California FTB Releases Fiduciary Income Tax Booklet Providing 2020 Instructions for Form 541

The California Franchise Tax Board (FTB) March 1 released updated 2020 instructions for Form 541, California Fiduciary Income Tax Return, for trust income, corporate income, and individual income tax purposes. The instructions include new information on the Small Business COVID-19 Relief Grant Program, Paycheck Protection Program loans forgiveness, Main Street Small Business Tax Credit, net operating loss suspension, business credit limitation, and real estate withholding statements. The FTB includes specific instructions to complete the form and general information on: 1) additional forms the fiduciary may have to file, the period covered by the tax return, paid preparers, and estimated tax ...