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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 [...]

(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 [...]

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 — The statewide median income for all personal income tax returns rose slightly to $35,923 (0.78 percent over 2007), while the median income listed on joint returns grew to $68,981 (0.27 percent over 2007) according to statistics released today by the Franchise Tax Board (FTB). The four Bay Area counties of Contra Costa, Marin, [...]

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 [...]

FTB News Release: State Tax Returns Done and Ready to File for Many Californians. 02.22.2010. Sacramento – The Franchise Tax Board (FTB) today announced that many of the state’s taxpayers may have a completed tax return ready for review and to file—all for free. “ReadyReturn offers a simple, fast, and free way to take care [...]