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“To be foretold is to be forewarned!”.... FTB Common Audit Issues

In January 2018, FTB will send letters to certain taxpayers who have filed and reported itemized deductions for medical expenses, charitable contributions and/or employee business expenses. California and federal rules are similar with regard to allowable itemized deductions and the letter provides these taxpayers several IRS resources to aid them in filing their tax returns. The focus of these letters is to remind taxpayers of their continuing responsibility to file accurate tax returns, include only deductible amounts they are legally entitled to claim, and maintain and provide appropriate documentation and substantiation for all deductions and credits claimed.

Click here for more information:

https://www.ftb.ca.gov/professionals/taxnews/Editions/2018/January.shtml#Article02

steve@stevesimsea.com