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I received two proposed tax assessments from the Franchise…

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I received two proposed...

I received two proposed tax assessments from the Franchise Tax Board. One is for me personally and one is for my business, an S Corp. Can they proceed with a bank levy without issuing an Order to Withhold first?

Accountant's Assistant: The Expert will know how to help. Is there anything else the Expert should be aware of?

My tax returns are currently being prepared by my accountant but I am very concerned that the FTB will take money before my returns are submitted to them

Submitted: 8 months ago.Category: Tax
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Answered in 9 minutes by:
9/19/2017
Tax Professional: Lev, Tax Advisor replied 8 months ago
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 32,860
Experience: Taxes, Immigration, Labor Relations
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When the FTB issues a Notice of Proposed Assessment, you have 60 days from the date it was mailed - to file a letter of protest with the Franchise Tax Board. The front of the notice indicates the deadline for you to file a protest.

By doing that - you are informing the FTB that you disagree with their proposed assessment - and provide your arguments.

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Tax Professional: Lev, Tax Advisor replied 8 months ago

You may request an informal oral hearing in the protest letter - and the FTB will set a date.

If the protest is filed - the FTB will not levy on your account until the protest will be reviewed and decision will be sent to you.

If you do not file the protest - after 60 days - the Proposed Assessment becomes final - the FTB will send send a Notice of Action (NOA) - generally taxpayers have 30 days to file an appeal.

After that - they may levy your account.

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