On behalf of Law Office of Williams & Associates, P.C. | Nov 1, 2019 | FTB
The Franchise Tax Board (FTB) recently published its updated lists of California’s top 500 individual and top 500 business tax debtors, who now collectively owe the state more than $581 million in income tax. Since October 2007, this list is updated twice...
On behalf of Law Office of Williams & Associates, P.C. | Jul 12, 2019 | FTB
The California Franchise Tax Board (FTB) recently issued a news blast that many payments sent by mail to the state tax agency in June were delayed significantly due to post office issues. When the mail finally caught up on June 9th, the FTB received some 115,000...
On behalf of Law Office of Williams & Associates, P.C. | Jul 2, 2019 | FTB
The California Franchise Tax Board (FTB) recently released some initial data on the 2019 tax filing season. As of June 1st, the FTB had processed 17.4 million personal income tax returns, a vast majority (88%) of which were e-filed. A total of $11.7 billion in...
On behalf of Law Office of Williams & Associates, P.C. | Mar 12, 2019 | FTB
Arizona Attorney General Mark Brnovich recently asked the U.S. Supreme Court for permission to file suit against the State of California over the $800 minimum business tax imposed on investors in certain LLCs. Brnovich contends that the California minimum tax, and...
On behalf of Law Office of Williams & Associates, P.C. | Mar 4, 2019 | FTB
The California Franchise Tax Board (FTB) recently announced that interest rates for personal income tax underpayments and overpayments, corporate underpayments, and estimate penalties will increase to 6 percent for 2019. The corporate overpayment interest rate will...
On behalf of Law Office of Williams & Associates, P.C. | Dec 3, 2018 | FTB
The California Franchise Tax Board (FTB) recently updated its list of individual and corporate tax rates, exemption credits, and other fees and requirements for 2018, based upon the state rate of inflation. The current California tax rate for corporations (not banks...
On behalf of Law Office of Williams & Associates, P.C. | Nov 2, 2018 | FTB
The Franchise Tax Board (FTB) recently published its updated list of California’s top 500 tax debtors, comprising both individuals and businesses that now collectively owe the state more than $646 million in income tax. Since October 2007, this list is updated...
On behalf of Law Office of Williams & Associates, P.C. | Oct 2, 2018 | FTB
The California Franchise Tax Board (FTB) recently announced the 2018 indexed threshold values for determining whether an entity is doing business in the state. If any of the following conditions are met, the taxpayer is considered to be doing business in California:...
On behalf of Law Office of Williams & Associates, P.C. | Aug 10, 2018 | FTB
Federal and California state tax agencies have offered relief to certain taxpayers affected by the 2018 wildfires in Northern California. The Internal Revenue Service will postpone specific deadlines, waive penalties, and provide other relief as detailed here. The...
On behalf of Law Office of Williams & Associates, P.C. | Jul 2, 2018 | FTB
The California Franchise Tax Board (FTB) recently released an update about the 2018 tax filing season. As of May 31, 2018, the FTB had processed over 17 million personal income tax (PIT) and business entity (BE) returns. Ninety-one percent of personal returns and 85...
