Tax News August 2020
- State’s Top 500 Tax Delinquencies Total $151 Million
View the latest Top 500 Delinquent Taxpayers list16, which includes individuals and businesses that collectively owe the state more than $151 million in state income tax.
- Mandatory e-Payment requirements have now been in place for 10 years
Once taxpayers meet the mandatory e-Pay requirement, they must make all payments electronically or they will be assessed a penalty of 1% of the amount paid. Under certain circumstances, a taxpayer may be granted a waiver of the mandatory e-Pay requirement.
- Business Expenses publication (FTB 984) coming soon
Business Expenses (FTB 984) has recently been revised.
- Reminder: We are taking appointments at our field offices
Our public counters provide tax filing and payment assistance to customers and their authorized representatives concerning personal income tax, business entity income tax, and non-tax debts.
- California Competes Tax Credit – Application period began July 27, 2020
For Fiscal Year 2020/2021, the California Competes Tax Credit (CCTC) first application period is available.
- Delinquency Control program will reduce the amount of notices sent to business entities
Starting September 2020, the Delinquency Control program is changing.
- Property managers and California withholding
Property managers are required to withhold 7% of the gross rent or lease payments in excess of $1,500 per calendar year, and remit those payments to us if they both:
- Manage real property
- Collect rent or lease payments for California property owners that reside outside of California (nonresident owner)
- Offsets, what are they and have they resumed?
We frequently get asked questions about our offset programs, so we want to explain how we offset tax refunds and the COVID 19 pandemic relief we provided.
- California State Board of Equalization holds its Annual Taxpayers’ Bill of Rights Hearing August 18, 2020
The California State Board of Equalization will hold its annual Taxpayers’ Bill of Rights Hearing on August 18, 2020.
- IRS subscription services
In our May 2020 Tax News, we let you know about several useful IRS resources during COVID-19. One of the resources we mentioned was the IRS’ e-News-subscription service. This month, we want to go into more detail about some of the content that is available to you from the IRS direct to your in-box.
- Ask the Advocate
New guidelines and contact information for Advocate Assistance
- Chief Counsel Corner
1031 transactions: The importance of determining which party conducted the sale
- Event Calendar
As part of education and outreach to our tax professional community, we participate in many different presentations and fairs. We provide a calendar that shows the events we attend (virtually), as well as other events happening with us, such as interested party and board meetings.
Have a topic or tax question you’d like us to address? We want to hear from you! Submit your ideas to us: firstname.lastname@example.org