Why You Received This Notice
FTB 2229 COD is a tax form that Californians must complete when they have earned income from a Certificate of Deposit. Its primary purpose is to report the interest income earned from a Certificate of Deposit and determine the applicable tax liability.
What Employees Need to Do
- Settle the outstanding amount owed. Keep your company’s payroll fax number on hand in case there are changes to your order, such as modification or release upon full payment.
- If you have already cleared your dues, get in touch with the Franchise Tax Board (FTB) to close the account and lift the garnishment. Make sure to provide evidence of payment and your company’s payroll fax number.
- To access information about your owed balance, recent payments, and make payments, consider setting up a Court-Ordered Debt Account for convenience.
What Employers Need to Do
Employers are mandated by law to comply with this order. The FTB delivers this to employers in order to garnish wages for workers who owe a past-due sum on a court order. This instructs the employer to pay up to 25% of wages until the time the remaining balance is paid.
Filing Deadline
The deadline to file FTB 2229 COD coincides with the individual income tax return due date, which is typically on or around April 15th of each year. If the taxpayer is granted an extension to file their income tax return, the deadline for filing FTB 2229 COD is also extended.
Non-Filing Penalties
Failing to file FTB 2229 COD when required can result in penalties and interest on the unpaid tax amount. Therefore, it is crucial for taxpayers to ensure they meet all filing obligations and accurately report their income from Certificates of Deposit.
Looking for help with taxes or tax relief? Get in touch with Priority Tax Relief today.
