Deutsche Bank Must Pay Penalty for Late California Income Tax

Deutsche Bank Securities Inc. owes $308,111 in penalties for failing to pay its California 2021 corporate income tax on time, the California Office of Tax Appeals said in an opinion posted Monday.

A panel of three administrative law judges affirmed the Franchise Tax Board’s denial of Deutsche Bank’s refund claim, saying the company failed to show reasonable cause for its late payment.

Deutsche Bank said it believed a prior year’s overpayment would cover its 2021 liability, and it didn’t know until after its payment was due that a federal adjustment related to hedging transactions at its Deutsche Bank New York ...