Linkenheimer accounting firm on Wednesday issued an alert to its clients regarding Franchise Tax Board notices that included penalties for taxpayers who failed to file on time due to fire losses.
“We have had clients receive FTB notices with a much larger late-filing penalty than it should be,” Linkenheimer told clients. “Their system is not picking up the zip codes, and therefore notices are being issued with the late-filing penalty.”
Federal and state tax agencies granted an extension for business or personal returns due Oct. 15 until Jan. 31.
According to Linkenheimer, the FTB suggests that taxpayers who received the errant notices call the board so that their accounts can be adjusted.
“Don’t just pay it,” Linkenheimer said, “as this may complicate the adjustment process.”
James Dunn covers technology, biotech, law, the food industry, and banking and finance. Reach him at: firstname.lastname@example.org or 707-521-4257
Read more about the recovery from the North Bay wildfires: nbbj.news/recovery