One of the most frustrating yet common scenarios for someone to wind up in is an FTB. This is a common problem because it’s very easy to miss out why this happens, and therefore you miss the signs that this is common. Unless you hire and regularly speak with an accountant, you are unlikely to know that a potential bank levy is coming from the FTB.
For those who are unsure, a bank levy means that the government is taking financial assets from your bank account to pay for unpaid taxes. This can come from a whole host of reasons, and everyone has their own circumstance for being in this issue.
Naturally, this is a pretty major problem – and one that you need to come up with a legitimate problem to solve. If you want to make sure that this is the case, then you should hire a CPA immediately to work out why the FTB have decided to levy your bank.
Potential Reasons for an FTB Bank Levy
Again, the reasons can be varied and quite hard to get your heard around at first. In fact, most of the time they don’t even seem to be a fair representation of your scenario. With that in mind, you can find active and easy solutions simply by looking around and finding a selection that suits.
A bank levy can take place for various reasons, but you can make the process a bit easier by looking at your tax debts first and foremost. The most common reason above all others is due to unpaid taxes – this is what they will be levying from your bank account. A levy isn’t just put on you for fun, though, it happens are repeated attempts to find a less vicious solution.
You get, usually, four notices from the FTB to let you know about lack of payment. You should then have lots of detail about the coming levy, and what to expect. You might not get the notices due to a wide range of reasons like change of address or even plain bad luck, but they will still happen.
Once your account is levied, also, a bank has to comply – it’s the law. So, you have to then find out why the FTB are putting a levy on your specifically. A levy will only take pace as a last resort, so your best attempt to avoid this is to get in touch with a professional accountant.
Together, you can find a fair and amicable solution that should allow you to make the payments in installments without the threat of a levy sitting over you. It’s a challenge to get the money together usually in the event of a levy, but if you need to find a solution this is the best way to get started.
A bank levy can be stressful, but the reasons are usually made clear and are just. Get help from a tax planner professional if you want to get rid of these issues.
