Tax News February 2021

• What’s new for filing 2020 tax returns

  Check out the changes for this filing season.

• Compliance effort for FTB 3840, California Like-Kind Exchanges letters continues

  We are continuing compliance efforts for FTB 3840, California Like-Kind Exchanges.

• 2020 Taxpayers’ Bill of Rights Hearing

  The Taxpayers' Bill of Rights Hearing takes place annually during the last quarterly Franchise Tax Board meeting of each year.

• 2020 health care forms now available

  Go to our website to get the final forms.

• Enrolled agents can now represent cannabis businesses

  At the end of 2020, Governor Newsom signed Assembly Bill (AB) 1525 into law.

• Common income tax issues

  In bringing awareness and increasing accuracy, we have listed some common audit issues for individuals and business entity taxpayers.

• New Chief Counsel Rulings: Assignment of sales of tangible personal property

  In December, we released two Chief Counsel Rulings on guidance as to the assignment of sales of tangible personal property for California franchise and income tax purposes.

• Need a speaker for your next event?

  Education and outreach plays an important role in communicating information to taxpayers, tax professionals, and other external stakeholders.

• Franchise Tax Board participates in “Taxpayer Beware” podcast

  We will participate in the California Tax Education Council’s (CTEC) new podcast called “Taxpayer Beware” launching February 8.

• From State Controller’s Office: Extended deadline for life insurance company unclaimed property remit reports and remittances approaches

  In April 2020, State Controller Betty T. Yee postponed the final filing date for life insurance companies to submit their reports of unclaimed property due to the COVID-19 pandemic.

• All About Business

  Blank or incomplete corporation tax returns

• 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: taxnews@ftb.ca.gov