In recently issued Notice 2019-07, the Franchise Tax Board (FTB) announced that for taxable years beginning on or after January 1, 2019, taxpayers in good standing that file Forms 100 and 100W (Corporate Franchise and Income Returns) will be granted an automatic 7-month extension for filing returns. Previously, the FTB allowed an automatic 6-month extension. Under the revised policy, taxpayers will receive an extension to the 15th day of the 11th month following the close of the taxable year. As such, the new tax return due date for calendar year corporate taxpayers will be November 15th. The 7-month extension will not extend the time for payment of tax and failure to file returns within the 7-month extension period will result in penalties calculated based on the original due date. For more information on FTB Notice 2019-07, please contact Gina Rodriquez at 916-551-3132.