CA Franchise Tax Board introduces new resources for determining if your client qualifies for an Offer in Compromise (OIC).
FTB Tax News Article
If you represent an individual or business taxpayer that does not have the income, assets, or means to pay their tax liability now or in the foreseeable future, they may be a candidate for an Offer in Compromise (OIC). If we accept the offer, we grant the individual or entity relief from further obligation to pay the tax liabilities involved.
We recently updated the Offer in Compromise page on our website and wanted to let you know what’s new. First, locating the webpage is now easier; just search for “OIC” from our homepage. Both will take you directly to the OIC page. Second, our brochure about the OIC program, Things You Should Know is now available online. This brochure explains the general requirements for us to consider an OIC and provides contact information for our OIC Group.
Finally, we also recently added an informational video to help you and your clients better understand the process. While an OIC may not be a viable option for every client with unpaid taxes, for those that qualify, this will allow them to resolve their outstanding liabilities with us and may be a good first step towards a better financial future.
For more Tax News article click here:
www.ftb.ca.gov/professionals/taxnews/Editions/2018/June.shtml#Article04
For help with your OIC contact me at: