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Where can I find a full copy of ASC 740?
I have no dependents (wife or children). I am in my 20s. Most of my income ($500k+) came from a capital gains sell in December 2021. Can I avoid paying California state income tax? I know it's late, given it's tax day today. However, should I file a state income tax return and later amend my return to avoid any potential interest and penalities? I know California's FTB is particularly aggressive, so I want to hear more educated opinions on the matter.
I would think that if you filed as a part year resident during 2020 you would have an decent chance of not filing in CA during 2021. However, CA is very aggressive. You should hire a CPA there to help you.
Just deal with it as fast as possible post-4/18. The penalties accrue monthly, so if you deal with it quickly, pain should be minimal. If you file 2020 amendment to indicate you were leaving the state, arguably you don’t file in 2021. I would not recommend continuing to receive mail in the state however.
Extend your fed and California returns. Consult AP California CPA. Whether your capital gains are CA source is the question as you are overseas but had connection with CA in 2021...your mother's house also in CA.
Be prepared to pay some interest and penalties for late payment of CA taxes (if you end up owing). If I were you I would do this as today is the deadline...just extend.
Thanks for the response. So pay my estimated federal tax today, not paying anything to California, while extending both state and federal returns? Any tips for finding a CPA?