Business taxpayers filed 1.7 million tax returns for the 2013 tax year. Each year FTB reviews more than 5 million income records received from the IRS, the State Employment Development Department, the State Board of Equalization, financial institutions, and other businesses. FTB then matches this information against its tax records to identify nonfilers.
Last fiscal year, FTB collected approximately $36 million from businesses that initially failed to file tax returns.
FTB gives business nonfilers 30 days to file a tax return or show why one is not required. Businesses that disregard the letter will get a tax assessment based on income and other information reported to FTB. The tax assessment includes interest, fees, and penalties.
For more information go to ftb.ca.gov. Search for: Demand for Return. Select: Respond to request or demand for tax return. Businesses can request more time to respond, get information to help file a return, sign up to receive an email reminder to file, and more. Information is also available by phone at 866.204.7902.
