Archive

(August 20, 2010. Franchise Tax Board News Release) Sacramento – The state is contacting more than 40,000 California businesses that have not filed their 2008 state income tax returns with the Franchise Tax Board (FTB). The notices inform the businesses that they have 30 days to file a return or show why there is no [...]

(Press Release August 6, 2010) Last Chance to Apply for State’s First-Time Buyer Tax Credit Sacramento – The Franchise Tax Board (FTB) announced today that it will stop accepting applications for the First-Time Buyer Credit at midnight Sunday, August 15, 2010. As of August 4, FTB has received 31,460 applications. Because some of the applications [...]

(The following is a FTB News Release) Sacramento – The Franchise Tax Board (FTB) announced today that it has received applications claiming 80 percent of the State’s First-Time Buyer Credit. “The time to utilize this credit is definitely running out,” said State Controller and FTB Chair John Chiang. “Any taxpayers interested in this program should [...]

(The following is a FTB News Release) Sacramento – The Franchise Tax Board (FTB) today offered guidance on applications for the New Home/First-Time Buyer state tax credit, cautioning taxpayers to work closely with their escrow companies, to carefully follow the instructions on the credit forms, and to send in their applications timely to avoid being [...]

There is a good news for the residents of State of California. Right when the Federal First Time Home Buyer Credit expires, California introduces the New Home/First Time Buyer tax credits for taxpayers who purchase a qualified principal residence on or after May 1, 2010, and before January 1, 2011. Additionally, these tax credits are [...]

Sacramento – A new state law allows taxpayers to immediately exclude from their income the amount of mortgage debt on their home loan that has been forgiven by their lender. The law largely brings California statutes into conformity with current federal law. Previously, California conformed to federal debt relief only for 2007 and 2008, according [...]

The deadline to file Individual Income Tax return is April 15th, 2010. If you think you won’t be able to file your federal income tax return by April 15th then you should file for an automatic 6-month extension. Keep in mind that you only get time extension and not payment extension. How to File Federal [...]

People think that they know taxes but honestly speaking, they don’t. Because if they did then we won’t have unclaimed refunds totaling more than $1.3 billion awaiting nearly 1.4 million people who did not file a federal income tax return for 2006. Just think about it, all these people who either paid taxes or didn’t [...]

This is Franchise Tax Board News Release for 03.08.2010. When Paying for a Tax Preparer, Choose Wisely Sacramento – Franchise Tax Board (FTB) today offered guidance to taxpayers who plan to hire a tax preparer for the 2009 filing season. Taxpayers are cautioned to avoid tax preparers who: – Claim they can get bigger refunds [...]

FTB is hosting free California source income withholding webinars in March. The topics are: 2010 Real Estate Withholding Changes: Description: This session will cover forms and processing changes that became effective January 1, 2010. Date: Tuesday, March 9, 2010 Time: 10 a.m. (PST) Duration: 20 minutes Register here 2010 Resident and Nonresident Withholding Changes: Description: [...]