News & Analysis as of September 20, 2024

Franchise Tax Board

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Income taxes are taxes that are collected on the individual earnings of persons or entities. Depending on the jurisdiction, income taxes are calculated and collected in a variety of ways. Some tax systems collect income taxes based on a progressive scheme, while others may utilize a proportional or regressive framework. less -

What Are the Statute of Limitations on an IRS and California Tax Audit?

Allen Barron, Inc. on 11/9/2023

What are the statute of limitations on an IRS audit and a California tax audit? There is a time limit, known as the “statute of limitations“, when the IRS and/or California must complete an audit of your tax returns. It is...more

UPDATE | Extended Again: Federal and California Tax Relief for California Storms

Nossaman LLP on 10/19/2023

As practitioners predicted, the California Franchise Tax Board has adopted the federal November 16, 2023 extensions for similar state returns and payments. To those CPAs and taxpayers who pulled all-nighters to get returns...more

Federal and California Tax Agencies Announce Relief Measures for Storm-Impacted Taxpayers (UPDATED)

Nossaman LLP on 3/3/2023

March Update - As another deluge of storms ravages California and the Southeast, the Internal Revenue Service (IRS) on February 24, 2023 announced a further extension of the May 15 tax deadline to October 16, 2023 for...more

The IRS Extends Filing and Payment Obligations for Most Taxpayers and Performance of Certain Taxpayer Time-Sensitive Actions Until...

Seyfarth Shaw LLP on 4/13/2020

On April 9, 2020, the Secretary of the U.S. Department of Treasury (the “Secretary”) and the Internal Revenue Service (the “IRS”) issued Notice 2020-23 (the “Notice”), which extends the deadline for performance of a long list...more

State Business and Personal Income Tax Relief in Response to COVID-19

Bracewell LLP on 4/2/2020

The Treasury Department and the Internal Revenue Service offered relief from federal tax return filing and tax payment deadlines to certain taxpayers under Notices 2020-17 and -18. Such federal extension of time to file l...more

Important Tax Updates – COVID-19 Edition (Updated)

Greenberg Glusker LLP on 4/1/2020

Over the last few weeks, various taxing authorities have issued guidance alleviating several of the annual upcoming deadlines and provided additional useful tax planning information. The guidance is changing almost daily, and...more

Tax Relief in Response to the COVID-19 Outbreak

Farella Braun + Martel LLP on 3/22/2020

Updated on 3/26/20 - In order to combat the adverse economic effects in which many individuals and businesses are experiencing as a result of the COVID-19 outbreak, the federal government and the State of California will...more

Due Date for Filing Federal Income Tax Returns and Making Federal Income Tax Payments Deferred Until July 15, 2020

Seyfarth Shaw LLP on 3/21/2020

Seyfarth Synopsis: To provide relief to taxpayers affected by the 2019 Novel Coronavirus disease (“COVID-19”), the U.S. Treasury Department and Internal Revenue Service postponed the April 15, 2020 due date for filing federal...more

COVID-19: IRS and States Extend Tax Deadlines

Pillsbury Winthrop Shaw Pittman LLP on 3/20/2020

UPDATE: On Friday morning, March 20, Treasury Secretary Mnuchin tweeted: “At [President Trump’s] direction, we are moving Tax Day from April 15 to July 15. All taxpayers and businesses will have this additional time to file...more

California Office of Tax Appeals Upholds Taxpayer Friendly "Drop and Swap" Case

Allen Matkins on 2/11/2020

On January 28, 2020, the California Office of Tax Appeals (OTA) denied the California Franchise Tax Board’s (FTB) request to rehear In the Matter of the Appeal of Sharon Mitchell (OTA Case No. 18011715). This decision may...more

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