• Beneficial Ownership Reporting: Starting January 1, 2024, the beneficial ownership information reporting requirements mandated by the 2021 Corporate Transparency Act will be phased in over a two-year period.
• Under these new rules, covered entities must report specified information about certain owners and officers to the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) and must timely update any changes
• Entities that are “created” by filing organizational papers with the Secretary of State’s Office or equivalent must file a beneficial ownership report. 

CA Enacts one-time penalty abatement policy: Penalties eligible for One-Time Penalty Abatement include:

• Failure to File  - You did not pay by the due date of the  tax  return and did not file your tax return by the extended due date. 
•  Failure to Pay  - You did not pay the entire amount due by your payment due date. 

A One-Time Abatement can be requested verbally or in writing.

You may file FTB 2918 or call the CA FTB at 800-689-4776 to request that the FTB cancel a penalty based on one-time abatement.

The FTB will begin to accept one-time penalty abatement requests on April 17, 2023