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CA Form 568 adjustments
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ptax255
Level 7
11-18-2021
01:44 PM
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Hi, the client has already done the federal and CA income tax returns reporting self-employment income. In schedule C there's depreciation expense and an amount for taxes and license. I am now preparing form 568 and proseries is automatically adding back depreciation expense and taxes and license. This makes net loss on 568 lower than the net loss on the CA tax return. Is this ok, or should the two match? Any FTB guidance is appreciated.
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abctax55
Level 15
11-18-2021
04:57 PM
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Disclaimer, I'm a Lacertian...
1) CA depreciation *can* be different than Federal.
2) CA *income* taxes are not deductible for CA purposes.
Perhaps you have some coding errors? NMI and need some PS folks to chime in.
HumanKind... Be Both
