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Click ‘Get Form’ to open the 4905be application in the editor.
Begin by entering your business entity information, including the name, California Business Number, and contact details. Ensure all fields are accurately filled out.
Complete the financial statement section by providing details about your assets and liabilities. Use the provided templates for clarity and organization.
In the Offer section, specify the amount you are offering in compromise. Remember not to submit any funds until instructed.
Attach all required documentation as listed in the checklist, ensuring that each document is clearly labeled and easy to read.
Review your application thoroughly for completeness before submitting it through our platform for processing.
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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).
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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.
Related links
4905 BE Offer in Compromise for Business Entities
The offer must be a lump sum payment. We are unable to accept installment payments toward the offer amount. Page 3. FTB 4905 BE (REV
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