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FTB is contacting nonfilers

Wednesday, January 18, 2012

The FTB will be contacting over 900,000 people who did not file a 2010 state income tax return. These individuals are identified through records the FTB receives from third parties such as the IRS, banks, employers, and state departments. The FTB also uses mortgage interest information and occupational licenses to detect earners who have not filed.

If a taxpayer receives a notice from the FTB regarding his or her filing requirement, the taxpayer will have 30 days to file the return or prove that no return is due. If no return is filed, the FTB will use income records to estimate the amount of tax due and assess the taxpayer. In addition, the FTB will assess interest, fees, and penalties of up to 50%.

At Spidell’s Federal/California Tax Update Seminar we will talk about:

What property tax is deductible
How the new federal Schedule D works
How to treat the sale of gold and silver
What happens if your client is selling stuff on e-Bay
New laws coming this year and old laws going away

Click here to register today.

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