SB 86 just passed by the legislature includes a new provision for collection and enforcement of California tax liabilities. New Revenue and Taxation Code §19266 establishes the Financial Institutions Record Match System. The new record match system will require financial institutions operating in the State of California to match their depositor lists against a list of names and identification numbers of delinquent taxpayers and provide the results to the Franchise Tax Board on a quarterly basis.
Information provided to the Franchise Tax Board will be provided in confidence and without notice to the depositor taxpayer. There is no liability on the part of the financial institution for providing the information, but penalties if the information is not provided. Taxpayers need to recognize that bank secrecy is a myth if they owe money to the State of California.
Please see full article below for more information.
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Finance & Banking Updates, Privacy Updates, Tax Law Updates
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