Tax News
May 2009

Does Your Client Qualify for the New Film Credit?

Recent legislation (enacted on February 20, 2009) allows an income tax credit to a qualified taxpayer for 20 percent of qualified expenditures attributable to the production of a qualified motion picture and 25 percent of qualified expenditures attributable to the production of a qualified motion picture. / more+

California Public Records Act Increases Transparency

The California Public Records Act (PRA) protects individuals' rights to privacy. / more+

FTB Offers Tax Guidance for Ponzi Scheme Victims

On March 27, 2009, we announced we now offer guidance on theft-loss deductions for California taxpayers who had losses from investment schemes. / more+

A Quick Reference for Small Business Owners

Our publication, FTB 984, Common Business Expenses for the Business Owner and Highlights of the Federal/State Differences, can help you inform your clients about business expenses. / more+

Mandatory e-pay

Reminder – Some of your clients may have met the new mandatory e-pay requirement when they made their first quarter estimate payment for the 2009 taxable year. / more+

Federal/State Conformity

On March 24, 2009, we released our annual federal conformity report, Summary of Federal Income Tax Changes 2008, which explains new federal laws along with their effective dates. Corresponding California law, if any, is also included in the analysis. / more+

FTB Offers Alternative to American Indian Tribes Submitting Per Capita Income Withholding

Currently, when American Indian Tribes withhold on the per capita income for their California resident tribal members, it is sent to the Employment Development Department (EDD). Unfortunately, sometimes the tribal members file their California tax return with us and their credit is disallowed due to difficulties transferring this unique type of withholding between EDD and us. / more+

Small Business

New Due Date for Paying Estimated Fee for Limited Liability Companies

Have you heard there is a new due date to estimate and pay your LLC fee? / more+

Ask the Advocate

Our Advocate on Twitter

You can now follow our Taxpayers’ Rights Advocate on a Twitter Account. / more+

Inside FTB

FTB Tax Statistics Now Available on the Web

Have you ever wondered how many California e-filed returns are professionally prepared?

FTB Purges Records

In accordance with our Information Privacy Principles for Individuals and our continued commitment to protect your personal tax information and to use that information responsibly, we will begin purging all estimate, extension, and miscellaneous payment records which are beyond the Statute of Limitations, from our accounting system. / more+

Criminal Corner

Our monthly summary on bringing tax criminals to justice, and closing the tax gap one case at a time. / more+

Big Business

Large Corporate Understatement Penalty Payments and Amended Returns for the 2003-2007 Taxable Years

We are continuing to set forth guidance on procedural issues related to the payment of tax and filing of amended returns under California Revenue and Taxation Code (R&TC) Section 19138, subdivision (b). / more+