California FTB Releases Updated 2020 Corporation Tax Booklet for Franchise, Income, Use Taxes

The California Franchise Tax Board (FTB) June 8 released updated 2020 instructions for Form 100, California Corporation Franchise or Income Tax Return, for 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, advance grant amount, Main Street Small Business Tax Credit, net operating loss suspension, credit limitation, and deployed military exemption. The FTB includes specific line instructions to complete the form and general information on: 1) the tax rate, minimum franchise tax, extension of time to file, and electronic payments; 2) the computation of ...