I just received a letter from Wells Fargo that they have been requested to withdraw money from my account ($22,000). What is the best way 1. to reduce the the payment ( a settlement) with The FTB and work on a payment plan. This is going to happen immediately.
Thank you for any advice. Steve
Hey Steve,
I’ve had a similar situation. If you’re in California, you’re going to have a hard time trying to stop the process. Garnishment is the last stage to recover any debt owed. Depending on the amount of time you have, you should call the FTB directly or a Tax attorney to set up a payment plan. Usually, at this stage, the state wants the debt paid in full at once. If time is short, you may want to do the former. I hope this helps. Good Luck!
A franchise tax is a state tax levied on certain businesses for the right to exist as a legal entity and to do business within a particular jurisdiction. As of 2020, these states included Alabama, Arkansas, California, Delaware, Georgia, Illinois, Louisiana, Mississippi, New York, North Carolina, Oklahoma, Tennessee, and Texas.
It is also called a "privilege"tax.
Here’s a link that might help you, looks like you can make payments:
https://www.ftb.ca.gov/pay/payment-options.html
Best to you.
Thanks for the reply scary!!
