of the issues with California's passthrough entity tax.

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Tax and financial advice from the Silicon Valley expert.