California CDTFA Publishes Guide on Timber Yield Tax

The California Department of Tax and Fee Administration (CDTFA) July 1 published a guide on California timber yield tax law and Taxpayers’ responsibilities as a timber owner. The timber tax is a property tax with a current rate of 2.9 percent. The guide includes: 1) timber yield tax basics; 2) definitions; 3) tips for completing tax harvest report; 4) tips for completing tax returns; and 5) recordkeeping requirements. The CDTFA provided information on timber tax return filing requirements, due dates, penalty and interest charges for late filings. The booklet includes general information on returns and account review and audit procedures ...