Receiving a notice from the California Franchise Tax Board (FTB) can be alarming, especially when it claims you owe additional taxes, penalties, or interest. What many taxpayers do not realize is that FTB notices are not always accurate.
Common reasons taxpayers receive FTB notices include:
- Income mismatches reported by third parties
- Federal tax changes reported to California
- Missing tax returns
- Residency disputes
- Withholding or estimated tax payment discrepancies
Ignoring an FTB notice can lead to additional penalties, collection activity, tax liens, wage garnishments, and bank levies. However, paying the amount claimed without first reviewing the notice may also be a mistake.
Many FTB notices have strict response deadlines. In some cases, taxpayers may be able to provide additional documentation, dispute the proposed assessment, or file a formal protest to challenge the determination.
The key is to act quickly. The sooner a notice is reviewed, the more options may be available to resolve the issue favorably.
If you have received a notice from the California Franchise Tax Board, Wilson Tax Law Group can help you evaluate your options and determine the best course of action.
Wilson Tax Law Group, APLC is a boutique Orange County tax controversy law firm that specializes in representation of individuals and businesses before federal and state tax authorities with audits, appeals, FBAR, offshore compliance, litigation and criminal defense. Firm founder, Joseph P. Wilson, is a former Federal tax prosecutor and trial attorney for the IRS and California Franchise Tax Board. Wilson Tax Law Group, APLC, is comprised of former IRS litigators & Special Agents, and Assistant US Attorneys from the US Attorney’s Office, Central District of California, Tax Division, which at the time handled both civil tax lawsuits and criminal tax prosecutions on behalf of the United States of America.
For further information, or to arrange a consultation please contact: Wilson Tax Law Group, APLC Tel: (949) 397-2292 (Newport Beach Office) Tel: (714) 463-4430 (Yorba Linda Office)
Disclaimer: This blog post is for informational purposes only and does not constitute legal, tax or financial advice. Please consult with a qualified attorney, accountant or financial advisor for specific guidance related to your circumstances.
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