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Penalty Reference Chart - California

FTB 1024 (REV 10-2012) PAGE 1 Penalty Reference Chart Please use this Chart for Reference purposes only. We list Penalty codes by Revenue and Taxation Code (R&TC) sections and Reference comparable Internal Revenue Code (IRC) sections. These penalties reflect the law as enacted on September 21, 2011, for taxable years beginning on or after January 1, 2011. Penalty Name R&TC Section IRC Section Penalty Reason Computation Limited Liability Company (LLC) Fee Estimate Penalty 17942(d)(2) None Underpayment of estimated fee. 10% of the underpayment.

6038 . Failure to file and furnish certain information about certain foreign corporations. $1,000 for each annual accounting period. $1,000 for each 30-day period up to a maximum of $24,000 when failure continues after 90-day of notification. Exceptions - Reasonable cause and …

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