California Franchise Tax Board Installment Agreements

California Franchise Tax Board Installment Agreements –

Know Your Rights and Get a Qualified Attorney’s Advice Today!

The California Franchise Tax Board Installment Agreements are all associated with strict guidelines and are suited for individual taxpayers and businesses who have accrued tax debt, but that have not yet paid what is owed.  Of course, if you can avoid this stage of the tax repayment game, you’re going to be in a seriously better financial position, but sometimes life makes it so you can’t avoid problems such as these.  Whatever you do next, you need to be quick about it, and you’ll want to be legally informed so you take the very necessary steps you need to get yourself on a fair repayment plan.

California Franchise Tax Board Installment Agreements – Are You Eligible?

California Franchise Tax Board Installment Agreements
California Franchise Tax Board Installment Agreements

The Franchise Tax Board sets forth rigid guidelines for installment eligibility for residents and business owners in California – this should be no surprise since the agency is as strict as the Internal Revenue Service when it comes to tax debt collection. Some residents of California may even argue that the board is worse than the IRS.  Nevertheless, there are some guidelines that, when met, may make you eligible for an installment agreement including:

  • You cannot request a plan to repay that exceeds five years.
  • You cannot be participating in an agreement already
  • If you owe more than 25K, you’re not eligible.
  • All of your income tax returns are not only valid but filed.
  • You’ll need to file all the paperwork and meet the deadline for applying

There are NOT SO NICE Things about Tax Board Installment Agreements Too!

If you manage to get an installment plan put into place, you’re not off the hook – not by a long shot.  The Franchise Tax Board encourages all taxpayers, whether they have to beg or borrow, to pay tax payments when they are due and in full.  What’s more, you will have your future federal and state taxes taken, even when on a plan!  That’s right until you pay off your tax debt the Franchise Tax Board makes all the rules.  Even worse, if they decide to really mess with you, your delinquent tax account gets entered into the Federal Treasury Offset Program.  Then what you ask?

Your Federal tax refund is seized, used for your debt, and if not paid in full, an offset is charged against the next year ahead!  And believe it or not, even while paying in installments the state of California might decide, hey…we need to protect our monetary interests here (after all, it’s all about the all mighty dollar isn’t it?) Then guess what? You find you’ve got a lien on your property until you pay off your tax debt via the installation program.

Basically, you’re getting your ass handed to you and you better like it too!

You’ve Applied and Been DENIED! Now, What Are You Going to Do?

There are many reasons you might be denied.  If you too much or too little, if you don’t file for a plan request quickly, or if all your tax returns aren’t filed, you’re pretty much guaranteed a denial.  If you are already participating in an agreement, you won’t be getting a new one.  And if you have an Earnings Withholding Order, Continuous Order to Withhold, or a Basic Order to Withhold taxes, you’ll have to call the board to discuss your limited options if any at all!

Did you know you might be able to file for a financial hardship so you can  get your total debt reduced?  Did you know there are still alternatives even in the face of a denial?  Of course you didn’t, but you would have if you were wise and had contacted a lawyer to help you work through this awful financial mess you face.

So You Think Your INELIGIBLE – What Now?

It’s time to get a lawyer – no joke. In fact, you may want to seriously consider a lawyer long before you actually start the installment agreement request. A lawyer may be able to help you find a way to REDUCE your franchise tax debt. If you don’t contact a lawyer, you’ll never discover all of the possible options you have in order to either reduce your debt or establish a reasonable installment plan for tax repayment over the course of time.

So You Think Your INELIGIBLE – What Now?

It’s time to get a lawyer – no joke.  In fact, you may want to seriously consider a lawyer long before you actually start the installment agreement request.  A lawyer may be able to help you find a way to REDUCE your franchise tax debt.  If you don’t contact a lawyer, you’ll never discover all of the possible options you have in order to either reduce your debt or establish a reasonable installment plan for tax repayment over the course of time.

If you’ve applied for an installment agreement and you were rejected, there’s still a chance you might get one.  If you hire an attorney now, you can get legal advice about how to file an administrative review of your case.  But you CAN’T WASTE TIME!  The time you have to request a review is limited!  Get in touch with an attorney todayto see what you can do about meeting the guidelines associated with California Franchise Tax Board Installment Agreements!