FTB Tax Relief
If you live or work in California, you may be taxed by two separate taxing entities: the IRS and California’s Franchise Tax Board (FTB). Because they are separate, they each enforce different tax laws. Tax problems normally begin during assessment of a California state tax by the FTB. Although both collection agencies are very powerful, there are many tax relief options that may be available to you to resolve your FTB tax debt. It’s important to talk over your options with one of our attorneys so we can resolve your tax debt together.
FTB Hardship Petition – Temporary Deferral
While every Franchise Tax Board tax debt collection case is unique, sometimes the best option is to negotiate for a temporary deferral from FTB collections. This type of tax resolution is useful because the client is protected from earnings withholding orders and other actions the FTB can use to collect a tax debt from you.
The hardship status that can be negotiated with the FTB is temporary and the extension will not last longer than one year, so it’s important to have a tax strategy for your long term tax resolution negotiations when considering this option. For many people fighting the FTB, this option is practical if they are unable to afford monthly payments on their debt, or just need time before they can make payments or fund an offer in compromise tax settlement. If this sounds like it applies to your situation, contact us and we can help you.
FTB Settlements – Offer in Compromise
To settle a tax debt with the FTB for less money than you owe, an offer in compromise is a great option. The FTB offer in compromise program is unique because the FTB does not presently require an initial payment or a processing fee to begin negotiations. Taking advantage of current tax laws by using the proper legal procedure to resolve your Franchise Tax Board tax debt is important. It’s imperative that you have a tax lawyer behind you so that you can resolve your tax debt the right way.
FTB Payment Plan
The Franchise Tax Board does allow taxpayers to make monthly payments to their tax debt, however it isn’t easy. There are various types of payment plans available with the FTB, so it’s important to know your options, as well as how to fight for an affordable payment amount. There is no need to agree to a payment that you cannot afford. Let us take care of the negotiations and get you an FTB payment plan that fits your finances, not only their standards. Give us a call to discuss your options today.