The State of California, Franchise Tax Board, is hunting down more than 40,000 California businesses that have not filed their 2008 state income tax returns with the Franchise Tax Board (FTB).
Notices going out now
The notices inform the businesses that they have 30 days to file a return or show why there is no tax filing requirement. Businesses that disregard these notices could face tax assessments that may include severe penalties, interest and fees. It can very quickly become a substantial financial burden that many small businesses will find extremely difficult to pay.
FTB annually reviews more than 5 million income records received from the Internal Revenue Service, the State Employment Development Department, the State Board of Equalization, financial institutions, and other business entities, then compares that data to tax returns already filed to identify noncompliance. Last year, FTB collected approximately $38 million from non-filing businesses the agency notified.
California faces an annual tax gap of $6.5 billion per year. The tax gap is the difference between taxes owed and taxes paid. The failure to file tax returns is one part of the tax gap along with underreporting of income, overstatement of tax deductions, and the underpayment of taxes owed.
You need the help of a tax attorney
The FTB is determined to go after business that do not pay their fair share and use the full extent of their authority to collect the unpaid revenue.
Don't try to handle this kind of problem yourself. With added penalties and interest your debt can grow from a mole hill to a mountain is no time at all.
And make no mistake: this is the practice of tax law. This is not a job for a tax preparer or other semi-professional. This is a job for a tax attorney. Find a tax attorney near you, set an appointment for a consultation, and get some advice. Most tax attorneys are willing to provide you with a free consultation.
Do not stall and delay -- do it now -- or you'll be sorry
But --- whatever you do -- for your own sake -- don't procrastinate. Don't keep putting this off to another day. Find a tax attorney near you, set an appointment, and go talk to the attorney who can give you the help you need. Make the call today. The time you use stalling and procrastinating may become some of the most expensive wasted time of your lifetime.
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