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The Governor’s office has announced that California will conform to the filing extensions granted by the IRS for California storm victims

The IRS is granting extensions to California storm victims until May 15, 2023, for the following filing and payment deadlines that were normally scheduled for on or after January 8, 2023: Individual income tax returns; Business return filings normally due between March 15 and April 18, 2023; Third and fourth…

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In the latest draft of the Schedule K-2/K-3 (1065) instructions released on December 2, 2022, the IRS has expanded eligibility for the new domestic partnership exemption from filing Schedules K-2 and K-3 and revised the partnership notification requirements for partnerships that want to qualify for the exemption

At a Glance Main Takeaway On an income statement, stock-based compensation is recognized as a non-cash expense, just like other operating expenses such as depreciation

At a Glance Main Takeaway Property tax affects individual homeowners, but it also factors into tax considerations for real estate property owners

At a Glance Main Takeaway The Paycheck Protection Program (PPP) was established by Congress to provide aid for businesses, self-employed workers, sole proprietors, and nonprofit organizations to keep employees on payroll while these businesses may have been shut down due to the COVID-19 pandemic