1099-NEC filing requirement with California (UPDATED 2025)
If you own a business, you are required to issue 1099s to all service providers who are not corporations who you pay $600 or more by cash, check, or cash equivalent (E.g. Zelle.) The $600 threshold was established in 1954 and never adjusted for inflation. If it had been adjusted for inflation, the threshold would […]
Real Time Identity Verification now available at MyFTB!
The Franchise Tax Board (FTB) announced today that you can now register for MyFTB without waiting for a Personal Identification Number (PIN) letter sent by snail mail. Beginning February 4, 2022, individuals and tax professionals may choose how to activate their MyFTB account using this new process. You may either continue to have a PIN […]
Hey Californians… if you thought the IRS was tough, wait until you meet the Franchise Tax Board!
If you live or work in California then you are taxed by two income tax agencies: (1) The IRS at the federal level and (2) The Franchise Tax Board (FTB) at the state level. Many folks fear receiving a letter from the IRS, but at the end of the day, the IRS is usually pretty […]
Administrative Dissolution for California LLC’s and Corporations is Here!
Beginning January 1, 2019, eligible California domestic corporations and domestic Limited Liability Companies (LLCs) that have ceased doing business and have no assets may be eligible for administrative dissolution/cancellation under recently enacted AB 2503. The bill provides two options for administrative dissolution of qualified entities: Administrative Dissolution/Cancellation – Authorizes the Franchise Tax Board (FTB) to […]
Franchise Tax Board to Remind Entities What Estimates They Paid
Beginning early 2019, the California Franchise Tax Board will be providing business entities, including corporations, LLC’s, and exempt organizations with a summary of their 2018 tax year estimated payment 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. […]