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Knowing More About California’s FTB 1102

FTB 1102

Why You Received This Notice

Your California income tax debt is overdue. If the full debt is not paid, the FTB will forward it to the U.S. Treasury Offset Program, which allows us to deduct the outstanding amount from eligible federal tax payments owed to you, including your federal tax refund. This action may also incur an additional offset fee. The letter serves as proof that the business is properly registered and in compliance with California’s tax laws.

What You Need To Do

Ensuring compliance with FTB 1102 requires fulfilling certain obligations as set forth by the California Franchise Tax Board (FTB). This involves providing the requested documentation to the FTB, either through electronic upload or mailing it as instructed. 

As taxpayers, you bear the responsibility of withholding the appropriate amount from the transaction and promptly submitting it to the FTB within the specified timeframe. 

It is crucial to adhere to these requirements diligently, as any failure to comply may result in penalties being imposed on both the buyer and the seller involved in the real estate transaction. By adhering to the FTB’s guidelines and promptly fulfilling your obligations, you can ensure a smooth and legally compliant process. 

Always prioritize timely communication and accurate record-keeping throughout the process to safeguard against any inadvertent errors and to maintain compliance with FTB regulations.

It functions as official confirmation of a business entity’s position and conformity with state tax rules. Having an FTB 1102 is essential for a variety of legal and financial reasons, giving businesses the grounds they need to operate smoothly and engage in important transactions.

If you require help with taxes or are in need of tax relief, don’t hesitate to get in touch with Priority Tax Relief immediately

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FAQs

 The simple answer is no. A business and a person are completely separate, thus, any personal tax debts or liabilities should not affect your business.

Tax debt can be an exhausting and complicated thing to deal with on your own. Communicating with the IRS and professionally handling your tax liabilities are just two of the services companies like Priority Tax Relief can offer.

No. The IRS’s Innocent Spouse Relief protects you from paying these additional taxes. However, this does not relieve you from household employment taxes, business taxes, individual joint responsibility payments etc. Priority Tax Relief helps you learn more about innocent spouse relief.

The most popular option to date would be an Offer In Compromise (OIC). At Priority Tax Relief, we help tax relief help become more accessible to taxpayers in need and help them understand how they can qualify for these options.

IRS tax liens are legal claims on your property when you do not settle your tax debts. The IRS usually sends out a notice when no payment has been made after a liability assessment. Find out more about tax liens with Priority Tax Relief.

Yes. Not only can the IRS put a claim on all your current property, tax liens can also affect any property or intangible or tangible assets that you obtain in the future. At Priority Tax Relief, we help you understand federal tax liens and how to communicate with the IRS.

 

Tax levies are the actual seizure of your property and are different from legal claims or tax liens. Settle your taxes before the IRS sends out a notice. Priority Tax Relief helps you understand tax levies and how you can avoid them.

Yes. Not only can they seize physical property but they can also legally take hold of the money in your bank account and other wages. To avoid this from happening, contact Priority Tax Relief now.

Your debt will, unfortunately, continue to grow and you will possibly lose a great number of your assets. It is definitely a scenario we do not wish to see happen to anyone, that’s why Priority Tax Relief makes sure that our help becomes within reach.

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