Spidell’s Flash Email has reported the following news from the Franchise Tax Board for 2010:

The FTB will not assess the mandatory e-pay penalty for individuals in 2010. The FTB will continue to focus efforts on education and outreach so that taxpayers and their representatives can implement processes and procedures to comply with the mandatory e-pay requirement. The law requires taxpayers who make a payment of more than $20,000, or who have a tax liability of more than $80,000 in a year beginning on or after January 1, 2009, to make all future payments electronically. The FTB will continue to monitor compliance levels to determine the appropriate time to begin imposing the penalty provision of the statute.

Tags: e-pay, FTB, tax penalties

This entry was posted on Friday, December 18th, 2009 at 4:32 am and is filed under Tax News. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.