In its August tax news, the California Franchise Tax Board (FTB), among other topics, discusses California competes tax credit, extended filing deadlines. The tax news discusses that:

  • The FTB extended the payment deadline for 2021 taxes to Tuesday, April 19, 2022, however, this extension does not impact the due date for 2021 tax returns filed under extension.

  • The extended due date for filing 2021 personal income tax returns is October 17, 2022.

  • The FTB has extended temporary e-signature options to submit signed paper returns, statute of limitation waivers, and other qualifying documents from June 30, 2022, to December 31, 2022.

  • Effective June 22, 2022, the taxpayers’ MyFTB password must be updated every 120 days; taxpayers will receive an email 30 days prior to the password expiration date to notify that their current password is set to expire.

  • Taxpayers claiming the PTE Elective Tax Credit, must ensure to include credit code 242 on Form 540. Code 242 must also be included on Schedule P (Alternative Minimum Tax and Credit Limitations), if applicable, to ensure correct processing.

FTB August Tax News, California Franchise Tax Board, August 2, 2022