Tax News

CCH (cch.taxgroup.com) reports:

  The California Franchise Tax Board (FT has outlined the potential relief available to taxpayers facing financial hardships who are delinquent on their personal income taxes.

  The FTB can assist taxpayers by establishing payment plans, granting relief from state tax liens, or delaying some collection actions. The FTB can generally grant relief from state tax liens within two weeks for financially distressed homeowners trying to sell or refinance their homes. The FTB may be able to remove its tax lien to assist a homeowner to complete a home sale when a home sells for less than the loan balance. The tax lien remains in effect on any other property the taxpayer currently holds or later acquires. The FTB can also help individuals who are refinancing or modifying an existing home loan by allowing the new or modified loan to have priority over the tax lien.

  For additional lien information, look under the "Bills and Notices" tab on the FTB's Web site at
www.ftb.ca.gov. Information concerning installment payments can also be found on the FTB's Web site or by calling the FTB at 800-689-4776

Press Release, California Franchise Tax Board, January 23, 2009