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Changes to 2012 Forms

Updates to the 100W Booklet on 03/02/2014 –– Corporation Tax Booklet Water's-Edge Filers

We replaced text on:

  1. Page 4, Column 3, under “California law does not conform to federal law” list
  2. Page 5, Column 2, after "Records Maintenance Requirements" section
  3. Page 13, Column 1, under Line 26a through Line 27 instructions

Previous Version

  1. Note: new text added.
  2. Note: new text added.
  3. Note: new text added.

Revised Version

  1. California law does not conform to the federal law for the following:
    The changes in the percentage of the gain exclusion for the sale of qualified small business stock acquired after February 17, 2009.
  2. Small Business Stock
    Corporations that issue stock intended to be qualified small business stock pursuant to R&TC Section 18152.5 are required to attach form FTB 3565, Small Business Stock Questionnaire, to Form 100W.
  3. Corporations claiming the following credits are not subject to the tentative minimum tax limitation:
    California motion picture and television production credit.

Reason for the changes

Items 1 and 2: AB 1412 (Stats.2013, ch. 546), signed by the Governor on October 4, 2013, retroactively allows the Qualified Small Business Stock (QSBS) deferral and 50 percent gain exclusion for tax years 2008 through 2012.

Item 3: AB 1173 (Chaptered 10/04/13) amended R&TC Section 23036 retroactively to allow corporate taxpayers to use the credit to reduce regular tax below tentative minimum tax for taxable years beginning on or after January 1, 2011.

Impact

Items 1 and 2: No tax impact.

Item 3: The amount of credit a corporate taxpayer can claim against tax liability may increase, thereby resulting in decreased tax liability.

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Updates to the 100W Booklet on 03/20/2013 –– Corporation Tax Booklet Water's-Edge Filers

We replaced text on the Instructions, Page 13, Column 2, Line 40 –– Refund, Paragraph 3.

Previous Version

Direct Deposit of Refund (DDR)
To cancel the DDR, call the FTB at 800.852.5711. The FTB is not responsible when a financial institution rejects a direct deposit. If the FTB, the bank, or financial institution rejects the direct deposit due to an error in the routing number or account number, the FTB will issue a paper check.

Revised Version

Direct Deposit of Refund (DDR)
To cancel the DDR, call the FTB at 916.845.0353. The FTB is not responsible when a financial institution rejects a direct deposit. If the FTB, the bank, or financial institution rejects the direct deposit due to an error in the routing number or account number, the FTB will issue a paper check.

Reason for the changes

The 800.852.5711 is a taxpayer service number but is not a direct line. The direct line for taxpayers to call to cancel the direct deposit of refund is 916.845.0353.

Impact

No tax impact.

Back to Tax Form Changes for 2012