The California Franchise Tax Board (FTB) has posted frequently asked questions (FAQs), related to tax relief due to the novel coronavirus (COVID-19). The list addresses topics such as: information returns, extensions to file; the postponement periods of March 12 through July 15, 2020; statutes of limitations, and more. Even more recent additions to FAQ topics are: nonresidential nonwage withholding and real estate withholding. Check the latest FAQ here: https://bit.ly/3e2q9cA or contact us with questions.
An extension of time has been issued for California taxpayers to accomplish certain tasks, from the CA Franchise Tax Board (FTB), due to the novel coronavirus (COVID-19). They include claiming a refund, filing a protest of a notice of proposed assessment (NPA) with the FTB, and filing an appeal or petition for a rehearing with the Office of Tax Appeals. The extension also gives the FTB extra time to issue an NPA. For refund claims where the statute of limitations runs out during the period of March 12, to July 15, 2020, the FTB will consider it filed on time if it is received on or before July 15, 2020. For more check here: https://bit.ly/342Cb10 or contact us with questions.
We are working hard to provide you with the latest information regarding the many changes and relief programs that are coming out. If you have questions about your current situation and the options out there for you, please contact your Linkenheimer CPA.