California FTB Issues Voluntary Administrative Dissolution Guidance

The California Franchise Tax Board (FTB) Jan. 1 issued guidance on voluntary administrative dissolutions for corporate income tax purposes. Beginning Jan. 1, the FTB has the authority to abate, upon written request by a domestic corporation, the unpaid qualified taxes, interest, and penalties for the taxable years in which: 1) the entity certifies, under penalty of perjury, that it wasn’t doing business; and 2) the entity doesn’t have any remaining assets in the business. The FTB provides certain qualification questions to help taxpayers determine if voluntary administrative dissolution is an option. [Cal. Franchise Tax Bd., Instructions for FTB 3715 PC, ...