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IRS TAX LIENS: WHAT YOU NEED TO KNOW

IRS Tax Liens: What You Need to Know An IRS tax lien is the government’s legal claim against your property when you have an overdue tax debt. The lien protects the government’s interest in all your property, including real estate, personal property and financial assets. A federal tax lien exists after the IRS: Puts your...
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FOREIGN TRUST REPORTING REQUIREMENTS

Foreign Trust Reporting Requirements Although there are a myriad of reasons why a U.S. person might create a foreign trust, or have transactions with a foreign trust, they can have tax consequences and result in filing responsibilities as well. Regardless of your motivation, failure to meet these reporting and filing requirements can result in very...
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IRS SPECIAL ENFORCEMENT PROGRAM AUDIT GROUP

What is an IRS SEP Audit? If you have been selected for an IRS audit, it is important to find out information about the auditor, such as whether the auditor is a member of the SEP group. The IRS Special Enforcement Program (SEP) audit group is a specialized compliance program within the Small Business/Self- Employed...
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FTB TAX NOTICES 101

What Does My FTB Tax Notice Mean? If you have an FTB tax liability, it is very important that you monitor the letters that you receive from the FTB. The FTB will send you notices to inform you of where your tax liability is on the FTB state of its collection process. You will have...
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FTB TAX LIENS 101

What is an FTB Tax Lien? A lien is a charge upon real or personal property to satisfy debt ordinarily arising by operation of law. A lien legally encumbers California property, preventing the property from being sold or transferred through escrow as long as the lien exists. The Franchise Tax Board (FTB) files liens if...
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SOLE PROPRIETORSHIP TAX PRIMER

Sole Proprietorship Tax Primer A schedule C is a business that is a sole proprietorship. A sole proprietorship is the simplest business form under which one can operate a business. Other business forms include corporation, partnership or LLC. The sole proprietorship is not a legal entity, but is a person who owns the business and...
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FTB STATUTE OF LIMITATIONS FOR ASSESSMENT

The question often arises how to address a taxpayer’s FTB tax returns after an IRS audit. In addition, generally how long is the time period during which the FTB can audit a taxpayer’s return? The Revenue and Taxation Code provides final deadlines for the Franchise Tax Board (FTB) to assess additional taxes and to propose...
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