Tax News
February 2014

What’s New for Filing 2013 Tax Returns

Look to the new deductions, exemption, credits, and  / more+

Late Filing Penalty Refunds for Certain Single Member Limited Liability Companies (SMLLCs)

We are processing refunds of a penalty applied to certain SMLLCs.  / more+

Free Financial Conference for Nonprofits Offered in March

Jerome E. Horton, Chairman of the Board of Equalization, along with the California Association of Nonprofits is partnering with business community leaders to bring you the upcoming nonprofit financial conference, Building Financial Capacity for Change.  / more+

Short Sales and Cancellation of Debt (COD)

In our November 2013 edition of Tax News, we looked at Foreclosures and Mortgage Forgiveness Relief which explained that when there is a foreclosure how the foreclosure is reported and you determine the amount realized from the transaction depends on the FMV of the property and whether the debt on the property is a recourse debt or a nonrecourse debt.  / more+

Net Operating Loss Carryback, New for 2013

If you're like most business owners, you won't see a profit in your first year of operation. As your business grows, you may face one or more years in which your business' expenses exceed its income. In other words, the business may have a loss, which may translate into a Net Operating Loss (NOL) deduction.  / more+

New Employment Credit Begins

The New Employment Credit (NEC) is a new tax credit available to businesses that hire qualified employees on or after January 1, 2014.  / more+

Reporting Nonprofit Organizations that Receive Public Resources and Engage in Campaign Activity

Effective January 1, 2014, specific reporting nonprofit organizations that receive public resources and engage in campaign activity, either directly or through the control of another entity, may be subject to new reporting requirements under California Government Code Section 54964.6.  / more+

New Webinar

Protecting You and Your Clients from Tax Fraud and Identity Theft

We scheduled our next webinar for February 4.  / more+

When to Get Proof of Mailing

Have you ever mailed anything to us where you got proof of mailing or perhaps wished you did?  / more+

Credit Card Program Looks to Accept Business Entity Payments

Encouraged by strong taxpayer interest, we are currently working to expand our credit card payment capability to include business entity (BE) payments.  / more+

Information Directory Updated

We recently updated our Information Directory, FTB 1240.  / more+

Ask the Advocate

My Roles and Responsibility as Advocate

The last quarter of each year brings about a considerable amount of administrative activity for my role as Taxpayers’ Rights’ Advocate.  / more+

Event Calendar

As part of education and outreach to our tax professional community, we participate in many different presentations and fairs.  / 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

Business Income

Where are we Today – Part 4 Apportioning Corporations

In this article we will focus on Apportioning Corporations and will summarize some of the recent changes in California law that have occurred over the last three years that may affect your business clients that do business both in California and elsewhere.  / more+