It may surprise you to learn that Franchise Tax Board is more like a ‘WHO’ rather than a ‘WHAT.’ The Board is comprised of three individuals, two of whom taxpayers in California have a voice in electing: the Chairman of the Board of Equalization, the Director of Finance, and the State Controller as FTB Chair.
Franchise Tax Board is best known for administering California’s tax programs – both personal and corporate. What most people don’t know is FTB is also responsible for nontax programs and delinquent debt collection functions – including collecting: 1/delinquent vehicle registration on behalf of the DMV, 2/ court-ordered debt for participating courts and agencies and 3/delinquent debt for other government agencies and California colleges.
FTB strives to close the ‘tax-gap’ by bringing individuals and businesses into compliance with tax law. Their Voluntary Disclosure Program allows, “… qualified entities, qualified shareholders, or beneficiaries that may have incurred an unpaid California tax … to disclose their liability voluntarily.” FTB is also authorized to disallow certain housing tax deductions taken on a tax return when that housing is determined “substandard” by city or county regulatory agencies, which aids the best interest of the general public.
So the next time you find yourself in a discussion about Franchise Tax Board, remember you are speaking of a “WHO” not a “WHAT”, and that three highly qualified individuals are there to work for you.
08/05/2022 07:55 A.M.