Archives for passthrough entity

Richard A. Huffman, CPA, MST Tax Partner   The June 15 deadline is approaching for the mandatory prepayment of the 2022 California passthrough entity elective tax workaround deposit. Important details to consider are as follows: Benefit By electing to pay the taxpayers California tax at the entity level, the federal itemized deduction state and local $10,000 cap is circumvented thus allowing additional federal tax deductions for state taxes paid.  However, the California law has many requirements and nuances that must be followed and considered to make sure the taxpayer will benefit from the entity tax election. Required minimum payment amount
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