Tax News
December 2012

Proposition 30 Tax Increases

As we reported in our September 2012 issue of Tax News, the 2012 income tax brackets, along with filing requirement thresholds, standard deductions, and certain credits were adjusted for inflation using a process called “indexing.”  / more+

Disaster Relief for Hurricane Sandy Victims

On December 9, our public affairs office issued anews release announcing special tax relief for California taxpayers in the federally declared disaster areas affected by Hurricane Sandy.  / more+

Solutions to Form 588 Errors

Here are the most common errors and solutions to prevent processing delays with Form 588, Nonresident Withholding Waiver Request.  / more+

Nonfiler Program Changes to Benefit Taxpayers and Us

Beginning January 1, 2013, we will expand our Delinquency Control (DLC) Program to include limited liability companies (LLCs).  / more+

Reporting and Remitting Real Estate Withholding on Installment Sales

For installment sales occurring on or after January 1, 2009, California requires withholding on the principal portion of each installment payment if the sale of California real property is structured as an installment sale.  / more+

Highlights of the Research Credit Interested Parties Meeting

On October 11, 2012, we held an Interested Parties Meeting to open dialogue with practitioners and taxpayers on issues related to the California research credit.  / more+

Updated Penalty Reference Chart

We updated the Penalty Reference Chart (FTB 1024).  / more+

$2,000 Penalty for LLCs

In our July 2012 Ask the Advocate article, we addressed the penalty ($2,000 per tax year) that we can assess suspended or forfeited corporations doing business in California.  / more+

Increase in Annual Notices

During the period of December 2012 through January 2013, we will send about 300,000 annual notices to taxpayers that have not received a notice in the previous year.  / more+

Website Survey – Thank you!

Thank you for participating in the survey to improve the Tax Professionals section of our website.  / more+

Ask the Advocate

CalCPA Annual Meeting

On October 24, 2012, we held our annual liaison meeting with the California Society of Certified Public Accountants (CalCPA). / more+

Event Calendar

As part of education and outreach to our tax professional community, we participate in many different presentations and fairs. We now provide a combined-calendar to show the events we are attending as well as other events happening with us such as interested party and board meetings.  / more+

EDR in the News

See what’s new with our new Enterprise Data to Revenue (EDR) project.  / more+

Inside FTB

Take a look at the changes happening here at FTB.  / more+

Criminal Corner

Read about our efforts to bring tax criminals to justice, and to close the tax gap one case at a time. / more+

Big Business

Short Period Return for an S Corporation Termination

In last month’s issue, we discussed when a short period return was due. Now we will discuss the short-year return for an S corporation termination.  / more+