California FTB Issues Income Tax Notice Extending Participation Period for NEST Understatement Penalty Resolution

The California Franchise Tax Board (FTB) Nov. 13 issued a notice announcing the extension of the participation period of a resolution process for the non-economic substance transaction understatement penalty, for individual income and corporate income tax purposes. The last day of the participation period of FTB Notice 2023-02 is extended to Jan. 31, 2024, from Nov. 17, 2023. The notice provides that the requirements for participation in the resolution program are detailed in FTB Notice 2023-02. [Cal. Franchise Tax Bd., FTB Notice 2023-03, 11/13/23]

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