California FTB Proposes Amending Income Tax Regulations on Individual Shared Responsibility Penalty

The California Franchise Tax Board (FTB) Aug. 19 proposed regulations amending regulations on individual shared responsibility penalty for corporate income and individual income tax purposes. The proposal includes measures to: 1) clarify definitions; 2) include a statute of limitations for the imposition of penalty for a failure to file an information return with the FTB; 3) require electronic filing for entities filing 250 or more information returns each year; 4) clarify that no penalty applies for a month in which an applicable individual has minimum essential coverage for at least one day in that month; and 5) clarify that applicable ...