A year ago, California changed its tax laws requiring online retailers to collect sales tax from California residents and businesses who make purchases on-line. California is expecting $200 million in annual sales tax from online retailers, with Amazon being the...
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FTB
California Court Upholds Use of Multistate Tax Compact Apportionment Formula
California's First District Court of Appeals issued an opinion on July 24, 2012 giving corporations relief from a 1993 California state law that gave double weight to sales, thereby increasing corporate income taxes on out-of-state corporations while giving those...
Will You Receive a Call From the FTB?
July 11, 2012, the California State Franchise Tax Board (FTB) announced that it would implement an automated dialer system to make outbound telephone calls to California taxpayers in order to further enhance their collection efforts; which include, but are not limited...
Franchise Tax Board Settlement Agreements Will be Voided if Taxpayer Does Not Comply
A recent issue of California Taxletter reminds taxpayers that Franchise Tax Board (FTB) Settlement agreements will be voided if the taxpayer fails to pay as agreed.The FTB is responsible for the administration and collection of California franchise and income taxes....
California Franchise Tax Board Levies Expected to Increase by 75%
Although just a few months into a program that allows the FTB to obtain information from banks and other financial institutions to find assets and collect on delinquent debts from California taxpayers, the FTB estimates that it will increase the amount of levies...
Franchise Tax Board provides Guidance on the Single Sales Factor Election
The California Franchise Tax Board (FTB), recently released Legal Guidance Division 2012-03-02 where it addressed the following question: Can a taxpayer make a valid single sales factor (SSF) election and also report tax computed without the election in order to avoid...
Franchise Tax Board issues Legal Division Guidance on Federal Conformity and Research and Development Tax Credit
The Franchise Tax Board (FTB) recently released Legal Division Guidance 2012‐03‐01. While FTB's "Legal Division Guidance" is not considered "written advice", the guidance often relates to recently-enacted legislation where there may be little available commentary or...
California Seeks Revenue from Out-of-State Taxpayers; Amnesty Penalties Questioned
Imagine your client receiving a letter from his bank stating his account will be levied in a matter of days because the California Franchise Tax Board (FTB) has determined he has a tax liability dating back 19 years.In the past several weeks we have received an...
