Tax News
June 2009

No Change to Adjusted Interest Rates for July to December 2009

The new adjusted interest rate for the period July 1, 2009, to December 31, 2009, is five percent, the same rate that is in effect for January 1 through June 30, 2009. / more+

FTB Collects on Accounts that Owe Both Child Support and Taxes

On May 11, 2009, we started collecting on child support dual liability cases. Previously, we did not pursue collection actions on taxpayers who also owed a child support obligation. / more+

FTB Penalizes Frivolous Submissions

We will begin imposing a $5,000 penalty in response to a specified frivolous submission pursuant to R&TC Section 19179(d). / more+

Is Your Client a Victim of Identity Theft?

In April 2009, the IRS released a new form for taxpayers who have experienced, or are at risk of harm from, identity theft. Form 14039, IRS Identity Theft Affidavit, is used to report identity theft to the IRS. / more+

Disaster Publication Gets a Makeover

Odds are, with the number of disasters to hit the State of California; one of your clients has claimed a disaster loss on their California tax return. / more+

Credit Limits for Limited Liability Companies

If you are the owner of a disregarded entity, including a single member Limited Liability Company (LLC), the amount of credit you can claim may be limited. / more+

Are You Familiar With California's Enterprise Zones?

The Enterprise Zone (EZ) tax incentive program was created in 1986 to help local businesses, and encourage outside businesses to locate in economically depressed areas.. / more+

Small Business

Striking Gold in California

The Striking Gold in California publication can help you inform your clients about starting up a small business. / more+

Ask the Advocate

Systemic Issue Management System (SIMS) at Work

This month I wanted to share some of the efforts we are taking in regards to the SIMS inquires. / more+

Inside FTB

FTB Notices Delayed

Beginning June 1, 2009, we mailed 40,000 notices per day for a total of 200,000 notices per week to taxpayers who either owe money on their 2008 return or adjusted their 2008 return. / more+

Criminal Corner

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

Big Business

LLC Fee Refunds Based on the Ventas Decision

Ventas Finance I, LLC (Ventas) was a foreign LLC that registered with the California Secretary of State and earned income within and outside California. In Ventas Finance I, LLC v. FTB, the California Court of Appeal, First Appellate District, held that former Revenue and Taxation Code section 17942 was unconstitutional as applied to Ventas because the LLC fee was based on Ventas' total income from all sources and was not limited to income derived from, or attributable to, California. / more+