Tax News July 2020

• Need to come to a field office? We are open, but make an appointment

  Our field offices reopened on June 15, 2020, to assist customers by appointment only.

• Extended due dates remain the same amid COVID-19

  Income taxes due July 15.

• Your client can’t pay their tax due by the July 15th deadline?

  We have different options available for your clients who cannot pay a current year balance due by the July 15th deadline.

• Deferral period for installment agreement payments ends July 16, 2020

  We have placed a temporary suspension on several collection activities through July 15, including Installment Agreements.

• Legislative bill watch list

  Many tax bills are introduced at the beginning of each legislative season.

• California extends the Film and Television Tax Credit Program to 2025

  In August 2018, California lawmakers enacted a third version of the California Film and Television Tax Credit Program known as Program 3.0.

• California Like-Kind Exchanges (FTB 3840) letters

  Beginning in July through August 2020, we are mailing letters to taxpayers who either failed to file or filed an incomplete FTB 3840 for 2017.

• POA/TIA notices coming when revocation is required – Part II

  Beginning in May 2020, when we receive information that a taxpayer is deceased, we would revoke any Power of Attorney (POA) declaration or Tax Information Authorization (TIA) that the taxpayer was listed on and would send a notice.

• Individual Shared Responsibility Penalty updated

  Beginning January 2020, state law (Senate Bill 78 [Chapter 38, Statutes of 2019]) requires individuals to have minimum essential coverage or pay the Individual Shared Responsibility Penalty (penalty) unless they qualify for an exemption.

• Top 10 questions for Form 593, Real Estate Withholding Statement

  On January 1, 2020, our new Form 593, Real Estate Withholding Statement went live.

• Ask the Advocate

  July 2020 filing season is underway

• Event Calendar

  As part of education and outreach to our tax professional community, we participate in many different presentations and fairs. We provide a calendar that shows the events we attend (virtually), as well as other events happening with us, such as interested party and board meetings.

Have a topic or tax question you’d like us to address? We want to hear from you! Submit your ideas to us: taxnews@ftb.ca.gov