FTB October 2018 Tax News

FTB's monthly Tax News helps you stay up-to-date on important issues that affect your tax practice. Highlights from the November Tax News include:

MyFTB Corner - Requesting Full Online Account Access Gets Easier:
Starting January 2, 2019, you can request full online account access to your client's MyFTB account information when you submit Power of Attorney (POA) declaration or Tax Information Authorization (TIA) requests. Adding the request for full online account access on the POA/TIA forms and with Add TIA Client in MyFTB will eliminate the extra step currently needed to request full online account access after the POA declaration or TIA request is approved.

Business Entity Estimated Payment Notification Project:

Beginning early 2019, FTB will be providing business entities, including corporations, LLCs, and exempt organizations that have taxable income or unrelated business income, with a summary of their 2018 tax year estimated payment, transfer and credit information. This is part of a pilot project to proactively address the most common reason tax professionals contact the Tax Practitioner Hotline: calling to verify payments.

Administrative Dissolution / Cancellation of Domestic Corporations and LLCs (recently enacted AB 2503, a CSEA-supported bill):
Beginning January 1, 2019, eligible domestic corporations and domestic LLCs that have ceased doing business and have no assets may be eligible for administrative dissolution/cancellation.

New Gig Economy Tax Center:
Business owners, individuals, and tax professionals can get valuable information about potential tax issues for those generating income in the gig economy. The web page also includes helpful information on California tax, filing, and estimated tax requirements.