California Franchise Tax Board Tax News August 2009

The following infomation is from the California Franchise Tax Board’s web site.

Registered Warrants Can Pay Your State Income Tax Bill
[The FTB will] accept California registered warrants (IOUs) as payment of current and past due personal and corporate tax obligations. / more+

State’s New Home Tax Credit Gone
[The FTB] stopped accepting applications for the new home tax credit at midnight, Thursday, July 2, 2009. / more+

FTB Provides Guidance for California Treatment of the Revised Texas Franchise Tax
On July 20, 2009, [the FTB] responded to the request for taxpayer guidance to determine the general eligibility for the Other State Tax Credit (OSTC) and the deductibility of the Revised Texas Franchise Tax (RTFT). / more+

Did You Know [the FTB works with others]?
[The FTB] came together with the Board of Equalization, Employment Development Department, and the IRS in a cooperative partnership called the Joint Tax Agency Communications Committee. / more+

15th Annual Tax Practitioner/IRS Town Hall Meetings
In September, [the FTB] will be working with the IRS and other state agencies at the 15th Annual Tax Practitioner/IRS Town Hall Meetings. / more+

Striking Gold in California
Striking Gold in California is an educational tool for small business owners that provide basic tax information from the Internal Revenue Service and the three California tax agencies, all in one place. / more+

Small Business
Converting a California LLC to a Corporation
[Do you want] to convert [your] limited liability company (LLC) to an S-Corporation and continue to have the profits and losses flow through to its members? Did you know that you can convert an LLC into an S-corporation by making an election? / more+

Ask the Advocate
Systemic Issue Management System (SIMS) at Work
This month, I share the efforts we are taking by discussing an issue that was submitted to us and our response… / 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
Disclosing Deferred Intercompany Stock Account (DISA) Balances
FTB issued Notice 2009-5 on July 17, 2009, to extend the due date until October 15, 2009, for taxpayers to file a completed FTB Form 3726, Deferred Intercompany Stack Account (DISA) and Capital Gains Information. / more+
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