FTB Notice 2020-04: Requests Involving Changes in Accounting Periods or Methods March 2021 Tax News

We have revised FTB Notice 2000-8 regarding Changes in Accounting Periods or Methods and this notice implements a few new procedures:

  • Automatic consent is now allowed for changes that:
    • Are allowed automatic consent under federal procedures
    • California conforms to
  • For different California elections, we implemented a due date of 60 days before the original return is due (rather than binding ourselves to federal due dates).
  • Since automatic and deemed consent items are to be filed along with an original tax return, the taxpayer will no longer receive written correspondence from FTB acknowledging the change of method or period.
  • Consent will be denied if the taxpayer files a return prior to obtaining required consent.

Go to FTB Notice 2020-04 for more specific details about changes in accounting periods or method with the FTB.