Tax Guru – Ker$tetter Letter

Helping real people win the tax game.

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Archive for January 10th, 2009

Posted by taxguru on January 10, 2009

Record keeping requirements – Good summary of rules from the California FTB that apply for IRS purposes as well. Calif. taxpayers need to be sure to catch the fact that the statute of limitations (SOL) for FTB to come after you is four years after filing a tax return, one year longer than IRS has.  FTB is sneaky in exploiting that extra year.  I have seen plenty of cases where people had tossed their records after the IRS’s three years SOL had expired, only to be unable to defend themselves against FTB assessments. With the current budgetary disasters in Sacramento, we can expect FTB to pull out all of the stops in regard to squeezing every last dime out of people, whether they really owe the money or not. 

 

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