Tax News November 2020
- Legislative update 2020
The following bills impacting FTB were chaptered in the second half of the 2019-2020 session of the California State Legislature.
- Standard deductions, exemption amounts, and tax rates for 2020 tax year
Each year, we update for inflation (based on the California Consumer Price Index (CCPI) as defined in the Revenue and Taxation Code), the California:
- Standard deduction.
- Personal/Senior exemption amounts.
- Tax rate schedules.
- California conformity with IRAs for 2020
We have received several questions about California conformity with federal law regarding individual retirement accounts (IRAs).
- Reminder: New credit to help small businesses
In our October Tax News, we published an article about the new Small Business Hiring Credit (SBHC) (SB 1447) available for small businesses impacted by economic disturbances in 2020.
- Exempt organization filing due dates
Exempt organizations are required to file annual information returns by the 15th day of the 5th month following the close of their taxable year.
- More information on wildfire/disaster relief
Additional information has been released about special tax filing relief for Californians affected by recent wildfires.
- Ask the Advocate
Change is in the air
- MyFTB Corner
Expanding the collection notices available online
- All About Business
Reminder: File C Corporation returns by November 15, 2020
- 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: email@example.com