California FTB Updates Corporate, Individual Income Tax Disaster Loss Deduction Information

The California Franchise Tax Board (FTB) updated information on disaster loss deductions for individual and corporate income taxes. For taxpayers who have filed tax returns claiming disaster relief, FTB will stop accrual of interest during the postponement of time to file and pay when such relief is granted by the California Department of Finance. Should taxpayers follow guidance and file timely and accurate returns, but are still assessed interest, taxpayers should call the Disaster Hotline at 888-825-9868 and/or the number on the FTB notice to speak to a representative to correct their account. [Cal. Franchise Tax Bd., Disaster loss deduction, ...