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Form 1065-B for Palmdale California: What You Should Know
In California, for taxable years that end on or after February 23, 2012, a partnership tax return is filed with Part IV with Schedule B. For taxable years that end on or before February 23, 2012, a partnership return is reported on the partner's line of the state return that applies to the partnership. If the partnership is a limited partnership, a partnership return is reported on the partner's line of the partner's Form 1065.” California Partner's Guide to Partnerships. Disclaimer — Any of these tax preparers or information providers must be given credit for making it easy for you to do your tax return. In addition to the resources listed above, there are several other links I have written on tax preparation for partnerships. Tax-Sensitive Businesses In the past few years, there have been tax laws, policies and regulations being pushed through that are highly taxing non-tax sensitive businesses and individuals. The impact is that tax-sensitive businesses are being increasingly taxed with tax-sensitive individuals. Many of these new tax laws were created through the so-called “Corker provision”, in which the Senate GOP introduced a tax reform bill which includes a provision to “deem non-tax sensitive firms as tax-sensitive.” The provision requires that the tax return of any business should include information such as gross receipts, deductions etc. It does NOT require that taxes have been paid on any of these items, yet it may cause a tax return to be filed that may not be acceptable to the IRS. These changes are impacting a number of businesses, both in California and in other states. Some of these business are being affected by: The new rules are going to further limit what employers can claim for tax deductions, thus decreasing the tax benefits employers may have in California and other states. Some of the biggest implications are on business owners with multiple employees, small business owners with zero or less than employees, and even the self-employed. There are some small business owners who have been impacted by these rules and their tax returns are not suitable for filing with the IRS, yet they are in compliance with the law. I don't have a good answer as to what to do about this. I suspect it is best to consult with your lawyer and/or tax preparer to see just how best you and your business can navigate these changes.
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