Hit hard by a California Franchise Tax Board pay levy, a Los Angeles executive discovered why living above your means can come back to haunt your family. In an industry where almost half of his high-end earnings are considered bonuses, he chose not to pay taxes on such earnings until the end of each year. The problem was that he had a heavy Malibu mortgage, two kids in expensive private schools, alimony payments to his first wife and a free spending second wife on his arm. With tons of money coming in every month, even more was going out.

California Franchise Tax Board Pay Levy Hits Hard

California Franchise Tax Board Pay Levy

California Franchise Tax Board Pay Levy Results

Since his main income from his paycheck was being taxed automatically, he felt that he would have breathing space to pay off the other back taxes owed. He actually skipped on those tax payments for two years straight, ignoring letters from the FTB about a potential California Franchise Tax Board pay levy. The FTB skipped right to a California Franchise Tax Board pay levy because the Los Angeles executive actually had very little operating capital. With major credit card debts, he basically had been living paycheck to paycheck in a very fancy fashion. Yes, he had investments, but they were real estate holdings and needed to mature. Right?

Game Changed By California Franchise Tax Board Pay Levy

When the California Franchise Tax Board pay levy hit hard, it basically caught him by surprise. He actually had been throwing out those notices from the FTB, worried more about the notices from the IRS and the potential of an IRS tax lien hanging over his head. What he failed to realize is how much faster the FTB takes collection actions than the IRS, and how extreme they can be when it comes to collecting delinquent tax debts. If you think removing an IRS wage garnishment is tough, try negotiating with the FTB to remove a California Franchise Tax Board pay levy.

California Franchise Tax Board Pay Levy Removed

Luckily, the Los Angeles executive had the combination of smart friends who had been helped in the past by the Tax Resolution Institute and the rainy day resource of the real estate investments. By offering the FTB a payment plan that made sense to them, the California Franchise Tax Board pay levy was lifted and he was back in the clear. Still in financial trouble, he chose to cut back on his expensive lifestyle and focus on a sustainable future. Most importantly, he thanked the California Franchise Tax Board pay levy removal experts at the Tax Resolution Institute for their help. Such help is available for you as well whether you are facing a California Franchise Tax Board pay levy or an IRS wage garnishment. Make the right move and contact the Tax Resolution Institute for a free consultation by calling 818-704-1443 today!