Tax filing season is here. The California Franchise Tax Board (FTB) and the federal Internal Revenue Service (IRS) are now accepting and processing returns for 2020 income. The IRS has made programming updates following December 2020 tax law changes that provided a second round of economic impact payments. Under these changes, eligible individuals will receive any stimulus funds not yet received as a Recovery Rebate Credit when they file a federal tax return on their 2020 income.
For faster refunds and increased accuracy, taxpayers are urged to file electronically and provide their direct deposit information. The deadline to file and pay any tax owed is Thursday, April 15, 2021. For this filing season, FTB expects to process 20 million personal income tax (PIT) returns; the IRS expects more than 150 million PIT returns.
California Franchise Tax Board on What You Need to Know This Tax Filing Season Published: Thursday, 07 January 2021 05:54
January 7, 2021 - Sacramento - Tax season kicks off this week at the Franchise Tax Board (FTB). Every year, FTB provides taxpayers with a list of important updates and reminders for the upcoming tax
season.
“We encourage all Californians to make use of our online services, including the ability to file a state return online for free and quickly secure a refund,”
said State Controller and FTB Chair Betty T. Yee. “More people than ever will qualify for key state tax credits, including the expanded California Earned Income Tax Credit and the Young Child Tax Credit. Combined, these refundable credits can total hundreds or even thousands of dollars. We hope more Californians will claim these credits, especially those who do not earn enough to be required to file. COVID-19 has affected everyone to varying degrees. We encourage people to file as early