The California Franchise Tax Board has issued a public service bulletin announcing that beginning June 23, 2010, the state began issuing notices assessing a certification penalty of $250 for failure to file a Statement of Information for Limited Liability Companies (LLCs). Business entities are subject to the penalty for failure to file the statement biennially with the Secretary of State (SOS). Previously, the SOS had the authority to assess the penalty, but system constraints prevented assessment of the penalty. Approximately 510,000 LLCs have been identified as potentially being subject to the penalty. The SOS is required to send notification at least 60 days before assessing the penalty. The certification penalty date on the billing notices will be the calendar year ending for the year the penalty is assessed. An LLC will be assessed one penalty for the entire period of noncompliance with the requirement to file the statement. Taxpayers with questions can go to http://sos.ca.gov and search for “statement of information” or call the SOS at (916) 653-6814.
Wolters Kluwer Tax and Accounting
Wolters Kluwer Tax and Accounting is a leading provider of software solutions and local expertise that helps tax, accounting, and audit professionals research and navigate complex regulations, comply with legislation, manage their businesses and advise clients with speed, accuracy and efficiency. Wolters Kluwer Tax and Accounting is part of Wolters Kluwer N.V. (AEX: WKL), a global leader in information services and solutions for professionals in the health, tax and accounting, risk and compliance, finance and legal sectors. We help our customers make critical decisions every day by providing expert solutions that combine deep domain knowledge with specialized technology and services. Wolters Kluwer reported 2016 annual revenues of €4.3 billion. The company, headquartered in Alphen aan den Rijn, the Netherlands, serves customers in over 180 countries, maintains operations in over 40 countries and employs 19,000 people worldwide. Wolters Kluwer shares are listed on Euronext Amsterdam (WKL) and are included in the AEX and Euronext 100 indices. Wolters Kluwer has a sponsored Level 1 American Depositary Receipt program. The ADRs are traded on the over-the-counter market in the U.S. (WTKWY).All stories by: Wolters Kluwer Tax and Accounting