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California Schedule EO 568 PassThrough Entity Ownership , California Schedule EO 568, PassThrough Entity Ownership 2018

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[Music] foreign I want to talk a little bit about and explain California Assembly Bill 150 that has specifically to do with the salt deduction workaround now this piece of legislation and this strategy the salt deduction workaround applies to you if you own a pass-through business entity that could be a sole proprietorship or a single member LLC or perhaps an S corporation or an LLC taxed as an S corporation first a little bit of background the reason that this is a thing the reason that this bill was passed in the first place is as a direct response to the tax cut and jobs act otherwise known as the Trump tax cuts of 2017. thinking back to that time frame some of the rhetoric coming out of this out of those tax cuts were that it was punitive to Blue States and specifically what people were talking about was that state and local tax deductions were limited to ten thousand dollars per person and that's true whether you're an individual or a married person filing jointly

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CA EO (568) 2023

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