Harvey Realty, Inc.

FRANCHISE TAX BOARD OFFERS HELP TO FINANCIALLY STRESSED TAXPAYERS The Franchise Tax Board (FTB) is advising taxpayers facing income tax troubles to contact them to have a specialist review their account and explain available programs that offer assistance. FTB specialists can assist taxpayers by establishing payment plans, granting relief from state tax liens, or delaying some collection actions. FTB generally can grant relief from state tax liens within two weeks for financially distressed homeowners trying to sell or refinance their homes. When a home sells for less than the loan balance, FTB sometimes can remove its tax lien from the property to allow the homeowner to complete the sale. Tax liens typically must be paid before a real estate escrow can close. The tax lien remains in effect on any other property the taxpayer currently holds or later acquires.

FTB also can help individuals who are refinancing or modifying an existing home loan if homeowners request that the new or modified loan have priority over the tax lien. This allows prior home loans to be refinanced or modified without first having to pay the lien.

More information is available at http://www.ftb.ca.gov/index.shtml, including ways to help taxpayers resolve their accounts through installment agreement requests; go to http://www.ftb.ca.gov/online/eia/index.asp for more information. For lien information, look under the "Bills and Notices" tab.

Taxpayers who cannot resolve their accounts online should call the phone number listed on their billing notice. Taxpayers without Internet service may request an installment agreement payment plan by calling FTB at (800) 689-4776, Monday through Friday, between 7:30 a.m. and 6 p.m.

More info: http://www.ftb.ca.gov/index.shtml