4905be 2026

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The document outlines the Offer in Compromise (OIC) program for business entities in California, administered by the Franchise Tax Board. It explains eligibility criteria for businesses that cannot pay their tax liabilities, detailing the evaluation factors considered for approval. The document provides instructions on submitting an OIC application, required documentation, and potential collateral agreements. It also addresses common questions regarding the process, payment requirements, and implications of acceptance or denial of offers.

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Click ‘Get Form’ to open the 4905be in the editor.
Begin by filling in your business entity information, including the name, California Business Number, and contact details. Ensure accuracy as this information is crucial for processing.
Complete the Offer in Compromise section by specifying the amount owed and the offer amount. Remember, do not submit any funds until requested.
Provide detailed financial statements and supporting documentation as required. This includes bank statements, lease agreements, and IRS information if applicable.
Review all sections thoroughly before submitting. Use our platform’s tools to ensure that all fields are filled correctly and that you have attached necessary documents.

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2013	4.9 Satisfied (482 Votes)
2007	4.3 Satisfied (65 Votes)

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Got questions?

We have answers to the most popular questions from our customers. If you can't find an answer to your question, please contact us.

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 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

How many years can the state of California collect on back taxes?

Under California Revenue and Taxation Code Section 19255, the statute of limitations to collect unpaid state tax debts is 20 years from the assessment date, but there are situations that may extend the period or allow debts to remain due and payable. The stakes are particularly high in criminal tax prosecution cases.

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.

Does California tax cancellation of debt?

Californias state tax laws also treat canceled debt as taxable income, but there are some exceptions where you might avoid taxation. The key to understanding whether youll owe taxes is knowing what qualifies as taxable income and what doesnt.

4905be

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Who qualifies for tax debt forgiveness?

Qualifications for Tax Relief The IRS ultimately determines whether you qualify for debt forgiveness. However, the agency generally considers taxpayers who meet these criteria: a total tax debt balance of $50,000 or less, and a total income below $100,000 for individuals (or $200,000 for married couples).

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.

Can you negotiate with the California franchise tax board?

The OIC Program allows you to offer a lesser amount for payment of a non-disputed final tax liability . Generally, we approve an OIC when the amount offered represents the most we can expect to collect within a reasonable period of time .