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Franchise Tax Board (FTB) Overpayments Notices
  • Tax

Franchise Tax Board (FTB) Overpayments Notices

If you have recently received FTB notices indicating either your 2019 California overpayments were not credited to 2020 or your 2020 estimated taxes were reduced, please note that these are likely erroneous notices generated by the system, and FTB is currently working on resolving the issues.

On December 20, 2020 we received a News Flash e-mail from Spidell Publishing Inc. letting us know that the FTB stated, “this situation happens every year for current year payments that are made after the normal 4/15 filing due date. While the 2019 filing due date was postponed to 7/15, our system did not read the 7/15 payments as timely. Therefore, the payment amounts must be manually applied to the current tax year, and the excess is transferred to the next year per the taxpayer’s request. Notices may be generated and sent out before the account is manually corrected.”

If you have received one of these notices, you don’t need to do anything because the account is now being corrected by the FTB.

If you have further questions regarding the above, please do not hesitate to contact us.

Disclosures

Cerity Partners LLC (“Cerity Partners”) is an SEC-registered investment adviser with offices across the United States. Registration as an investment adviser does not imply any level of skill or training.

The information provided is not intended as personalized investment, tax, or legal advice. There is no guarantee that any opinions, projections, or views expressed will materialize. You should consult a qualified professional before making financial decisions.

Information is subject to change without notice and is believed to be reliable but is not guaranteed. For Cerity Partners’ registration status, please visit the Investment Adviser Public Disclosure website at www.adviserinfo.sec.gov.

For additional details about our services, fees, or potential conflicts of interest, please request our disclosure statement, including Form CRS and ADV Part 2, using the contact information provided.

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