What is an FTB Temporary ID Notice
And How Do You Know If it Affects You?
The Golden Girls wanted to make sure you were aware of what an FTB (Franchise Tax Board) Temporary ID Notice is, as some taxpayers have been receiving notices in the mail.
What are these FTB partnership temporary identification notices?
Recently, some tax professionals have been getting calls from clients who have businesses or partnerships (even those who dissolved decades ago) who received a notice from the FTB assigning them a temporary identification number.
To provide a first-year exemption for newly registered LLCs, limited partnerships, and limited liability partnerships, these notices were sent out in order to implement AB 85 (Ch. 20-8).
To qualify, these entities must be registered with the Secretary of State’s (SOS’s) Office during the 2021 through 2023 calendar years and receive an SOS number.
But theses temporary identification number were sent out to a much larger pool of taxpayers, and included entities such as general partnerships who had filed returns with the FTB without an SOS number.
The FTB sent approximately 295,000 notices.
So if you received one, what should you do?
Most taxpayers who receive these notices can ignore them.
But keep in mind, if you are a general partnership, you can use the temporary identification numbers assigned in these notices to make the AB 80 passthrough entity elective tax payments electronically through Web Pay, or to file your returns.
If you have a dissolved partnership and have received a notice, you may want to contact the FTB to close out your accounts.
If you have any questions, please feel free to reach out to us.
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