Tax News March 2021

• Administrative Dissolution - Intent Notices mailed to Qualified Domestic Corporations

  We recently sent Intent Notices to nearly 500 qualified domestic corporations.

• What's new for water's-edge taxpayers?

  On September 29, 2020, Governor Newsom signed Assembly Bill 3372 (AB 3372).

• FTB Notice 2020-04: Requests Involving Changes in Accounting Periods or Methods

  We have revised FTB Notice 2000-8 regarding Changes in Accounting Periods or Methods.

• California Competes Tax Credit last application period for fiscal year 2020/2021

  For the last application period of fiscal year 2020/2021, the Governor's Office of Business and Economic Development (GO-Biz) will accept applications for the California Competes Tax Credit beginning March 8, 2021, through March 29, 2021.

• Interest rates decrease

  Check out the new interest rates for the period July 1, 2021, through December 31, 2021.

• New video: Gig economy filing tips

  We produced a new video to help taxpayers with their filing requirements.

• From the State Controller’s Office (SCO): Businesses urged to respond promptly to unclaimed property owner inquiries resulting from SCO notification

  The California Unclaimed Property Law requires businesses to review annually.

• MyFTB Corner

  MyFTB for trusts

• 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