FTB to issue 475,000 levies: levy increase by 75%

The 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.

Based on the data obtained through FIRM and other sources, the FTB expects to issue more than 475,000 levies this fiscal year, an increase of approximately 75% over last year.

The FTB will issue a levy for the full amount of state tax due and provide a 10-day holding period before the financial institution remits funds, to provide time for the taxpayer to negotiate the amount due. Taxpayers who are currently suffering a financial hardship can contact the FTB during this period to discuss other payment options to resolve their delinquent account balance.

For more information on who to contact if the FTB levies your client’s bank account, go to www.ftb.ca.gov/Bills_and_Notices/bank.shtml.

For more information on FIRM, go to www.ftb.ca.gov/businesses/FIRM_Financial_Institution_Record_Match/index.shtml.

Our firm represents individual and business taxpayers seeking help with unpaid back taxes, we provide tax problem resolution for any tax controversy matter. Call us for a free and confidential consultation at 1-877-78-TAXES [1-877-788-2937].

Do not let the FTB ruin your life, you have options, you have rights and we can help you resolve your particular tax matter. Learn more at myirstaxrelief.com