California FTB Publishes Information Regarding Waiver of Estimated Tax Penalty for Farmers, Fishermen

The California Franchise Tax Board (FTB) March 9 published information on relief for underpayment of estimated individual income tax by farmers and fishermen. The FTB will follow the decision of the IRS regarding waiver of the estimated individual income tax penalty for farmers and fisherman who file returns and pay taxes by April 15. To request a waiver of the estimated tax penalty, farmers and fishermen who have not yet filed their returns, need to complete form FTB 5805F, Underpayment of Estimated Tax by Farmers and Fishermen. In order to process the return correctly, taxpayers must check the applicable box ...