California FTB Amends Regulation on Penalty for Failure to File Return Upon Notice, Demand

The California Franchise Tax Board (FTB) Oct. 29 amended a regulation imposing a penalty for failure to file an individual income tax return upon notice and demand. The rule includes measures: 1) allowing the FTB to impose the notice and demand penalty if a taxpayer fails to timely respond to a Request for Tax Return or a Demand for Tax Return for any taxable year within the four-year period immediately preceding the taxable year for which the current Demand for Tax Return is issued; and 2) applying notice and demand penalties to assessments issued on or after Jan. 1. The ...