Tax News
September 2012

2012 State Income Tax Rate Schedules Adjusted

We released the 2012 state tax brackets. Brackets are “indexed” each year by adjusting them to reflect changes in the California Consumer Price Index (CPI).  / more+

Short Form Cancellations for LLCs

California Code provisions allow limited liability companies (LLCs) to cancel and not be required to pay the first year annual tax if they meet certain conditions. / more+

No Close of Escrow Date May Trigger a Penalty

Generally, California law requires withholding on sales or transfers of California real property when the total sale price exceeds $100,000 unless an exemption applies.  / more+

Ask the Advocate

It Isn't Me!

“Hello. This is the State of California Franchise Tax Board calling about an urgent matter regarding your account . . .”  / 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+

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

Contract Voidability

In our July 2012, Ask the Advocate article, we addressed the penalty ($2,000 per tax year) that we can assess a suspended or forfeited corporations doing business in California, and in our Big Business article we addressed how a suspended or forfeited business entity can accumulate a substantial amount of tax, penalties, fees, and interest.  / more+