Tax and financial advice from the Silicon Valley expert.

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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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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Domestic passthrough entities must include new international forms

According to the new instructions, domestic partnerships (including most LLCs) and S corporations must include new Schedules K-2 and K-3, reporting the owner's share of international transactions, even when the entity had no foreign activities.

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Tax and financial advice from the Silicon Valley expert.