Asset Seizures California Franchise Tax Board

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If the California Franchise Tax Board has a state levy against you and is about to seize your assets, contact us right away. You only have 30 days from the date of the Notice of Levy issued by the FTB to pay in full or find an alternative solution to your tax problem. We will do everything we can to protect your assets and your possessions. If you have received a Notice of Levy by the Franchise Tax Board against you, you must be aware that a levy is different from and more serious than a lien.

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A state lien is a formal device used by the FTB as security for the tax debt and filed with your local county. If there is a lien against your property, it means the Franchise Tax Board is claiming the property as a back-up financial resource if you are not able to cover your tax debt in another fashion. In contrast, a levy is when the FTB actually takes action to seize your property to cover your tax debt.

The California Franchise Tax Board has the power to seize and sell your property and assets in order to cover your tax debt. Asset seizure does not only mean hard assets, but soft assets as well. Hard assets include property houses, boats and cars, but the FTB also can seize soft property in the form of retirement accounts, rental income, commissions and the cash value of your life insurance policy.

What can you do in such a drastic situation? Contact Peter Stephan and the Tax Attorneys and CPAs at the Tax Resolution Institute without delay. We can examine your case and try to find a state tax resolution. With our history of experience with the California Collections Officers and our expertise in negotiation, there is a chance we can find a way to settle your tax debt without the seizure of your property. We will focus on securing an Asset Levy Release for you as quickly as possible. By removing the immediate threat, we will be able to focus on a workable long-term solution.

By securing a temporary freeze on the seizure of your assets, we have sufficient time to analyze your financial situation and determine what solution will work for you. If you qualify, we could achieve tax relief for your tax debt through an Offer in Compromise or an Installment Agreement. If an Asset Seizure would cause you severe hardship, we can request a Taxpayer Assistance Order to protect you and your assets.

If you have not been levied, but California is beginning to take collection actions against you, do not sit around and ignore the notices being sent to you in the mail. With the recession hitting hard in California, the FTB is going after back taxes owed to the state with a renewed determination. Call us before the end is looming, and your assets are about to be seized by the Franchise Tax Board. Let us help you find a workable solution to your tax debt. At the Tax Resolution Institute, our Tax Attorneys and CPAs can find tax relief for you and remove your state tax burden.

Do not hesitate! Contact us today!