Tuesday, August 17, 2010

New California tax rate and law

The FTB has announced changes in the 2010 tax rate schedules, return filing thresholds, standard deduction, phaseout of itemized deductions, personal exemptions, phaseout of personal exemptions, various credit changes and the AMT exemption. You can view all of these changes at http://www.ftb.ca.gov/forms/2010_California_Tax_Rates_and_Exemptions.shtml

On 8/13/2010, Governor Schwarzenegger signed AB 2177, effective 1/1/2011 through 12/31/2017. This bill authorizes the FTB to issue regulations authorizing electronic communications with taxpayers and representatives (both sending and receiving) for personal and corporation income tax matters after receiving the taxpayer's consent. This would include sending notices, statements, bills, protests, and other communications to a taxpayer's secure mailbox on the FTB's website. You can read the bill at http://www.leginfo.ca.gov/pub/09-10/bill/asm/ab_2151-2200/ab_2177_bill_20100813_chaptered.pdf