At long last, the Franchise Tax Board has posted its list of organizations that are exempt from California franchise (i.e., corporate) tax. The list has been posted at http://bit.ly/lfnp120j.
The primary purpose of the new FTB list is to allow the public to verify an organization’s exempt status. It also provides an organization the ability to confirm that the FTB’s information is accurate and otherwise up-to-date. Indeed, it is expected that there will be some discrepancies.
We recommend that every organization exempt in California check the list. Now is an ideal time to make sure that the FTB has accurate information about your organization. The ramifications of the FTB having inaccurate information regarding your non-profit can include tax penalties and loss of state exemption. If you discover an inaccuracy, contact your organization’s attorney or accountant to get have the information rectified.
The list will be updated monthly.