Tax News February 2011

2010 Filing Season Opens

We are now accepting 2010 state tax returns. Also, please note the following updates on law changes and filing services …  / more+

IRS 2010 Filing Delay

Taxpayers who file their 2010 tax returns early have been advised by the IRS to wait until mid February 2011.  / more+

FTB Checks Taxpayer Qualifications for Exemption of COD Income on Potential “Nonqualified Properties”

In January 2011, we began mailing letters to pre-selected individuals who received a Form 1099-C, Cancellation of Debt (COD), for tax years 2007 and 2008.  / more+

Roth IRA Conversion Frequently Asked Questions

California conforms to several recent federal law changes in the area of traditional and Roth IRAs.  / more+

Real Estate Withholding Rates Decrease

As of January 1, 2011, the California real estate withholding rates changed.   / more+

Interest Rates Decrease

The adjusted interest rate has been determined for the period July 1, 2011, through December 31, 2011.  / more+

Over $15 Million in Returned Tax Refunds Checks

We are holding more than $15 million in returned state income tax refunds.  / more+

Free Power of Attorney (POA) Webinar

Do you know when to use a POA?  / more+

Available Now: Free California Source Income Withholding Webinar in February 2011

We will host a free California source income withholding webinar on Property Management Withholding.  / more+

The Patient Protection and Affordable Care Act and Impact on California Tax

On January 24, we sent a Tax News Alert with the following information …  / more+

Small Business

Online Filing Available for Tax-Exempt Organizations

Starting January 1, 2011, a new California law requires tax-exempt organizations, other than churches and church-related organizations, with average gross receipts of $25,000 or less to e-file with us or risk losing their tax-exempts status.  / more+

Ask the Advocate

NASSCO-Corporate Minimum Tax

The Board of Equalization recently ruled in the Appeal of NASSCO Holdings, Inc 2010-SBE-001, November 17, 2010, that a corporate taxpayer may use Enterprise Zone credits and/or the Manufacturing Investment Credit (MIC) to reduce corporate alternative minimum tax (AMT).  / more+

Event Calendar

As part of education and outreach to our tax professional community, we participate in many different presentations and fairs. We provided this calendar to show the events we are attending.  / more+

Inside FTB

Take a look at the changes happening here at FTB.  / 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 (LCUP) Stands

On December 13, 2010, the California Court of Appeal rejected claims that Revenue and Taxation Code (R&TC) Section 19138, a corporate tax penalty provision for understating taxes by more than $1million, is a tax and not a penalty.  / more+