California Tax Updates Related to Coronavirus
The Franchise Tax Board has updated its Coronavirus FAQ page with the following information:
- The Recovery Rebate Payments from the IRS are not taxable in California
- The additional $600/week of unemployment benefits is not taxable in California
- The modifications to the net operating loss rules for the IRS do not apply to California
- California will conform to the IRS penalty waiver on qualified distributions from retirement plans under the CARES Act
As more situations are discovered, there are likely to be additional updates and clarifications.