Tax Relief BlogThe CA FTB state tax agency has begun using information obtained through the Financial Institution Record Match (FIRM) program from banks and other financial institutions to find assets and collect on unpaid delinquent tax debts from California taxpayers. If you have outstanding FTB tax liabilities, your bank accounts may be levied by the FTB, and your wages could be garnished and levied.
Articles Posted in CA FTB
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Mike Habib is an IRS licensed Enrolled Agent who focuses his tax practice on helping his clients resolve their tax controversy matters. His tax relief firm is rated “A” by the better business bureau, which is quite rare for this industry as many are rated “F” or already ceased business operations like American Tax Relief and Nationwide Tax Relief and possibly many more to come.
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Franchise Tax Board (FTB) and Tax Gap: Unfiled Tax Returns
Franchise Tax Board is Contacting Thousands of Businesses to File Delinquent Tax Returns
Sacramento: The state is contacting more than 40,000 California businesses that have not filed their 2008 state income tax returns with the Franchise Tax Board (FTB).
The notices inform the businesses that they have 30 days to file a return or show why there is no tax filing requirement. Businesses that disregard these notices could face tax assessments that may include penalties, interest, and fees.
CA RESIDENCY RULES & AUDIT
CALIFORNIA FRANCHISE TAX BOARD
RESIDENCY LAWS, TERMS, AND RESIDENCY CONCEPTS
SoCal Tax Help
Southern California Tax Relief Services
IRS tax Relief, FTB tax Relief, BOE tax Relief, EDD tax relief
At Mike Habib, EA, a SoCal tax firm, we understand that being notified that your tax return is being challenged by the IRS or the FTB can be scary. When you are faced with an audit, or a collection action, by the IRS, or the FTB, you may not know where to turn or what to do. We have the skill set and representation expertise to deal with the IRS and the FTB on your behalf. We understand their rules and are experienced in negotiating the lowest possible tax debt settlement allowed by law.
CA FTB Corporate Back Taxes
California – Corporate Income Tax: FTB Has Begun Contacting Return Nonfilers for 2007
The California Franchise Tax Board (FTB) has begun contacting more than 35,000 companies that did business in California in 2007, but failed to file a California corporation franchise or income tax return for that year. Businesses contacted by the FTB will have 30 days to file their delinquent tax return or show why one is not due. If no such action is taken, the FTB will issue a tax assessment that may include penalties and fees.
The FTB annually reviews more than 5 million income records from government agencies and financial institutions, and matches them against tax records filed to determine whether some businesses have yet to file. Businesses receiving notices from the FTB may obtain more information by calling the FTB at 866-204-7902. Callers should be prepared to provide their 15-digit notice number.
EDD and BOE Wildfire Tax Relief
California – Multiple Taxes: Wildfire Relief Extended to Taxpayers in Three More Counties
For taxes and fees they each administer, the California State Board of Equalization (BOE) and the Employment Development Department (EDD) have extended relief to qualifying taxpayers and fee payers who have been affected by wildfires in the counties of Los Angeles, Monterey, and Placer. Both agencies have recently extended similar relief for those affected by wildfires in Santa Cruz and Yuba counties, as reported.
EDD Relief
FTB Cash for Clunkers Tax Rules
Clarification of the “Cash for Clunkers” Tax Rules
September 2009 – The federal “Cash for Clunkers” program has generated a lot of interest among consumers and we have received many inquires about the tax implications of this popular program. As a result, we are clarifying state tax rules for people who trade in their used vehicle under the “Cash for Clunkers” program.
The “Cash for Clunkers” program, Federal law, H.R. 2346, The Consumer Assistance to Recycle and Save Program, allows qualifying consumers to receive a $3,500 or $4,500 voucher from the federal government when they trade in qualifying old vehicles and purchase or lease a new one. This federal law provides the value of the voucher received by the consumer is not considered as gross income of the purchaser for purposes of the federal income tax.
California FTB – Personal Income Tax: 2009 Tax Rate Schedules Released
California – Personal Income Tax: 2009 Tax Rate Schedules, Exemption and Other Amounts Released
According to figures obtained from California Franchise Tax Board’s Tax Practitioner Liaisons Office, there will be decreases in the indexed 2009 California personal income tax rate schedules, return filing thresholds, standard deduction amounts, itemized deduction limitation amounts, personal exemption amounts, credit amounts, and alternative minimum tax exemption amounts. These figures are based on the negative 1.5% inflation rate, as measured by the California Consumer Price Index (CCPI) for all urban consumers from June of 2008 to June of 2009.
Tax Rate Schedules
California IOU
(Sacramento) – The Franchise Tax Board (FTB) announced it accepts California registered warrants (IOUs) as payment of current and past due personal and corporate tax obligations.
To pay a tax liability with an IOU, endorse the IOU on the reverse side with the phrase “Pay to the order of Franchise Tax Board” and your signature then mail it with the tax bill or estimated tax voucher. By law, FTB cannot deposit the IOU until it is payable, but FTB will credit the taxpayer’s account on the date the IOU is received to stop the accrual of interest. If the IOU is not sufficient to pay the outstanding balance, taxpayers should send an additional payment for the difference. Otherwise, the taxpayer will receive a bill reflecting the new balance due.
