Tax News
October 2006

Selvi Stanislaus confirmed as FTB executive officer

It's unanimous: the California Senate confirmed Selvi Stanislaus as FTB's fourth Executive Officer on August 31, 2006. Read her speech to the Senate Rules Committee, delivered on August 9, 2006 / more+

New multi-agency Offer in Compromise form streamlines the process

Collaboration between FTB, the Board of Equalization, and the Employment Development Department will make the application for an Offer in Compromise faster and easier. / more+

2006 income tax changes due to indexing

Indexing takes the inflation rate into account in adjusting tax brackets, filing requirement thresholds, the standard deduction, and certain credits. FTB computed the indexed values using the inflation rate of 4.8 percent, as measured by the California Consumer Price Index for all urban consumers from June 2005, to June 2006. Last year's inflation rate measured 2.8 percent. This means that some taxpayers will pay less in income taxes next year. What are the related effects on the standard deduction, dependent exemption, and tax threshold for tax year 2006? / more+

Verify your client's estimated tax payments online

Our online service "View payments and balance due" is a versatile and handy tool. It allows you to verify the total amount of estimated payments your clients have made to FTB, before filing their tax returns. Discover other useful, and timesaving tricks. / more+

New e-services

FTB's subscription services, and business e-file expansion, are relatively new offerings that can help make your life easier. If you're able to transmit returns directly to FTB, make sure to check out our new Secure Web Internet File Transfer (SWIFT) system. It supports large file transfer and is a quick, secure, and efficient way to meet the needs of the next generation of e-file. / more+

Filing enforcement program's record-breaking year

Our FE program collected over a half-billion dollars this past year, making it a record-breaking year. FE is the original anti-tax gap program, and it's clearly going strong. Read about what's new (online services) and what hasn't changed (taxpayer reasons for not filing). / more+

Bridging the tax gap

Wrapping up our series on Audit's multi-pronged tax gap offensive. / more+

Representing business clients for the first time? Here are some helpful publications

How to find fast answers to your questions on corporation tax law, exempt organizations, suspended and dissolving corporations, and more. / more+

Criminal Corner

Our monthly summary on bringing tax criminals to justice, and closing the tax gap one case at a time. / more+

The buzz on big business

Did your client qualify for the Manufacturers’ Investment Credit? / more+

Our second installment of this feature spotlights the Manufacturer's Investment Credit (MIC). Gone, but not forgotten - and not completely gone, as it turns out. The MIC carryover provision may mean your clients qualify to claim the credit, or its alternative, for the next several years.