article thumbnail

California Passes Workaround to the Federal Limit on State Tax Deductions

KROST

The law is retroactive to years beginning on or after January 1, 2021 and continues for years ending before January 1, 2026. The electing owners are then granted a credit against their California personal income tax for the full amount of the tax paid by the entity on their allocable share of California taxable income.

article thumbnail

Monday Morning Accounting News Brief: Accounting Firms Ditch Zoom Interviews; Mississippi’s Best CPA Exam Candidates | 8.28.23

Going Concern

2022 state income tax refund might be coming. Then he answered, “ We’re understaffed and we had a lot of income tax returns last year.” Then he answered, “ We’re understaffed and we had a lot of income tax returns last year.” I was trying to find out when my Pa. Dead silence. But now I understand.