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FTB Annual Report 2006

If in-depth statistics about FTB’s three main programs (Personal Income Tax, Business Entity Tax, and Homeowners and Renters Assistance) interest you, immerse yourself in the recently published California Franchise Tax Board Annual Report 2006.

This is the last Annual Report that will be issued as a separate publication. For years after 2006, we will combine parts of the Annual Report with two other reports that were formerly published separately: The Executive Officer’s Annual Performance Report, and the Operations Report.

The new merged report will be published on a fiscal year rather than a calendar year basis. This is consistent with the fiscal year schedule followed throughout state government for budget and reporting purposes.

What’s inside?

Included in the Annual Report 2006 are facts and statistics about filing methods, filing statuses, sources of income and deductions, tax computations, liability, credits, alternative minimum tax payments, prepayments, refunds, and high-income returns with zero tax liability. Multiple tables, charts, and graphics present data in a variety of views. For example, median adjusted gross income is presented by county on a map of California, for all filing statuses, or restricted to married filing joint. This abbreviated description covers some of what you will find in the section on the Personal Income Tax program – a similar level of detail is available for the Business Entity, and Homeowner and Renter Assistance programs. 

The Annual Report also includes discussions of significant legislation and legal information for 2006. If you prefer to get your data from numbers instead of words, proceed straight to the four appendices. In the 2006 report, they account for 111 of the report’s 178 pages:

Appendix A: Tax Rates, Exemptions, and Standard Deductions.
Appendix B: Personal Income Tax.
Appendix C: Corporation Tax.
Appendix D: Homeowner and Renter Assistance.

These appendices are the basis for the changes coming to the Annual Report. The appendices, and their numeric data will be available separately on the FTB website. When we blend the remainder of the Annual Report with the Executive Officer’s Annual Performance Report, and the Operations Report, you will get a comprehensive and unified view of FTB’s business areas, accomplishments, and challenges.

The new, comprehensive fiscal year 2006-07 report is scheduled for release later this summer. Watch Tax News for the announcement of its debut.

CTEC – a great resource for tax preparers

Are you a California Registered Tax Preparer (CRTP)? Or, do you need find out how to become registered? If so, you should become familiar with the California Tax Education Council (CTEC) website. You will find essential information, including how comply with the Tax Preparers Act, the requirements for becoming a CRTP, continuing education requirements, which classes meet the “qualifying education” requirements, and much, much more. To stay current, receive news and tips by subscribing to the CTEC newsletter, published each January, May, and August.