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FTB STATUTE OF LIMITATIONS FOR COLLECTION OF A TAX LIABILITY

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...
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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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FBAR STATUTE OF LIMITATIONS FOR PENALTY ASSESSMENT

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...
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BANKRUPTCY AND DISCHARGING TAX LIABILITIES

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...
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IRS WARNS TAX PROFESSIONALS OF NEW E-SERVICES EMAIL SCAM

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”...
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