Tax News
January 2012

What’s New and Other Important Information for 2011

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Common Audit Issues and Recent Developments in the Like Kind Exchange Arena

As we begin 2012, one of our top audit issues continues to be like kind exchanges, also known as 1031 exchanges.  / more+

Changes to Form 3506, Child and Dependent Care Expenses Credit

The 2011 Child and Dependent Care Expenses (CDC) Credit is no longer a refundable credit.  / more+

Online Business Registration Coming Soon

The Board of Equalization (BOE) will offer a new service called eReg that will allow businesses to register for a permit or license online for the tax and fee programs administered by the BOE.  / more+

CTEC Update on Continuing Education Requirements

California Senate Bill 944 takes effect January 1, 2012, which revises the hourly breakdown of continuing education requirements for tax preparers registered with the California Tax Education Council (CTEC).  / more+

Online Services

We’ve made some changes to MyFTB Account and Web Pay to benefit you and your clients.  / more+

e-filing

We now allow year-round and previous year individual e-filing.  / more+

Permission to Access MyFTB Account

You shared many positive stories of how helpful the information provided by us in MyFTB Account is to taxpayers and tax professionals, especially being able to view the estimated payment information when preparing returns.  / more+

Major Improvements to Our Web Pay

Web Pay is our online system for making electronic payments. On January 3, 2012, we are rolling out a set of major improvements that will make Web Pay much easier to use.  / more+

Alert Taxpayers to Errors in Reporting Income Exclusions for Disability Payments

We received many amended returns that incorrectly exclude what is properly taxable income reported on the Form 1099-R.  / more+

Taxpayers’ Bill of Rights Hearing Summary

On December 1, 2011, the Franchise Tax Board held its annual Taxpayers’ Bill of Rights Hearing along with a regularly scheduled board meeting.  / more+

Earned Income Tax Credit Can Put Money in Your Client’s Pocket

Your client could be eligible to get more money back from the IRS - as much as $5,751.  / more+

Tax News Flashes

Flashed December 15:
Upcoming Live: Free California Source Income Withholding Webinar

We will host a free California source income withholding webinar in December 2011. / more+

Ask the Advocate

Taxpayers’ Bill of Rights Annual Report Available

Each year the Taxpayers’ Bill of Rights requires me to provide my findings of areas where FTB can improve its operations and services to taxpayers to the California Legislature. / more+

Event Calendar

As part of education and outreach to our tax professional community, we participate in many different presentations and fairs. We provided this calendar to show the events we are attending.  / more+

EDR in the News

We are introducing our new Enterprise Data to Revenue (EDR) project news column.  / more+

Criminal Corner

Fake CPA, Partner Sentenced for Bogus Investment Scheme  / more+

Inside FTB

Take a look at the changes happening here at FTB.  / more+

Big Business

Contractors Can Now Operate as LLCs

Beginning on January 1, 2012, the Contractor State License Board is authorized to issue a contractor’s license to a limited liability company (LLC). / more+