Tue07222014

Business & Real Estate

Business Brief

State contacts businesses to file returns

The California Franchise Tax Board (FTB) is contacting more than 90,000 California business entities that have not filed their 2011 state income tax returns.

Businesses contacted by the FTB have 30 days to file a tax return or show why there is no filing requirement. Taxpayers who do not file tax returns or demonstrate to the FTB that they are not required to file will receive a tax assessment based on income and other reported information. Business taxpayers last year filed 1.5 million tax returns for the 2011 tax year.

The FTB each year reviews more than 5 million income records and matches the information against its tax records to identify noncompliance. The FTB last year collected approximately $23 million from businesses that failed to file tax returns.

For more information, call (866) 204-7902 or visit ftb.ca.gov.

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