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BOE Member George Runner

Look Twice Before Filing Your State Income Taxes

Californians who sold their home in a short sale in 2013 may be at risk of overpaying their state income taxes.

As you may recall, the Franchise Tax Board informed me late last year that Californians who had mortgage debt forgiven in a short sale are not required to pay income tax on that debt.

I’ve recently learned that some tax preparation software may not be up to date, potentially forcing affected Californians to pay taxes they don’t owe. Adding to the confusion, some tax preparers may not be aware of this problem.

If you have questions, please contact my office at 1-916-445-2181. For more information on mortgage forgiveness debt relief and short sales, go to FTB’s webpage or call FTB at 1-800-852-5711.

If you are unsure whether your tax preparation software is calculating your short sale correctly, you should contact the tax preparation software company’s customer service department for assistance.

Taxpayers should never have to pay more taxes than they owe. Be sure to look carefully before filing to avoid overpaying… Read More

BOE Member George Runner

Making Life Simpler for Taxpayers

I am pleased to announce Senate Bill 582, a joint effort between my office and Senator Steve Knight, has passed both houses of the Legislature and reached the Governor’s desk.

SB 582 will make life simpler for taxpayers by requiring the Board of Equalization, Franchise Tax Board and Employment Development Department to consider integrating their websites to better serve taxpayers. The idea is to create a one-stop shop for taxpayers to visit for all of their tax services. This will streamline filing requirements by providing taxpayers with up-to-date integrated access to accounts with all three tax agencies.

In a 2005 report the non-partisan Legislative Analyst’s Office urged the creation of a portal that would allow a taxpayer to “log onto a single website and through a series of menus, be directed to the proper form which would allow them to file their taxes or remit a payment.” As you can see, this reform is long overdue.

It’s not easy doing business in California. One of many challenges for a business owner is the confusing… Read More