The FTB's New Employment Credit begins January 1, 2014. One requirement for the credit is that a taxpayer be engaged in a trade or business within a designated geographic area (DGA). Use the DGA Mapping Tool to determine if a location is in a DGA. You can access the...
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FTB
California Offers Tax Relief on Short Sales
On Wednesday, December 4, the Franchise Tax Board followed the IRS's lead in announcing that it will not impose a tax penalty on taxpayers who sell their home for less than is owed, commonly referred to as a "short sale". The determination means California taxpayers...
Reminders for Year-End Charitable Donations
In addition to achieving philanthropic goals, many people make charitable donations at the end of the year in order to maximize income tax benefits. To make sure your charitable donation accomplishes both charitable and tax-savings benefits, here are few...
California’s New Employment Credit
The New Employment Credit (NEC) is available for each taxable year beginning on or after January 1, 2014, and before January 1, 2021, to a qualified taxpayer employer that hires a qualified full-time employee on or after January 1, 2014, and pays or incurs qualified...
Bartering goods and services? You may owe tax!
Sometimes a client cannot pay their bill. When this happens, some business owners will look to the goods or services provided by the client in her business, to see if a trade can be made to satisfy the debt. While most business owners would rather be paid for services...
Small Businesses Owe Big
Last December, the Second District Court of Appeal for California ruled in Cutler v. Franchise Tax Board that a California business incentive program violated the US Constitution's Commerce Clause. The program was enacted 20 years ago to allow investors selling stock...
State Contacting Businesses to File Last Year’s Tax Returns
The Franchise Tax Board (FTB) is contacting more than 90,000 California business entities that have not filed their 2011 state income tax returns. Businesses contacted by the FTB will have 30 days to file a tax return or show why there is no filing...
Two New Bills Alter California Enterprise Zone Credit Program
The California Enterprise Zone credit program will see significant changes beginning January 1, 2014 due to two bills signed by Governor Jerry Brown on July 11, 2013: Assembly Bill 93 and Senate Bill 90. A partial sales and use tax exemption of approximately 4.19% is...
California FTB Announces Withholding Voluntary Compliance Program (WVCP)
On July 1, 2013, the California FTB began its Withholding Voluntary Compliance Program for eligible withholding agents who did not remit the required resident, nonresident, and real-estate withholding. Although the unpaid withholding must be paid, with interest, the...
Affordable Care Act or “Obamacare” Tax Considerations
The Affordable Care Act ("the Act," commonly referred to as "Obamacare") contains currently implemented tax provisions, as well as other that will be implemented during the next several years. According to the Internal Revenue Service, the following are some examples...
