The FTB may be getting on board with the IRS by offering a first-time penalty abatement for qualified taxpayers. The relief would begin with tax year 2022 and provide one-time relief of failure-to-file or failure-to-pay penalties. This is just one of the provisions agreed upon in the California 2022-2023 budget agreement which will be voted on by the California General Assembly soon. For this specific relief, see AB 194/SB 194 – Item (7).
For assistance on penalty abatement, contact one of our attorneys here.
