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... Read More

How Long Is the FTB Statute of Limitations? The California Franchise Tax Board, or FTB, is the agency tasked with determining and collecting the correct amount of tax from California taxpayers and from taxpayers with certain connections to California. Statute of limitations (SOL) tax laws define a period of time in which actions may be... Read More

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... Read More

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... Read More

IR-2016-167, Dec. 9, 2016 WASHINGTON ― The Internal Revenue Service announced today that the nation’s tax season will begin Monday, Jan. 23, 2017, and reminded taxpayers claiming certain tax credits to expect a longer wait for refunds. The IRS will begin accepting electronic tax returns that day, with more than 153 million individual tax returns... Read More

During the audit stage, the SBOE auditor will present his or her findings to you. If you disagree with a decision of the staff of the BOE regarding your liability for taxes or fees, you can usually contest that decision by filing a timely appeal. Generally, you must file an appeal within 30 days of... Read More

There are significant differences between the IRS form 8938 and the FBAR form. Each form is unique and must be prepared with each of their instructions in mind. The FBAR was enacted under the Bank Secrecy Act and the IRS form 8938 was enacted under the Hiring Incentives to Restore Employment Act in 2010. The... Read More

The general statute of limitations for the IRS to assess tax or a civil penalty is three years from the filing of the tax return. There are several exceptions. The FBAR statute of limitations is generally 6 years from the filing due date of the FBAR. There are several international information forms pertaining to overseas... Read More

Are Taxes Dischargeable in Bankruptcy? If you owe past due federal taxes that you cannot pay, bankruptcy may be an option. As a result, some taxpayers need to know the basics of discharging tax liabilities. Other options include an IRS payment plan, an offer in compromise or currently not collectible status. If you have filed... Read More

IR-2016-145, Nov. 4, 2016 WASHINGTON – The Internal Revenue Service today issued an urgent alert to tax professionals who use IRS e-services to beware of an email asking them to update their accounts and directing them to a fake website. The subject line for the fraudulent email is “Security Awareness for Tax Professionals.” The “From”... Read More