FTB – Franchise Tax Board.
The State taxing agencies are in direct competition with the IRS for your tax dollars.
They usually assess an income tax before the IRS. By State Law, they rely
on many creative ways to determine your income. If you possess a business, professional
or contractor’s license, the State uses an average “gross” income based
upon your profession. They do NOT include any business expenses. Also, if you
trade stocks and bonds, stock sales are totaled up and your gross income derived
by the total sales price. Again, the State does NOT assume a purchase price paid
for the stock. You may sell $100,000 of stock and lose money but the State never
assumes this and tax you based upon $100,000 profit.
EDD –Employment Development Department
The State employment tax arm is the EDD. Again, if you do not file quarterly
payroll reports, the EDD assumes employees exist (even if they don’t) and assess
you a tax. The EDD accepts payments and even an Offer In Compromise if you
qualify.
SBE – State Board of Equilization
The State Sales tax arm is the SBE. The SBE is normally the toughest agency as
money was collected from customers in the name of sales tax, yet is was not paid.
Payment plans are available but in very short duration.
State tax problems are just as serious as Federal tax problems and can put you
and your business in a huge hole. Tax Solutions Group can dig you out.
Call Toll-Free 800.699.4662
or
Click here for a Free On-line Quote.
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