On January 7, 2025, areas in and around Los Angeles County were affected by a series of catastrophic wildfires fueled by straight-line winds. In response, the White House issued a Major Disaster Declaration on January 8, 2025. Following this, on January 10, 2025, the Internal Revenue Service (IRS) ...
California
From the enactment of the Tax Cuts and Jobs Act of 2017 (TCJA), California was one of the handful of states that did not conform to a number of provisions in the law. Most notably, the state continued to allow taxpayers to take full advantage of the net operating loss (NOL) deduction and ignore 80% ...
California Tax Basis Capital Accounts Reporting