FTB Settlements – Offer in Compromise
To settle a tax debt with the FTB for less money than you owe, an offer in compromise is a great option. The FTB OIC (Offer in Compromise) program is unique because the FTB does not presently require an initial payment or a processing fee to begin negotiations. Taking advantage of current tax laws by using the proper legal procedure to resolve your Franchise Tax Board tax debt is important. It’s imperative that you have a tax lawyer behind you so that you can resolve your tax debt the right way.
Do you qualify for an Offer in Compromise?
If you currently do not have the income, assets, or means to pay your taxes and don’t foresee the ability to in the future, you may qualify as a candidate! An OIC allows you to settle a tax debt for a lesser amount that is due.
Usually, the Calfornia Franchise Tax Board will approve an Offer in Compromise when the amount offered represents the most they expect to collect within a reasonable period of time.
Each case is evaluated on a case-by-case basis according to the set of facts and circumstances.
Contact us today so that we can help you resolve your tax debt the right way and give you options. We can answer any questions about an Offer in Compromise and resolve your tax troubles.