Q: Is there a Statute of Limitations in California on Real Estate Withholding tax?
I filed my 2004 taxes in 2006 and my CPA only claimed 1 of 3 Real Estate Withholding Tax's for a total of $16,888 remaining. Franchise Tax Board employee told me I can't claim it due to Statute of Limitations, is this true?
A:
You may be out of luck, because the Section 19306 states that no credit or refund shall be allowed after four years from the original due date of the return, four years from the date the return was filed (if filed within the extension period), or one year from the
date of the overpayment, whichever is later, unless before the expiration of that period a claim is filed by the taxpayer. The question is thotgh that the CPA knew or should have known of the misisng information. As a long-shot, have the taxpreparer call and explain his mistake and seek for an exception and state that otherwise he will pick up the tab. Of course, the statute is clear. Good luck
A:
There is a 4 year statute of limitations on refunds.
The above is not legal advice. It is an illustration of options that can be used in certain situations. I have not examined all of your facts, if I did I might provide a different response.
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