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Affected by the Power Outages? Tax Relief May Be Available.

Some tax relief is available for California taxpayers affected by the frequent power shutoffs that plague the state. The CA Franchise Tax Board is advising taxpayers impacted by the safety-related power blackouts that began in October 2019 that they may be eligible for penalty relief if the penalties are due to the shutoffs. Taxpayers in impacted counties may request penalty abatement upon a showing of reasonable cause. For details, go to https://bit.ly/2PzCN9r and arrow down to “Extended deadlines.” If you have questions about how the shut offs may have affected you or your business with concerns related to tax payments or penalties, please contact your Linkenheimer CPA.

By Linkenheimer LLP|2020-09-03T20:03:29+00:00November 15th, 2019|business, ca, CA tax, california, Fire Relief Info, individuals, tax deadlines|0 Comments

Certain California Residents May Soon Be Contacted By a State Tax Agency

Beginning in late September and during October 2019 the CA Franchise Tax Board (FTB) will be sending 66,500 Notices of Assessment to taxpayers who filed as head-of-household but don’t qualify for that status. Taxpayers who disagree with the Notice of Proposed Assessment may log onto https://bit.ly/2k5JFOs. You may need to create an account. Or, contact the FTB by mail at Franchise Tax Board, PO Box 942840, Sacramento, CA 94240-5340, to file a protest. If you have questions, please contact your Linkenheimer CPA with questions.

By Linkenheimer LLP|2020-09-03T20:03:38+00:00September 18th, 2019|ca, CA tax|0 Comments

What’s New for 2018 California Tax Returns?

What’s new for 2018 California tax returns? The list of changes is long. That’s why the CA Franchise Tax Board has created a “Taxnews” page, with information about tax filing. The page includes information about credits such as the earned income credit, the new employment credit and the CA Competes credit, plus instructions for many other tax topics.

A few of the highlights include:

Federal Tax Reform

The Tax Cuts and Jobs Act (TCJA) signed into law on December 22, 2017, made changes to the Internal Revenue Code (IRC). In general, California Revenue and Taxation Code does not conform to the changes. California taxpayers continue to follow the IRC as of the specified date of January 1, 2015, with modifications. The IRS issued Notice 2019-11 to provide for a waiver of the estimated tax penalty for taxpayers whose 2018 federal income tax withholding and estimated tax payments fell short of their total tax liability for the year.

This relief is designed to help taxpayers who were unable to properly adjust their withholding and estimated tax payments to reflect an array of changes under the TCJA, the far-reaching tax reform law enacted in December 2017. For California purposes, the TJCA had no general impact to the […]

By Linkenheimer LLP|2020-09-03T20:04:15+00:00March 1st, 2019|business, ca, CA tax, california, credit, file return, New Tax Laws, tax planning, tax time|0 Comments

Victims of the Pawnee Fire in Lake County Get Tax Relief

Victims of a California wildfire, dubbed the Pawnee Fire in Lake County, get tax relief from the CA Employment Development Dept. (EDD). Employers directly affected by the fire (which started on 6/23/18) may request a 60-day extension to accomplish some tax-related tasks. The tasks include filing state payroll reports and paying state payroll taxes. No penalty or interest will be charged to employers that are granted extra time. A written request for an extension must be received by EDD within 60 days from the original delinquent date for payments and returns.

By Linkenheimer LLP|2019-11-08T21:56:30+00:00July 12th, 2018|ca, extension, Fire Relief Info, tax|0 Comments

Reminder Regarding Filing Statement of Information

Just a reminder for our business clients: California law requires corporations, limited liability companies and common interest development associations to update the records of the California Secretary of State on an annual or biennial basis by filing a statement, as described below.

Please refer to the instructions included with the form for complete filing information, applicable filing periods/due dates, fees required to file the statement, penalties for not timely filing the required statement, and statutory provisions.

Statement of Information:

E-file – The required Statement of Information for most corporations can be filed online and is generally processed in one business day. Statements that are not filed online can be mailed or delivered in person to the Secretary of State’s Sacramento office.
Domestic Stock and Agricultural Cooperative Corporations (Form SI-200) (PDF):
Use this form if filing the first statement or whether or not changes have occurred since the last completed statement was filed.
Foreign Corporation (Form SI-350) (PDF)
Use this form if filing the first statement or whether or not changes have occurred since the last completed statement was filed.
Domestic Nonprofit, Credit Union and Consumer Cooperative Corporations (Form SI-100) (PDF)
Use this form if filing the first statement or whether or not changes […]

By Linkenheimer LLP|2020-09-03T20:05:37+00:00December 18th, 2014|business, ca|0 Comments