by bettywilliams | Jan 14, 2021 | FTB
The FTB has a new form for reporting cannabis deductions in 2020. Form 4197 will allow taxpayers involved in commercial cannabis activity to report deductions, credits, exclusions, and exemptions. The FTB plans to send over 5,000 “Welcome Letters” to licensed cannabis...
by bettywilliams | Sep 18, 2020 | FTB, Multi-state Tax Issues
What happens when an out-of-state business suddenly has an employee working from home in California due to COVID-19, and in accordance with Governor Newson’s Executive Order N-33-20, the “Stay at Home” Order? A corporation may be concerned that while it had no...
by bettywilliams | Jul 20, 2020 | FTB
A California Appellate Court recently held that all of a trust’s California source income is taxable in California, regardless of the state of residence of the trust’s fiduciaries. The Court clarified that it is non-California source income that is dependent on the...
by bettywilliams | Mar 17, 2020 | FTB
The FTB has announced an extension of time for taxpayers to file their tax returns and make payments to the FTB. This applies to individuals and businesses with a California tax return or payment due between March 15th and June 15th. Taxpayers do not need to be...
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...
