Archives for ftb

Employers with Over 50 Employees Must Register with CalSavers by June 30

April 1, 2021 | by | Comments Off on Employers with Over 50 Employees Must Register with CalSavers by June 30

By June 30, 2021, nonexempt employers with more than 50 California W-2 employees must register with the CalSavers program. For exempt employers, if you’ve already offered a retirement plan, you do not have to participate in the program, but you still must register as “exempt” on the CalSavers website. Nonprofit organizations must register with CalSavers as well (if not exempt), but religious organizations are exempt from the registration requirements. How to Register for CalSavers Program For registering, employers will be notified via letter of their requirement to register with the CalSavers program. An access code will be given to them
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Categories: Industry News and Newsletter and Updates.
Tags: accountant, accountants, accounting, accounting firm, business, ca, california, calsavers, calsavers program, calsavers retirement program, certified public accountants, cpa, cpa firm, employees, employer, firm, ftb, IRS, irvine, oc, orange county, retirement, retirement program, small business, so cal, southern california, tax, tax firm, taxation, taxes, wfy, wright ford young, and wright ford young & co.

When Does a Resident Become a Nonresident?

March 6, 2019 | by | Comments Off on When Does a Resident Become a Nonresident?

According to a recent SFGate poll, 53% of Bay Area residents interviewed want to leave California.(1) We have been hearing similar comments from seminar attendees across the state, and we know many of you have clients who are attempting to “move out of California.” Keep in mind, one of the FTB’s longest running, and most active, audit programs is the residency audit program. The FTB looks closely at a taxpayer who moves from California, and often they are high income taxpayers who have large amounts of income after they change their residency to another state. However, lower income taxpayers can
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Categories: Newsletter and Updates.
Tags: accountants, accounting, california, certified public accountant, cpa, ftb, irvine, nonresident, orange county, resident, spidell, tax, taxation, taxes, taxpayer, wfy, and wright ford young.

New Partnership Audit Rules for 2018 Tax Filing Year

February 7, 2019 | by | Comments Off on New Partnership Audit Rules for 2018 Tax Filing Year

For the 2018 tax filing year, there are new Internal Revenue Service (IRS) partnership audit rules [also adopted by the California Franchise Tax Board (FTB)] in which the partnership, not its members, will now be responsible for tax adjustments under audit. There is a very narrowly defined opt-out provision that many partnerships do not qualify for.  Please consider amending the partnership operating agreement to designate a “partnership representative” to represent the company in disputes with the IRS or the FTB.  Also, you should consider including language regarding the responsibility of tax audit adjustments pursuant to the three allowable methods: “amend”,
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Categories: Newsletter and Updates.
Tags: 2018, accountants, accounting, amend, audit, certified public accountants, cpa, ftb, IRS, irvine, method, new rules, partnership audit rules, partnerships, pull in, pull out, tax, taxation, taxes, wfy, wright ford young, and wright ford young & co.