Mandatory e-pay for CA Taxpayers with +$80K of Tax Per Year

Mandatory e-pay for CA Taxpayers with +$80K of Tax Per Year

Mandatory e-pay for CA Taxpayers with +$80K of Tax Per Year

Update: 11/10/09:

The FTB now has a pay-by-phone option available. See:

http://www.ftb.ca.gov/individuals/mandatory_epay/paybyphone.shtml

That Franchise Tax Board (FTB) has begun mailing notices (FTB 4106 MEO) to taxpayers who meet the mandatory e-pay threshold. The new mandatory e-pay law requires taxpayers to remit their payments electronically if their tax liability exceeds $80,000, or they made estimated tax or extension payment exceeding $20,000. The first payment that would trigger the mandatory e-pay requirement is the 2009 taxable year first quarter estimate that was due April 15, 2009. This first payment did not have to be made electronically, but all future payments should be made electronically. For the 2009 calendar year the FTB will not impose the mandatory e-pay penalty (1% of the amount paid) to allow taxpayers and practitioners additional time to implement practices and procedures to comply with the requirement. (FTB e-file News, 05/05/2009)

Electronic Payment Methods

Make your tax payment using one of the following methods:

Pay online with Web Pay.
Request an Electronic Funds Withdrawal (EFW) on your e-file return.  [From GROCO:  This needs to be set-up with your tax return preparer..]
Pay by credit card.

A pay-by-phone option will be available in July 2009.

You may only send tax payments due to the Franchise Tax Board electronically using one of the methods above. If you owe tax to other agencies that require an electronic payment, you must make those payments directly to them.

NOTE: Making a payment using your bank’s online bill payment system is not an electronic payment. Your bank mails a paper check to FTB which does not meet the requirement to pay electronically.

For the complete story of e-pay, please see the FTB’s website at the link below.

http://www.ftb.ca.gov/individuals/Mandatory_e-pay.shtml

I am always available for questions or comments at (510) 797-8661 x237.

If you have questions or need expert tax or family office advice that’s refreshingly objective (we never sell investments), please contact us or visit our Family office page  or our website at www.GROCO.com.  Unfortunately, we no longer give advice to other tax professionals gratis.

To receive our free newsletter, contact us here.

Subscribe our YouTube Channel for more updates.

Alan Olsen, CPA

Alan Olsen, is the Host of the American Dreams Show and the Managing Partner of GROCO.com.  GROCO is a premier family office and tax advisory firm located in the San Francisco Bay area serving clients all over the world.

 

Alan L. Olsen, CPA, Wikipedia Bio

 

 

GROCO.com is a proud sponsor of The American Dreams Show.

 

American-Dreams-Show-Accounting-firm-in-ca-cpa-tax-advisors-groco-alan-olsen

The American Dreams show was the brainchild of Alan Olsen, CPA, MBA. It was originally created to fill a specific need; often inexperienced entrepreneurs lacked basic information about raising capital and how to successfully start a business. Alan sincerely wanted to respond to the many requests from aspiring entrepreneurs asking for the information and introductions they needed. But he had to find a way to help in which his venture capital clients and friends would not mind.

The American Dreams show became the solution, first as a radio show and now with YouTube videos as well. Always respectful of interview guest’s time, he’s able to give access to individuals information and inspiration previously inaccessible to the first-time entrepreneurs who need it most. They can listen to venture capitalists and successful business people explain first-hand, how they got to where they are, how to start a company, how to overcome challenges, how they see the future evolving, opportunities, work-life balance and so much more..

American Dreams discusses many topics from some of the world’s most successful individuals about their secrets to life’s success. Topics from guest have included:

Creating purpose in life / Building a foundation for their life / Solving problems / Finding fulfillment through philanthropy and service / Becoming self-reliant / Enhancing effective leadership / Balancing family and work…

Untitled_Artwork copy 4

MyPaths.com (Also sponsored by GROCO) provides free access to content and world-class entrepreneurs, influencers and thought leaders’ personal success stories. To help you find your path in life to true, sustainable success & happiness.  It’s mission statement:

In an increasingly complex and difficult world, we hope to help you find your personal path in life and build a strong foundation by learning how others found success and happiness. True and sustainable success and happiness are different for each one of us but possible, often despite significant challenges. Our mission at MyPaths.com is to provide resources and firsthand accounts of how others found their paths in life, so you can do the same.

Posted in
The American Dreams Impact Legacy Conference 2023! online

American Dreams Impact Legacy Conference

American Dreams Impact Legacy Conference 2023 Unlock the secrets to building multi-generational wealth and intentional family legacies on September 19th at 10 AM PST. Dive deep into understanding the importance of crafting your family’s legacy with intent, rather than leaving it to chance. This event is your chance to gain insights from leaders who’ve mastered…

Intersection of Law and AI with Paul Callister

Intersection of Law and AI with Paul Callister

This week Host Alan Olsen interviews  Paul Callister, a dynamic individual with a diverse background, takes us on a journey through his educational path from chemical engineering to philosophy, followed by his transition from practicing law to becoming a law librarian and professor. As a former attorney in a family law firm, Paul sought to…

Growing Your Business Mindset with Ruben Resendez, President of adHere, Inc

Growing Your Business Mindset with Ruben Resendez, President of adHere, Inc

Transcript: Alan Olsen Hi, this is Alan Olsen and welcome to American Dreams. My guest today is Ruben Resendez. Ruben. Welcome to the show. Ruben Resendez A thank you so much, Alan, so Good seeing you again. Alan Olsen So Ruben, you have a very unique background and one that you’ve accomplished a lot within…

Democratizing Creativity: Dan Gedman and the Impact of Technology in Filmmaking

Democratizing Creativity: Dan Gedman and the Impact of Technology in Filmmaking

Transcript: Alan Olsen Hi, this is Alan Olsen and welcome to American Dreams. I’m busy here today with Dan Gedman. Dan, welcome to today’s show. Thank you. So Dan, you have a lot of great experience of diverse industries. And, you know, in American Dreams, we’re all about problem solvers have people’s path in life…