Do you owe past-due California state taxes? Well, your chances of suffering a bank levy from the Franchise Tax Board (FTB) have nearly doubled. You may have heard of the Financial Institution Date Match (FIDM) program, which locates the bank accounts of those who owe delinquent child support. A similar program called the Financial Institution Record Match (FIRM) program is now being used by the California Franchise Tax Board to locate and levy checking accounts, savings accounts, and mutual funds held by those with California back taxes.
Any financial institution that operates in California must comply with this program. Once your bank is notified, you will only have 10 days to argue financial hardship or try to reach an agreement with the Franchise Tax Board. Once that deadline passes, California can collect up to 100% of what you owe them from your accounts. That means if you owe $10,000 and you only $1,000 in the bank, you may be looking at some over-draft fees.
If you owe California state taxes, don't wait until the Franchise Tax Board empties your cupboards. My firm can negotiate with California to get you the best possible resolution for your situation before FIRM even picks up on your bank records. Call 888-415-1337 or fill out the submission form for a free, no-obligation consultation with the best company in the industry today!