As one of the most irritating of all tax issues, a CA FTB Levy can be a problem that holds you back significantly. If you have received any kind of notice recently regarding a potential tax levy from the state, then you have to be ready to fight that claim.
The best ally you can have in that situation is likely to be a tax preparer, or an accountant. They can take a look at what you owe, and the easiest way to either counter it or find an amicable payment solution that suits everyone.
Basically, a state levy is a way for the state government to take forceful control of what you have in terms of assets. A levy can arrive as something as simple as a minor garnishment on wages, whilst it could be as serious as a major asset collection – including your car or your home. A levy will usually begin with some serious letters and minor threats about repayment, with escalating language prior to a levy being put against you.
So, when you first start receiving letters intimating a potential levy, you should go and seek out the professional help and expertise of a CPA.
Why Did I Receive a Levy?
The reasons for a state levy landing at your door varies from person to person. However, the base reason is that you will owe at least some form of back taxes – and you’ll need to make an increasingly significant effort to pay it back. Before you start worrying about your financial future, though, you have to start considering the various solutions that are open to you.
The majority will involve bringing in an expert in accountancy. They can look at what you owe, and offer a comprehensive range of solutions that are worth trying.
What Options Are Available?
Well, the first recommendation that most CPAs would make is to endeavor to pay off the overall tax debts themselves. The levy is related to the debt, so if you remove one then you definitely remove the former. Becoming compliant with the state is going to be far more beneficial than avoiding payment and contact regarding your plans for payment.
Take the time to understand the challenges that exist regarding a state levy, as each situation is unique. The amount owed and the time you have to pay is unique to you – this is why accountancy assistance is going to be so vital to making sure you can correct this issue once and for all.
You need to have an active and engaging strategy in place, and one that you are willing to put into action right away. All you need to do, then, is contact a local CPA and they can begin to look at your own situation.
Having professional assistance on this is going to be important, as a state levy can be hard to contest on your own. With so many legal cracks to fall through, a CPA will keep you on track.