Tax News October 2020

• Disaster Relief 2020

  With the recent wildfires throughout California, we wanted to again share with you how to claim a disaster loss for your clients.

• New credit to help small businesses

  A new Small Business Hiring Credit (SB 1447) for small businesses impacted by economic disturbances in 2020.

• Notice reminders and updates

  We mentioned in previous articles that Notices of Tax Return Change - Revised Balance would start going out in August.

• FTB bankruptcy program

  Our bankruptcy program:

  • Honors the protective stay
  • Discharges the proper tax debts under the bankruptcy law
  • Resolves the debt repayment process.
• Doing business in California threshold amounts updated for 2020

  Annually, we update the amounts used to determine whether a taxpayer is doing business in California based on the California Consumer Price Index as prescribed in the Revenue and Taxation Code.

• Individual Shared Responsibility Penalty – How it is Calculated

  The State of California is working hard to reduce the number of uninsured individuals and families.

• Quick Reference Guide for California Real Estate Withholding

  As of January 1, 2020, the real estate community is required to report withholding from any real estate transaction using the consolidated Real Estate Withholding Statement (Form 593).

• Franchise Tax Board Legislative Stakeholder meeting dates

  The time for FTB’s Conformity and Legislative Proposal (LP) meetings is fast approaching.

• Chief Counsel Corner

  Update to COVID-19 FAQs – Teleworking Employees/Nexus

• Ask the Advocate

  California counts on all of us

• All About Business

  C corporations and California’s automatic extension, FTB Notice 2019-07

• 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