California FTB Releases Instructions for Form FTB 5806, Underpayment of Estimated Tax by Corporations

The California Franchise Tax Board (FTB) Dec. 1 released instructions for Form FTB 5806, Underpayment of Estimated Tax by Corporations, for individual income and corporate income tax purposes. The instructions: 1) explain that the purpose of this form is to determine a corporation’s estimated taxes paid, penalty for underpayment of estimated tax, and amount of penalty; 2) informs taxpayers of the extension to July 15, 2020, for estimated tax installments and filing 2019 tax returns, due to the coronavirus pandemic; and 3) gives line by line instructions to prepare the form. [Cal. Franchise Tax Bd., 2020 Instructions for Form FTB ...