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Installment Agreement Request Ftb

October 24, 2022 kayratek Comments Off

If you owe money to the Franchise Tax Board (FTB) in California, an installment agreement request may be a viable option for you. An installment agreement is an agreement between you and the FTB that allows you to pay off your outstanding tax debt over a set period of time.

Before you request an installment agreement, it`s important to note that interest and penalties will still accrue on the unpaid balance. Additionally, the FTB may file a tax lien against your property as security for the unpaid debt. However, an installment agreement can provide much-needed relief if you`re unable to pay your tax debt in full.

To request an installment agreement with the FTB, you`ll first need to gather some information. This includes your tax return(s), any notices or letters you`ve received from the FTB regarding your unpaid taxes, and your financial information (income, expenses, assets, and debts).

Once you have this information, you can request an installment agreement using one of the following methods:

1. Online: You can request an installment agreement online via the FTB`s website. This method allows you to quickly and easily set up a payment plan based on your financial information.

2. By phone: You can also request an installment agreement over the phone by calling the FTB`s collections department. This method is convenient if you have any questions or need assistance with the process.

3. By mail: If you prefer to request an installment agreement by mail, you can fill out Form FTB-3567 and mail it to the FTB with your financial information.

When requesting an installment agreement, be sure to provide accurate and complete financial information. This will ensure that the FTB can properly evaluate your ability to make payments and determine a payment plan that`s suitable for your situation.

Keep in mind that the FTB may require additional information or documentation to support your request. If this is the case, make sure to provide the requested information in a timely manner to avoid any delays in processing your request.

Overall, requesting an installment agreement with the FTB can provide relief and flexibility when it comes to paying off your outstanding tax debt. Make sure to gather all necessary information and provide accurate financial information to ensure a smooth request process.