Tax News March 2020

• FTB Notices DelayedNew

  In February 2020, we experienced a delay in printing and mailing some of our notices.

• Minimum Essential Coverage Individual Mandate - Special Enrollment PeriodNew

  Covered California has announced a special enrollment period to enroll in health coverage through April 30, 2020.

• Worker classification and AB 5

  We’ve heard from many tax professionals that they would like more information.

• Can’t pay a tax bill?

  We offer several payment options you and your clients.

• Reminder: Only populate the Partnership Level Tax line after a centralized federal partnership audit

  The Partnership Level Tax (PLT) line on Forms 565 or 568 should only be used to report changes or corrections made by the IRS under the centralized partnership audit regime, commonly referred to as a CPAR audit.

• California Competes Tax Credit application period starts March 9, 2020

  The California Competes Tax Credit (CCTC) is an income or franchise tax credit available to businesses that want to come or stay and grow in California.

• Individual Shared Responsibility Penalty Calculation

  California’s new Minimum Essential Coverage Individual Mandate requires Californians to have health insurance coverage effective January 1, 2020.

• Double check the address on your client’s tax return

  After a tax return is filed most of us take a deep breath and say, “one more for the books.” However, it doesn’t always end there. One additional step you should take is to make sure we have a current address for contact.

• Customer Alert – Misleading solicitations to new business owners

  We received a phone call from a concerned tax professional asking if a letter his client received was legitimate.

• Ask the Advocate

  Helpful tips for your clients that file as HOH.

• All About Business

  Remind your clients that own a disregarded SMLLC, to file a tax return (Form 568)

• 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, 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