Can the California Tax Board request Corporate business records for a Personal Return?

Can the California Tax Board request Corporate business records for a Personal Return?
I am negotiating a repayment plan (433) with the Cal Franchise Tax Board. They are asking for my Corporate business info such as bank records, etc for my 2004 return that is a Personal Tax return. At the time I was not a corporation, but now I am (small prof. business).


Answers:

MisterZero:  Tax agencies are not Totally Stupid. They're not going to allow you a payment plan at a low amount based on your personal wealth when you have a controlling interest in a commercial venture that has significant resources. If you didn't form your corporation until after 2004 you should have some sort of document that indicates when the corporation WAS formed...and that should suffice to prove that you weren't incorporated then. However, they will want to see current business assets. You may want to look over Forms 433-A and 422-B available from the IRS. The "A" is for individuals while the "B" is for businesses. Although they may not this exact form it will give you a guide to the type of information they're going to expect from you. G'Luck... Mike Womack, Sr. Partner Zero Degrees Tax LLP Moore, OK
2009-06-24 19:13:40
Chuckie O:  General rule: they can ask for anything they want. They can certainly request information from "related" entities.
2009-06-24 19:47:08
Chosen Answer
Max Hoopla:  They want to verify that the information you provide is accurate and that you aren't hiding something.
2009-06-24 19:48:39