California FTB Releases Revised 2020 Instructions for Form 100, Corporation Franchise, Income Tax Return

The California Franchise Tax Board (FTB) March 1 released revised 2020 instructions for Form 100, California Corporation Franchise or Income Tax Return, for corporate income, individual income, and trust income tax purposes. The instructions include new information on the Small Business COVID-19 Relief Grant Program, Paycheck Protection Program Loans Forgiveness, advance grant amount, Main Street Small Business Tax Credit, net operating loss suspension, credit limitation, and many others. The FTB includes specific line instructions to complete the form and general information on: 1) the tax rate, minimum franchise tax, filing extensions, and electronic payments; 2) the computation of net income ...