Hellow guys, Welcome to my website, and you are watching CA FTB Tax Relief | Settle your California Franchise Tax Board Back Taxes. and this vIdeo is uploaded by Taxpro Serge at 2022-10-27T15:00:10-07:00. We are pramote this video only for entertainment and educational perpose only. So, I hop you like our website.
| Name | CA FTB Tax Relief | Settle your California Franchise Tax Board Back Taxes |
| Video Uploader | Video From Taxpro Serge |
| Upload Date | This Video Uploaded At 27-10-2022 18:00:10 |
| Video Discription | The California Franchise Tax Board or the FTB is responsible to collect taxes. When it comes to collecting and administrating the tax law here in California, the FTB is extremely efficient. They do take action and they take action quickly. If you're having any types of issue with the California Franchise Tax Board, it is very important that you act quickly as well. The top three things that they can do to really mess with you is take involuntary collection actions against you. The first one is through a wage garnishment through your employer. The second one is a bank levy to your bank, and the third one is a state tax lean. When you owe back taxes to the California Franchise Tax Board, the steps that you need to take in order to get back into compliance with the California FTB. The first tip is, is to get caught up in all your tax filings with the Franchise Tax Board. if you have years of unfiled taxes, I would reference the IRS transcripts first to help you file the California taxes secondary. Hey, if you're liking this video, click like, And don't forget to subscribe to my channel. We have a whole lot of tax relief tips coming your way. A financial statement that the California FTB reviews is known on Form 35 61, takes into account what your gross monthly income is, less any expenses that you do have for any type of living expenses. This includes for your current taxes, both IRS and state, any type of mortgage, rent payments, card payments, card maintenance, credit card bills, medical health insurance, any daycare expenses Once a wage garnishment is in with a Franchise Tax Board, they're going to try to collect the maximum from your employer, the maximum being at 25% net after taxes, which is a pretty high amount. Now a bank levy is very harsh. The bank levy that the Franchise Tax Board sends the bank is for the entire balance you owe them. You have to act quick because the moment the bank levy hits your bank account, you have nine calendar days to put a stop and a reversal for the Franchise Tax Board to release the funds back into your bank account you disclose to the Franchise Tax Board, all of your income sources, all of your living expenses and therefore you could prove financial hardship that you have bills to pay and the franchise tax board shouldn't take 100% of your money. The California Franchise Tax Board does have an offer-compromise program. Nevertheless, it never hurts to review the requirements. The way it would work is you offer the state of California a certain amount no matter what you do owe. But once again, it is extremely difficult for the Franchise Tax Board to be accepting an Offer and Compromise Program. The second type of arrangement is the three different payment plans that the state of California has to offer. The first one, generally if you owe under about $10,000, the Franchise Tax Board would take a 36 month installment agreement. Another type of installment agreement is a 60 month repayment program to the state of California. Now generally, you also have to fill out a financial statement known as a 35 61 submitted along with the request of the installment agreement. And lastly, and then the third payment option with the state of California is if neither the 36 or the 60 month payment program makes sense, then you would request a partial pay installment agreement where it's based upon your current finances. Generally the state of California would want to request and review financials maybe in about a year or two years later to see if it would make sense to continue this payment program or if it has to be a little higher in the future. If you have not filed a tax return, is what they deem a notice of proposed assessment based upon your non-tax filings. And what this is, it's known as an NPA Notice of Proposed Assessment. The state of California makes certain assumptions, and the part that's not fair is the fact that they might have ghost income reported to you. Meaning that they make several assumptions based upon your history. Such as if you've been in mortgage sales and you have a license for mortgage and you haven't filed in the last three years, they may assume that you made a whole lot higher income based upon your more experience and your vocational licensing that they just consider your income to be higher to even if it's not accurate. But the part that they do it on is California law where they are able to make these assumptions, add the taxes, interest, penalties, and send you to collections. And if you have not done this for several years, they're going to go ahead and do this for you. The part that's troubling, the part that you have to reconsider is what happens if you left that occupation? What happens if you no longer have that vocational license or you completely left that industry? Then you would have to submit your reconsideration to the state of California with proof. #mrtaxproblemsolver #taxproblems #taxes #tax #taxhelp #taxrelief #taxresolution |
| Category | Howto & Style |
| Tags | franchise tax board | CA FTB | FTB | FTb payment plans | CA NPA | notice of proposed assessment | notice of proposed assessment california protest | CA Tax | CA back taxes | FTb Levy | FTb garnishment | FTB CA | CAlifornia FTB | Tax Relief | Tax Resolution | tax attorney |
