Tax dues and lein on property

Asked over 1 year ago - Oakland, CA

due to severe business losses i did not file company taxes for couple of years. now i am receiving bills with penalty from state. what is the process for state to get lein on my properties or assets. i am just preparing to file the late taxes and ask them for letter of compromise. i am looking for a good attorney but i don't want my bank accounts frozen. how much time does it take to get to that step?

Attorney answers (4)

  1. Bruce Givner

    Contributor Level 19


    Lawyers agree

    Answered . If all you are getting is bills with penalty notices, you do not yet have a lien problem. Start making payments and you are less likely to get hit with a lien. If there is a phone number of the notice, call the number and talk to someone. You are not going to get a compromise unless you have a long-term income problem. You may, however, get an installment agreement. Just Google installment agreement franchise tax board and you will be taken to the web site where you will be given a phone number to call. You can also fill out the application on-line.

  2. John Noah Kitta

    Contributor Level 19


    Lawyers agree

    Answered . Your question is a little confusing in that you state your business is losing money and you apparently did not file state taxes. If your company made no money your tax return will report a loss. On that basis, the only tax you would pay in California would be the $800 minimum tax. If you have several years of $800 minimum tax penalties, there must be more to the story then what has been presented in your short factual summary. If you did not file Federal taxes you would still have been reporting a loss with no taxable income, so you really won’t save any money by not filing taxes. You should immediately file the tax returns, which should provide you with a loss to carry forward.

    If you have found this information helpful, please let the attorney know by marking best answer. Thank you.... more
  3. Henry Daniel Lively

    Contributor Level 20


    Lawyers agree


    Answered . If this is a corporation or LLC the lien will be on the company only and you will not have personal liability for the taxes so long as there are not any payroll taxes or sales taxes. This can be a complex matter and you should contact a tax attorney to help you through this maze. I offer a free consultation if you would like to discuss this further,

    H. Daniel Lively, Esq., LL.M., CPA Certified Tax Specialist, CA Board of Legal Specialization dlively@... more
  4. Andrew B Gordon


    Contributor Level 11


    Lawyers agree

    Answered . You should retain a tax attorney in CA who can assist you with CA tax matters. Best of luck!

    Andrew B Gordon is a CPA and attorney licensed to practice law in Illinois. The information provided here is for... more

Related Topics

Small business taxes

Small business taxes include state and federal income taxes and employment taxes, self-employment taxes, and excise taxes.

Small business income tax

Filing an income tax return is required for all businesses except partnerships, which file an information return instead.

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