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(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 [...]

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 [...]

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 [...]