May 15, 2012
The Franchise Tax Board has decided to back off a plan to require additional reporting for fees not based on property values. The FTB had planned to ask for the information based on its understanding the only real property taxes were deductible from income. The IRS response to an FTB request has now led the FTB to reconsider the previously announced reporting requirement. For the FTB news release on this issue go to: https://www.ftb.ca.gov/aboutFTB/press/2012/Release_17.shtml.