California Board to Consider New Partnership Adjustment Rules

Adjustments to tax filings regarding business partnerships that result in small dollar amounts owed to the California Franchise Tax Board could be waived in the future, following a new regulation project approved Monday.

The FTB collects personal and business income tax in the state. It maintains active regulation projects each year that address some aspect of complex tax controversy or inefficiency, such as the regulation published earlier this year over the tax treatment of intangibles. The projects and a tentative schedule for holding hearings on the various issues is approved by the board.

In a meeting on Monday, the ...