HT2 CLIENT NEWSLETTER
May your pockets be heavy and your heart be light. And good luck pursue you each morning and night.  

CALIFORNIA ENACTS BILL TO CORRECT
AB150 LIMITTIONS
California recently enacted Senate Bill 113 (SB 113), which made California’s new pass-through entity elective tax (enacted in 2021 as AB150) much more attractive for certain owners of S corporations, partnerships, and LLCs taxed as a partnership or an S corporation. Many of the limitations and drawbacks to paying this tax were removed by SB 113. Now, the pass-through entity elective tax can dramatically reduce the tax liability of many more taxpayers. READ MORE HERE
IRS OFFERS NEW DETAILS TO PRPARE
SCHEDULES K-2, K-3

The IRS has provided an additional exception for qualified domestic partnerships and S corporations to file their schedules K-2 and K-3 for tax year 2021 to further ease the transition to these new schedules. The new schedules standardize international tax information to partners and flow-through investors while clarifying obligations and standardizing the reporting format.

Simply put, eligible entities, those with no foreign activities, foreign partners or shareholders, and without knowledge of partners or shareholders needing information on items of international relevance, will not have to file the new Schedules K-2 and K-3 for tax year 2021. To qualify for this exception, partnerships and S corps must meet the following: READ MORE HERE
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NEWS YOU CAN USE
Pay your HT2 invoice HERE
HT2 Resources Page - We publish articles there too! READ MORE HERE 
2021-2022 Tax Planning Guide READ MORE HERE
Taxpayers should be on the lookout for new scams  READ MORE HERE
E-signature for individual tax returns available to our clients VIDEO PRESENTATION