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July 2010 Tax News - California Franchise Tax Board - ftb ca

July 2010 Tax News - California Franchise Tax Board - ftb ca-2025

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The July 2010 issue of Tax News covers various tax-related topics including tips for completing the LLC Income Worksheet, new IRS requirements for tax preparers, updates on penalties and statutes of limitations for claims, changes in federal tax treatment for registered domestic partners, and information about the state's first-time buyer credit. It also highlights new reporting requirements for small tax-exempt organizations starting in 2011, introduces staff from the Taxpayers' Rights Advocate office, and discusses a significant real estate fraud case involving a broker. Additionally, it promotes the IRS Nationwide Tax Forums and announces enhancements to online payment services.

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Got questions?

We have answers to the most popular questions from our customers. If you can't find an answer to your question, please contact us.

How far can the state go back on taxes?

California allows a generous 20-year collection period from the date a tax is assessed.

Does the IRS forgive tax debt after 10 years?

The IRS generally has 10 years from the assessment date to collect unpaid taxes. The IRS cant extend this 10-year period unless the taxpayer agrees to extend the period as part of an installment agreement to pay tax debt or a court judgment allows the IRS to collect unpaid tax after the 10-year period.

What happens if you dont pay California franchise tax?

Failing to fulfill your California Franchise Tax obligations for two or more consecutive years will result in the suspension of your company. Moreover, if you neglect to pay the $800 fee for each year, you will incur penalties and interest charges, thus making the amount approximately $300 per year.

Why am I getting a letter from the California Franchise Tax Board?

The Franchise Tax Board will send a notice or letter to personal taxpayers and business entities for issues that may include but not limited to: You have a balance due. You are due a larger or smaller refund. We need to notify you of delays in processing your return.

How far back can California audit taxes?

Generally, we have 4 years from the date you filed your return to issue our assessment. However, if you: Filed your return before the original due date , we have 4 years from the original due date to issue our assessment. Did not file a return for the tax year, we can issue our assessment at any time.

What is the statute of limitations for California Franchise Tax Board?

California Statute of Limitations The Franchise Tax Board or FTB, Californias income tax agency, has four years from the date of filing to complete an audit.

Does the state of California forgive tax debt?

California Tax Debt Forgiveness refers to programs established by the California Franchise Tax Board (FTB) that allow taxpayers to settle their debt for less than the total amount owed, similar to the IRSs Offer in Compromise.

How many years back can California collect back taxes?

Under California Revenue and Taxation Code Section 19255, the statute of limitations to collect unpaid state tax debts is 20 years from the assessment date, but there are situations that may extend the period or allow debts to remain due and payable.

July 2010 Tax News - California Franchise Tax Board - ftb ca-2025

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