Assembly Bill 318: $2,000 penally for LLCs.

• Position: FTBnews

The FTB recently addressed the penalty ($2,000 per tax year) that the FTB can assess suspended or forfeited corporations doing business in California. The law (R&TC Sec. 19135) that imposes this penalty was amended by Assembly Bill 318 Sept. 14. The FTB has now followed up by saying that, as of Jan. 1, 2013, the $2,000 penalty will also apply to an LLC if the LLC fails to file a tax return within 60 days after receiving a formal written demand to file. The FTB will impose the penalty in addition to the demand and delinquent penalties and the filing enforcement fee. The...