February 2008SB 1055 seeks to alleviate potential tax on mortgage foreclosures
Recently passed federal law, and proposed California legislation both aim to get some relief to homeowners affected by the mortgage debt foreclosure crisis. If the California legislation doesn’t pass, however, affected homeowners may still owe tax on forgiven mortgage indebtedness.
More real estate legislation
Recent statistics reported on mortgage defaults reveal the depth of California’s problem. California lawmakers have also introduced legislation that would target questionable practices and loopholes in current real estate law, and require face-to-face meetings between mortgage servicers and borrowers.
Correction to the 2007 California Schedule CA (540)
FTB warns taxpayers of error on Schedule CA (540) that could lead taxpayers to miss claiming their home mortgage interest, points, and investment interest.
Looking back – how we did in 2007 compared to 2006
The percentage of Personal Income Tax returns filed electronically compared to paper filing continues to move up steadily. For Business Entity returns, the ascent in percentage points is dramatic – a 364 percent increase over 2006.
Looking ahead - what’s new in 2008
Some of the changes to keep in mind this filing season – rounding cents to dollars, repeal of the Teachers Retention Credit, no Customer Service Number needed for Web Pay, and more!
Notes from the Tax Practitioner Stakeholder Specialist
- Filing season underway
- Changes on the horizon
Inside FTB
- FTB tax refunds worth nearly $10 million go unclaimed
- Nonresident entertainment withholding agents - free workshops in February
Criminal Corner
Our monthly summary on bringing tax criminals to justice, and closing the tax gap one case at a time.