Failing to Notify the Franchise Tax Board of an IRS Audit Means the Tax May Not Be Dischargeable in Bankruptcy
No one wants to be audited by the Internal Revenue Service (IRS). However, if the IRS examines your tax return and makes any changes to it, then California taxpayers have an extra obligation to notify the California Franchise Tax Board (FTB) of these changes. Under...
Skipping FTB Installment Payments
In response to the COVID-19 crisis, the California Franchise Tax Board (“FTB”) has followed the IRS’ lead and given taxpayers penalty-free extensions to July 15, 2020 to file and pay their California tax obligations for 2019 and for the first two quarters of 2020.
Status of California Tax Filing Deadlines Due to COVID-19
In the recent days, the IRS and state tax agencies have issued several announcement related to the deferral of tax filing and tax payment obligations. Here’s a summary related to California State Tax Agencies.
California Income Tax Amnesty Program: Certain California Taxpayers can Avoid Penalties for Failing to File and Pay California Tax Obligations
The California Franchise Tax Board’s Voluntary Disclosure Program enables qualified taxpayers to file delinquent California income tax returns without incurring delinquency penalties. The program is designed for taxpayers who need to file California income tax returns...
California FTB Announces Cash Tax Payment Option for Cannabis Taxpayers
California Franchise Tax Board announced its policy for cannabis clients that are only able to pay their tax obligations with cash.