Tax News October 2021

• AB 466 Unclaimed Property Law

  New Questions for Business Entities on 2021 Tax Return.

• Unclaimed Property Notice Reports

  Businesses are required to submit an unclaimed property Notice Report to the State Controller’s Office (SCO) before November 1, 2021.

• Pass-Through Entity Elective Tax

  The law is effective for taxable years beginning on or after January 1, 2021, and before January 1, 2026.

• C Corporation Extended Filing Date

  The extended due date to file Form 100, California Corporation Franchise or Income Tax Return, is the 15th day of the 11th month of the C Corporation’s taxable year.

• Personal Income Tax Postponement to File Due Date

  The postponement due date to file a 2020 tax year PIT return is October 15, 2021.

• Customer Service Dashboard Enhancement

  FTB has made enhancements to our service channels within the Customer Service Dashboard as of September 25, 2021.

• Call Centers Receiving High-Call Volumes

  Contact Centers and Self-Service Options.

• Friendly Reminder - New Tax Credits for Employers

  Two new tax credits are coming soon! Both credits require taxpayers to get tentative credit reservations in specific timeframes.

• Indexing

  Announcing the 2021 Tax Year Indexed Amounts for California Taxes.

• Ask the Advocate

  It is with bitter-sweetness that we say goodbye to Chris Smith.

• 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