The CAFTB has stated it will file a lien in the above amount against USCL. USCL has not been informed of any such lien filing as of mid-September 2016 but the firm is advising its shareholders and outside parties doing due diligence that the CA FTB has informed USCL of its intention to file such a lien.
USCL ceased its active business in August 2011 and went into a “hibernate” mode as described at: http://tamarkin.us/sh/corpstatus.php.
USCL filed no further tax returns because it was not an active corporation and its business license and corporate status was revoked by the State of Nevada pending payment of yearly fees.
Management states that a maximum possible amount owing to the State of CA is well under $10,000 with interest based on a possible assessment by the CA FTB against USCL as a foreign corporation doing business in the State of California. With zero revenue, the maximum annual fees would be $800.00 per year in the disputed years plus penalties and interest.
Management has been told by the CA FTB that USCL must first revive its Nevada Corporate status before it can petition the CA FTB for formal review and any subsequent negotiations.
USCL plans to revive its Nevada corporate status pending availability of funds based on current business activities apart from USCL and will engage proper legal and accounting professional resources to handle the disputed CA FTB matter at that time.