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The document is a booklet from the California Franchise Tax Board outlining the Offer in Compromise (OIC) program for business entities. It explains eligibility criteria, application requirements, evaluation factors, and the process for submitting an OIC to settle tax liabilities for less than the full amount owed. Key points include the need for complete tax filings, supporting documentation, and potential collateral agreements if future earnings are expected. The document also addresses common questions regarding payment terms and the implications of acceptance or denial of an offer.

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Why did the Franchise Tax Board send me a letter?

The Franchise Tax Board will send a notice or letter to personal taxpayers and business entities for issues that may include but not limited to: You have a balance due. You are due a larger or smaller refund. We need to notify you of delays in processing your return.

What qualifies you for an offer in compromise?

To qualify for an OIC, the taxpayer must have filed all tax returns, have received a bill for at least one tax debt included on the offer, made all required estimated tax payments for the current year, and if the taxpayer is a business owner with employees, the taxpayer must have made all required federal tax deposits

Does the Franchise Tax Board forgive debt?

Yes, the state does have an Offer in Compromise program available to delinquent taxpayers. It typically takes about 90 days from the date of receipt for the FTB to review it.

Why am I getting a letter from the Franchise Tax Board?

The FTB wants to verify the dependents you claimed on your tax return. You need to send them the information they requested with a copy of the letter.

What is the difference between IRS and Franchise Tax Board?

As an employee, self-employed individual, independent contractor, or part of the gig economy, you may have a requirement to file federal and state income tax returns. The federal return is filed with the Internal Revenue Service (IRS), and the state return is filed with the Franchise Tax Board (FTB).

Is a letter from FTB legit?

If you receive a letter purporting to be from FTB or the IRS that appears suspicious, contact the FTB at 800-852-5711 or the IRS at 800-829-1040 to verify authenticity.

What is a financial hardship in California tax?

Financial hardship may include situations that affect your ability to pay more than you earn due to circumstances beyond your control. This may include situations when you will experience financial hardship due to FTB actions such as: Bank levy. Wage garnishment.

Why would I owe money to the Franchise Tax Board?

Filing a late tax return is one of the most common reasons that a large number of taxpayers owe money to the FTB. Specifically, a taxpayer can incur late fees on an unfiled return the day after not filing their tax return.

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Why did the Franchise Tax Board send me a letter?

What qualifies you for an offer in compromise?

Does the Franchise Tax Board forgive debt?

Why am I getting a letter from the Franchise Tax Board?

What is the difference between IRS and Franchise Tax Board?

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People also ask

Is a letter from FTB legit?

What is a financial hardship in California tax?

Why would I owe money to the Franchise Tax Board?

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Get the up-to-date 4905be 2025 now

Here's how it works

How to edit 4905be online

Complete this form in 5 minutes or less

Got questions?

Why did the Franchise Tax Board send me a letter?

What qualifies you for an offer in compromise?

Does the Franchise Tax Board forgive debt?

Why am I getting a letter from the Franchise Tax Board?

What is the difference between IRS and Franchise Tax Board?

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People also ask

Is a letter from FTB legit?

What is a financial hardship in California tax?

Why would I owe money to the Franchise Tax Board?

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