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| I think we have even better reasons: from their website at http://www.ftb.ca.gov/individuals/faq/ivr/208.shtml "To avoid an estimate penalty,you must pay at least one-fourth of the required estimated tax for each quarter." but, new for 2009 (this really won't help balance the budget, but anyway . . ...), from the estimated tax instructions: "Installment amount. Multiply the amount on line 21 by 30%. Enter the result on the 1st and 2nd installments of your Forms 540-ES. Multiply the amount on line 21 by 20%. Enter the result on the 3rd and 4th installments of your Forms 540-ES. " -- << ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- > |
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| State’s Annual Nonfiler Program Begins SACRAMENTO – The Franchise Tax Board (FTB) announced today that it has begun contacting more than 900,000 individuals who earned California income, but failed to file state income tax returns last year. Since the 1950s, FTB has contacted individuals who may have a filing requirement, but have not filed a tax return. These individuals will have 30 days to file their state tax return or show why one is not due. When a required return is not filed, FTB issues a tax assessment using income records to estimate the amount of state tax due. The assessment will includeinterest, fees, and penalties. FTB identifies nonfilers by using more than 350 million income records it receives annually from third parties such as the IRS, banks, employers, state departments, and other sources. In addition, FTB uses occupational licenses and mortgage interest payment information to detect individuals who have not yet filed. Last year, FTB collected more than $550 million in revenue through these efforts. For those receiving notices, information is available at ftb.ca.gov, by searching for “Request/Demand for Tax Return.” Taxpayers can request more time to respond, retrieve information that can assist them in filing a tax return, request tax forms, learn about payment options, sign up to receive an email reminder to file, and much more. Individuals can also call FTB at 866.204.7902 to get information. -- << ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- > |
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