With Tax Season approaching, it is helpful to take note of a few new items that the Internal Revenue Service (IRS) and the Franchise Tax Board (FTB) are offering.
My FTB Account — For example, the FTB has a new area on their website called My FTB Account. This area allows Taxpayers to view 1099 & W-2 income and withholding items. The IRS provided this information for years. However gathering the respective state information was not available, until now.
FTB Web Pay — A Taxpayer can authorize payment for their taxes online and if a Taxpayer owes less than $25,000, they can also request to pay the tax in installments under a Payment Plan online. Generally an installment period of five years will be allowable to pay the taxes.
FTB 24-Hour Phone Service — The Franchise Tax Board issued a new 24-Hour Taxpayer’s Assistance Line for businesses and individuals. That number is 1-800-338-0505. Taxpayers can access items such as:
1. Current tax year refund information
2. Payment and Balance Due
3. Ready return (CA prepares the return)
4. Frequently asked questions
5. Forms and publications
6. Other Information such as tax clearance information
IRS Alternative Minimum Tax (AMT) Patch — The IRS is working with the Government to fix certain issues with the AMT Tax. There are approximately 11 Forms that will be impacted by this Patch. The IRS is going to issue information on these 11 forms, 72 hours after the Law passes.
IRS Issues New Form 8919 for Misclassified Workers
We will address this issue more next month. Just be aware that the IRS has a new form and process for reporting misclassified wages that were reported incorrectly as independent contractor income.
Remember to keep a professional by your side. The CPA. Never underestimate the value.
For more information, please call 661-253-3771.