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2022 California Tax Rates, Exemptions, and Credits The rate of inflation in California, for the period from June 1, 2021, through June 30, 2022, was 8 3% The 2022 personal income tax brackets are indexed by this amount
- Updates and Changes
- Income Tax Perspective
- Earned Income Tax Credit
- Disaster Loss Deductions
- Unclaimed Property
- Next Steps
- We’Re Here to Help
In the following, you’ll find more details on income tax perspectives, income tax credits, disaster loss deductions, and an item discussing an important development related to unclaimed property enforcement.
There are updates or updated guidance for some tax rules, including the elective pass-through entity tax, suspension or limitation of certain attributes, and nexus considerations.
In 2018, the California Earned Income Tax Credit (EITC) was extended to help low-income taxpayers. In 2019, AB 91 raised the maximum eligible amount of earned income to $30,000. The bill also added a refundable young child tax credit of up to $1,000 per qualified taxpayer, per taxable year. For tax year 2021, the FTB published a bulletin addressing...
California taxpayers may deduct losses in any president- or governor-declared disaster area. In this regard, the state generally follows federal law regarding the treatment of losses incurred as a result of a casualty or disaster,though relevant nonconforming provisions still apply.
Tax professionals may have noticed a new set of questions on their business entity clients’ income tax returns. Specifically, California is now inquiring as to whether corporate and pass-through entities have filed unclaimed propertyreports with the state and, if so, when the last reported was filed. Financial assets left inactive by a legal owner ...
Federal tax changes and related conformity requirements continue to impact California taxpayers in addition to the changing landscape of business and everyday life. As the state continues to expand, evolve, and respond to these challenges, please contact your business advisor with any questions.
For more information on the 2022 tax season and impacts on Californians, reach out to your Moss Adams professional.
Oct 7, 2022 · To help ease the pain of high gasoline prices, eligible Californians will start receiving tax refunds of $200 to $1,050 Friday under a budget deal approved by the Legislature and signed by...
- Jon Healey
- Deputy Editor, Fast Break Desk
- jon.healey@latimes.com
Nov 7, 2024 · The California Franchise Tax Board (FTB) has announced that California will extend the state tax filing and payment deadline for 2020 returns for individuals to May 17, 2021. This extension does not apply to estimated tax payments due on April 15, 2021.
Oct 19, 2022 · If you’ve changed or closed your bank account since you filed your 2020 tax return and you’re eligible for the payment, you will receive it via a debit card that will be mailed to you. If I didn’t get a state tax refund in 2020, am I still eligible for these payments?
What You Need to Know This Tax Season: From Tax Prep Assistance to Key Changes in Law. The federal Internal Revenue Service (IRS) and the California Franchise Tax Board (FTB) are accepting and processing 2021 tax returns.
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Oct 6, 2022 · Gas prices are on the rise again in Los Angeles. The Golden State will send tax refunds to about 23 million Californians starting Friday to help them navigate the rising costs due to inflation.
