Monthly Archives: February 2011

On February 14, the President issued his FY 2012 budget proposals, accompanied by the Treasury’s release of its “General Explanations of the Administration’s Fiscal Year 2012 Revenue Proposals” (colloquially referred to as the Green Book). The many changes summarized in … Continue reading →

by using MyFTB Account for Businesses. Businesses must register with the FTB to access their account—to register they must select a user name and password, and provide the following information: (1) a valid email address; (2) company type and account … Continue reading →

On February 9, House Appropriations Chair Hal Rogers (R-KY) announced a partial list of 70 spending cuts that will be included in an upcoming Continuing Resolution (CR) bill. The CR legislation will fund the federal government for the seven months … Continue reading →

IRS recently released (Form 1120), Net Income (Loss) Reconciliation for Corporations with Total Assets of $10 Million or More, as revised for 2010. The Instructions provide that where on Schedule M-3 a given income (loss) or expense/deduction item is reported … Continue reading →

During a February 7 speech before the U.S. Chamber of Commerce, the President called on business leaders to work with him in the fight to lower the corporate tax rate and eliminate loopholes to pay for it, without adding to … Continue reading →

On February 3, the White House announced the President’s plan, entitled the “Better Buildings Initiative,” to make American businesses 20% more energy efficient over the next decade. The Better Buildings Initiative will encourage private sector investment through a series of … Continue reading →

The Franchise Tax Board has issued a new list of top 10 business entity errors that delay return processing and their solutions. Arranged according to topics, the errors list is topped by errors involving incomplete entity name or ID numbers, … Continue reading →

In his January 31, 2011 State of State address, Gov. Edmund G. Brown, Jr., reiterated his proposal of closing the state’s budget deficit by cuts and a temporary five-year extension of current taxes. He wants a legislative check-in with the … Continue reading →

The Franchise Tax Board has announced that the adjusted interest rate for the period July 1, 2011, through December 31, 2011 will decrease from 4% to 3%. for underpayments of corporate income and franchise taxes. The rate for corporation tax … Continue reading →

On January 31, the White House announced a proposal to make the temporary exclusion on capital gains from the sale of small business stock permanent and to expand the new markets tax credit. The proposals came as part of President … Continue reading →