![]() ![]() ![]() California taxpayers continue to follow the Internal Revenue Code (IRC) as of the specified date of January 1, 2015, with modifications.ĬOBRA Premium Assistance – The ARPA allows an exclusion from gross income for COBRA premium assistance subsidies received by eligible individuals for the COBRA coverage period beginning on April 1, 2021, and ending on September 30, 2021. In general, California Revenue and Taxation Code (R&TC) does not conform to the changes. For more information, get form FTB 4197.Īmerican Rescue Plan Act (ARPA) of 2021 – The ARPA was enacted on March 11, 2021. Reporting Requirements – For taxable years beginning on or after January 1, 2021, taxpayers who benefited from the exclusion from gross income for the Paycheck Protection Program (PPP) loans forgiveness, other loan forgiveness, the Economic Injury Disaster Loan (EIDL) advance grant, restaurant revitalization grant, or shuttered venue operator grant, and related eligible expense deductions under the federal Coronavirus Aid, Relief and Economic Security (CARES) Act, Paycheck Protection Program and Health Care Enhancement Act, Paycheck Protection Program Flexibility Act of 2020, the American Rescue Plan Act (ARPA) of 2021, the Consolidated Appropriations Act (CAA), 2021, or the PPP Extension Act of 2021, should file form FTB 4197, Information on Tax Expenditure Items, as part of the Franchise Tax Board’s (FTB) annual reporting requirement. References in these instructions are to the Internal Revenue Code (IRC) as of January 1, 2015, and the California Revenue and Taxation Code (R&TC). ![]()
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