The California Franchise Tax Board (FTB) recently started sending erroneous notices to Taxpayers regarding withholding and estimated tax payments claimed on 2015 tax returns. The notices reduce the amount of withholding and/or estimated tax payments claimed on the tax return. If you receive such a notice, it is likely issued in error.
The FTB has investigated this issue and is working on a solution for affected taxpayers. Additional information is available on the FTB website.
If you have any questions, we suggest that you provide a copy of the notice to your Tax Advisor who can assist in resolving this matter.
BPM is here to assist you.
For additional information on this topic, please contact your BPM Tax Advisor, call (415) 421-5757, or email firstname.lastname@example.org.
This alert contains information in summary form and is intended for general guidance only. It is not intended to be a substitute for detailed research nor the exercise of professional judgment. Neither BPM nor any member of the BPM firm can accept any responsibility for loss brought to any person acting or refraining from action as a result of any material in this alert. On any specific matter, reference should be made to the appropriate advisor.