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April 9, 2011
AB 1925 – TAX DELINQUENT LECENSEES. (I.e. MD, RN, RCP, CONTRACTORS, ETC). Authorize the FTB (franchise tax board-California) to suspend occupational and professional licenses for failure to pay tax liabilities and notify their respective licensing agencies of the suspension. State liens start at $1,000.00. The question,
How long do I need to keep checks, tax returns, etc?
If you’re cheating on your taxes, save everything. If you’re honest, the IRS usually has three years to audit you. But if you underreport your gross income by more than 25% (it happens), the agency has six years. So keep your tax-related records, including cancelled checks, for at least three years and document related to your income at six years. Most people save their returns and year –end investment and retirement account statements indefinitely. Most everything else you can SHRED, but ask your TaxMan to flip through the pile first. (Ref PB 3-2003) And remember that, “Tax avoidance is Legal, but Evasion is not, so make the most of your deductions on you tax return.”