The Franchise Tax Board has announced that taxpayers affected by the retroactive personal income tax increase (Proposition 30), may pay the amount due with their 2012 tax return. Taxpayers subject to underpayment of estimated tax penalties may request relief by completing Form 5808 Underpayment of Estimated Taxes by Individual and Fiduciaries and completing Part 1, question 1 with the explanation that the underpayment is due to Proposition 30.
Filed under: CALIFORNIA, FRANCHISE TAX BOARD Tagged: | Accounting, CALIFORNIA, California Franchise Tax Board, Franchise Tax Board, Income tax, Internal Revenue Service, IRS, IRS news, IRS PRESENTS, Proposition 30, Stacie Clifford Kitts, Stacie Kitts, Tax, United States
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