California Tax Updates for June 25

August Calendar

Update 1:

Many California businesses are downsizing or have closed permanently due to COVID-19. The California Franchise Tax Board (FTB) has released a detailed set of steps needed to fully close a CA business entity, including links to resources from the CA Secretary of State and other state departments. The FTB highlights the need to close out tax accounts by filing delinquent returns and paying all balances due on taxes, filing a current annual or quarterly return as final, filing the appropriate closure forms with different state agencies, notifying employees and other stakeholders of the intent to close and dissolving all accounts associate with the business. For more: https://bit.ly/37e3cjI

Update 2:

Businesses that hold unclaimed property in California get extra time to file reports. Due to COVID-19, the CA State Controller (SCO) has postponed the due date for holders of such property, including unclaimed wages, to submit their Remit Reports and Remittances for properties reported on their […]

By |June 25th, 2020|business, ca, CA tax, ftb, New Tax Laws|0 Comments

California Tax Updates for May 21st

FAQ

Update 1:

Do you still have questions about how California helps those affected by the novel coronavirus (COVID-19) pandemic? The CA Franchise Tax Board (FTB) has just updated its frequently asked questions (FAQs) by adding a section on the individual status letter (also known as a veteran affairs status letter). These letters help individuals get student loans or Veteran Affairs financing. They also show third parties such as employers that the letter holder has no outstanding CA income tax obligations. If you have questions, please contact your Linkenheimer CPA. You can also learn who may obtain an individual status letter and how, and get answers to a wide variety of questions by visiting the FTB here: https://bit.ly/2AuMxwb 

Update 2:

Are you part of the California gig economy? The CA Franchise Tax Board (FTB) has updated its gig economy webpage, which it created to provide information to those who use platforms such as Uber, Lyft, Airbnb and […]

By |May 21st, 2020|ca, CA tax, california, ftb|0 Comments

California Tax Updates for April 22

3d-man points to the text Covid-19 and relies on a question mark.

Post 1:

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.

Post 2:

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 […]

By |April 22nd, 2020|california, ftb, irs, New Tax Laws|0 Comments

California Franchise Tax Board has Launched New Website

Blank computer monitor with clipping path

A new California state website just went live, with new features. As the CA Franchise Tax Board announced not long ago, its new website went live on Sunday, June 23. The site focuses on tasks, instead of customer types (individuals, businesses, tax professionals). Now that the site is up and running, you may use it to request forms online. According to Frequently Asked Questions about the site, 95% of the content that was on the old website will still be there, but forms from before 2007 will be gone. Interested parties can obtain older forms through an online process. For more info: https://bit.ly/2F1PKjW

By |June 26th, 2019|CA tax, california, ftb|0 Comments

Are you a California Employer Who Must File State Copies of W2s and 1099s?

Are you a California employer who must file state copies of W2s and 1099s? Returns that are paper-filed with the IRS will be forwarded to the CA Franchise Tax Board (FTB), so there’s no need for you to also file with the FTB. Generally, the IRS and FTB have the same filing requirements. If you have 250 or more returns, electronic filing with the FTB is required. The e-filing due date is 3/31/19. If you use the IRS Combined Federal/State Filing Program, only one filing is necessary. The IRS will forward original or corrected data to the FTB. If you have questions about filing, please contact your Linkenheimer CPA. 

By |March 20th, 2019|1099, business, CA tax, california, employer, ftb, w2|0 Comments

Some California Taxpayers are Receiving Erroneous Late Notices

Some California taxpayers are receiving erroneous late notices. Taxpayers who reside in federally declared disaster areas have been granted extra time to accomplish state tax-related tasks, such as filing tax returns and paying taxes due. The CA Franchise Tax Board (FTB) has reported that, due to a systemic issue, some taxpayers who qualify for this relief have received notices assessing late-filing penalties. While the FTB works to update its system and address this issue, taxpayers can contact the FTB on its homepage and click live chat: https://bit.ly/2MG3HMz

If you have questions, you can also contact your Linkenheimer CPA.

By |October 2nd, 2018|disaster, ftb, irs, tax|0 Comments

FTB Issuing Late Filing Penalties, Despite Extension Due to Fires

We have had clients receive  FTB notices with a much larger late filing penalty than it should be, despite being extended due to the fires. We spoke to the FTB, and they said that their system is not picking up the zip codes,  and therefore notices are being issued with the late filing penalty. They suggest calling in and the account will be flagged to auto adjust once they fix their system (IT is updating their coding) but temporarily they are placing holds on those accounts after you call in.  Please be aware of this and contact your Linkenheimer CPA if you get a notice and don’t just pay it, as this may complicate the adjustment process. We will keep you updated and let you know once the FTB has resolved the issue. In the meantime, if you have any questions, please contact us.

By |March 14th, 2018|california, disaster, Fire Relief Info, ftb|0 Comments