state of california franchise tax board penalty code b

Exceptions - None. We revised the California taxable income on your tax return for one or more of the following reasons: (a) You made an error calculating or transferring taxable income. We revised the subsidy amount because you made an error calculating your repayment limitation. Refer to Connect With Us for contact information. 1346 - California Franchise Tax Board - State of California. Is an FTB Offer in Compromise Right for You? | Brotman Law The filing status revision may have affected your standard deduction, tax, and credits. You made an error on your Schedule S when you calculated Line 6. We impose a late filing penalty if an S corporation fails to file a tax return by the extended due date or if the return fails to contain the required information (incomplete). Only credits directly attributable to the business entity's activities can be claimed on a group return. Gather: Legal documents supporting your qualifying children's relationship to you (adoption documents, birth certificate). You made an error when you calculated your Job Expenses and Certain Miscellaneous Deductions. Gather and review all relevant tax documents to check for errors. You made an error using the 2EZ Table to calculate your tax. (a) The Franchise Tax Board, for purposes of administering the provisions of this article, shall examine all returns filed by taxpayers subject to these provisions. You made an error when you totaled your Schedule CA, Column E Adjustments to Income. Was not a Regulated Investment Company (RIC), Real Estate Mortgage Investment Conduit (REMIC), Financial Asset Securitization Investment Trust (FASIT), or a Qualified Subchapter S Subsidiary (Qsub). The paragraphs below explain why. You made an error when you totaled your Schedule CA, Column B Adjustments to Income. Contact the Filing Compliance Bureau: We revised your filing status because of conflicting information you provided on your tax return. You made an error calculating your adjusted gross income From All Sources when you subtracted your Unemployment Compensation and Military Pay Adjustment from federal adjusted gross income. You filed after the New Jobs Credit cutoff date. In addition, the California Franchise Tax Board imposes a penalty equal to 0.5% of the total unpaid tax for each month after the initial 5% penalty. You incorrectly calculated your Taxable Income when you subtracted your Income Distribution Deduction from your Adjusted Total Income. (b) You made an error calculating or transferring the tax on Schedule G-1 or FTB 5870A, Tax on Accumulation Distribution of Trusts. (b) (1) In any case of two . Mail: Franchise Tax Board MS 151 Contact and submit copies to the Filing Compliance Bureau: We revised or disallowed your Young Child Tax Credit based on the earned income reported on your tax return or provided by your employer or client. We cannot guarantee the accuracy of this translation and shall not be liable for any inaccurate information or changes in the page layout resulting from the translation application tool.

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