Tax News
August 2007

Federal, state e-file and e-services workshops

Get a jump on the 2008 filing season with tips and news and earn CPE credits at the same time. Meet with e-services representatives from FTB, the IRS, Employment Development Department, and the Board of Equalization. All of this and more, and it's free. But don't wait to register - these popular workshops fill up fast. If you plan to attend one of the Southern California workshops, please note that they will be held August 8-10. / more+

New adjusted interest rate

The adjusted interested rate for January-July 2008 has been set. / more+

Did your client fail to report a reportable transaction, or listed transaction?

The penalties for failing to report listed transactions or reportable transactions are steep. We just released a Notice that gives taxpayers 60 days from the Notice's issue date of July 31, 2007, to file completed disclosure statements and avoid the penalties. / more+

Common errors in rental loss reporting

Three rental loss-reporting errors commonly made on self-prepared and practitioner-prepared returns. / more+

Interested parties meetings

We will be holding two interested parties meetings to get public comment on a couple of diverse topics. The first meeting will cover the withholding at source program, and discuss draft regulations, and proposed changes to forms and instructions. The second meeting will discuss airline transportation regulations and updating existing regulations to provide an industry-wide, uniform apportionment formula, among other things. Make sure you note the dates for both. Drop by and give us your feedback. / more+

2007 Homeowner and Renter Assistance program underway

Some of your clients may be among the more than 600,000 taxpayers eligible to take advantage of assistance payments from the HRA Program. This year we are offering the Instruction Booklet in Chinese, Korean, Russian, Spanish, and Vietnamese, as well as English. We administer the program from July 2 through October 15, but claims can be filed as late as June 30, 2008. Encourage your clients to file early and avoid payment-processing delays. / more+

FTB's Tax Gap Strategic Plan wins award

The State Information Officers Council recognized our Tax Gap Strategic Plan in their annual awards competition. / more+

Former FTB executive Will Bush to head Department of General Services

Before leaving FTB in 2006, Will Bush held a variety of executive positions including interim executive officer. His appointment by Governor Schwarzenegger to the position of director of the Department of General Services is Bush's latest accomplishment. / more+

Notes from the Tax Practitioner Liaison

  • Public Service Bulletins
  • Conformity
  • Phone number correction / more+

Inside FTB

  • Expanded subscription service now available
  • FTB announces executive appointments
  • "Usability" of FTB's Website gets recognition / 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

  • This feature will return in the September issue of Tax News