May 22, 2017
From KPMG TaxWatch
On June 30, 2017, the California Franchise Tax Board (FTB) will hold an interested parties meeting to discuss potential revisions to CCR section 21537, which addresses alternative apportionment procedures. Per an FTB discussion topics document, the FTB appears to want to provide more formal guidance to practitioners and the taxpayer community as to how section 25137 petitions should be handled and considered. One of the proposed topics for discussion is the contents of the section 25137 petition and whether petitions should be submitted by taxpayers in a standardized format. Another topic is the format of verbal presentations in support of 25137 petitions and whether there should be time limits imposed on the various parties presenting. Also, should the FTB allow taxpayers whose petitions are denied to request reconsideration of their 25137 petition? Please stay tuned to TWIST for more information on this process.
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The following information is not intended to be "written advice concerning one or more federal tax matters" subject to the requirements of section 10.37(a)(2) of Treasury Department Circular 230.
The information contained herein is of a general nature and based on authorities that are subject to change. Applicability of the information to specific situations should be determined through consultation with your tax adviser.