Tax News
 December 2008

Legislative wrap-up 2008

A summary of of tax-related legislation enacted this session. / more+

State Tax Relief for California Wildfire Victims

FTB gives special tax, payment, and filing relief to people and businesses affected by the wildfires in Southern California. / more+

FTB Notice 2008-4: BOB and ESOP Resolution

Results for FTB Notice 2008-4: Bogus Option Basis (BOB) and Employee Stock Option Plan (ESOP) Transactions. / more+

2009 Southern California IRS/CSEA Practitioner Seminars

The 2009 Practitioner Seminars will be held in six locations around Southern California from January 5 through January 10. / more+

Home Mortgage Interest Deduction

Audits of tax returns with large home mortgage interest deductions indicate that many taxpayers and tax practitioners are not complying with the rules regarding debt limitations on the deductibility of home mortgage interest. / more+

Do you need to amend your 2007 tax return? Possibly yes, California's mortgage forgiveness debt relief law applies to 2007.

The California mortgage forgiveness debt relief law (Senate Bill 1055), was enacted after many taxpayers had already filed their 2007 tax return, but covers qualified debt forgiven in 2007 and 2008.  / more+

CalCPA Liaison Meeting

This year's annual liaison meeting with California Society of CPAs (CalCPA) was held on October 29, 2008, in Sacramento. The CalCPA members were pleased with the level of FTB participation and the responses to their questions.  / more+

Get your FREE 2009 IRS Tax Calendar for Small Businesses and the Self-Employed

The 2009 IRS Tax Calendar for Small Businesses and the Self-Employed (Pub 1518 and Pub1518SP, Catalog #37263R), available in English and Spanish, is a ready resource to help small business owners meet their tax obligations.  / more+

Inside FTB

  • MyFTB Account service to take brief holiday
  • Taxpayers’ Bill of Rights hearing
  • New payment voucher for 540 returns / Form 540-V  / more+

Criminal Corner

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