4905 California Form Details

The 4905 form ftb is an important form to be familiar with if you are a California resident. This form is used to report exempt income and can help you file your taxes correctly. Familiarizing yourself with the 4905 form ftb will help ensure that you file your taxes correctly and receive any applicable exemptions. Remember, it is always best to consult with a tax professional if you have any questions about filing your taxes.

Listed here, you will discover quite a few information regarding 4905 form ftb PDF. You might like to find out its length, the typical time needed to complete the form, the fields you'll need to fill in, and so on.

QuestionAnswer
Form Name4905 Form Ftb
Form Length16 pages
Fillable?Yes
Fillable fields507
Avg. time to fill out35 min 9 sec
Other namesftb form 4905 pit, ftb offer compromise, forms, offer in compromise california calculator

Form Preview Example

FTB 4905 PIT BOOKLET

Offer in Compromise

for Individuals

Table of Contents

What You Need to Know Before You Prepare an Offer in Compromise . . . . . . . . . . . . . . . . . . . . . . . . 1 Offer in Compromise Application Form – Checklist of Required Items. . . . . . . . . . . . . . . . . . . . . . . . . 2 Section 1 – Personal Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 Section 2 – Employment or Business Income Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 Section 3 – General Financial Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 Section 4 – Asset and Liability Analysis . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 Section 5 – Monthly Household Income and Expense Analysis. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 Section 6 – Three Year Income Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 Section 7 – Basis for the Offer . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 Section 8 – Source of Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 Section 9 – Offer Amount . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 Section 10 – Statement of Agreement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 Frequently Asked Questions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12

An Offer in Compromise (OIC) provides an alternative for individuals who are unable to pay their outstanding California income tax liabilities, and who won’t be able to in the foreseeable future.

What You Need to Know Before Preparing an Offer in Compromise

Eligibility: If you are an individual without the income, assets, or means to pay your tax liability now or in the foreseeable future, you may be eligible for an OIC. The OIC Program allows you to offer a lesser amount for payment of a nondisputed 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.

Although each case is evaluated based on its own unique set of facts and circumstances, we give the following factors strong consideration in the evaluation:

Your ability to pay.

Your equity in assets.

Your present and future income.

Your present and future expenses.

The potential for changed circumstances.

The offer is in the best interest of the state.

Your

We will only process your OIC application once you:

Application:

 

File all required tax returns. If you have no filing requirement, note it on the application.

Fully complete the OIC application and provide all supporting documentation.

You agree with the Franchise Tax Board (FTB) on the amount of tax you owe.

Collateral

Upon approval of your offer, we may require you to enter into a collateral agreement. If you

Agreement:

have a significant potential for increased earnings, we may require that you pay a greater

 

portion or all of your original tax liability if you earn more than anticipated during the five

 

year period following FTB’s approval of your OIC.

Collection

Submitting an offer does not automatically suspend collection activity. If delaying collection

Activity:

activity jeopardizes our ability to collect the tax, we may continue collection efforts. Interest,

 

fees, and penalties continue to accrue as prescribed by law.

When to pay:

Do not submit the offer amount until we request it. When we ask for the funds, submit them

 

by cashier’s check or money order.

FTB 4905 PIT CI (REV 04-2009) PAGE 1

STATE OF CALIFORNIA

OIC GROUP MS A453

FRANCHISE TAX BOARD

PO BOX 2966

RANCHO CORDOVA CA 95741-2966 916.845.4787 (not toll-free) ftb.ca.gov

OFFER IN COMPROMISE APPLICATION FORM

Checklist of Required Items

You must submit the following documentation with your Offer in Compromise Application Form or we will return your application as incomplete. You must include the information for you and your spouse/Registered Domestic Partner (RDP). Please submit copies only. Indicate if any of the items below are not applicable (N/A). We may request additional documentation.

N/A Included

mm Veriication of Income

Complete pay stubs for the past three months, or financial statements for the past two years if self-employed. Include any investment or ownership in any business entity or trust, and income derived from these sources (dividends, K-1 income, distributions, etc.).

mm Veriication of Expenses

Billing statements for the last three months. (Include copies of revolving charge card statements, bills from other creditors, and personal loan statements.)

mm Bank Information

Complete bank statements for savings and checking accounts for the last six months. If self-employed, provide bank statements for the last twelve months. Include accounts that have been closed during that period.

mm Securities

Investment account statements showing the value of stocks, bonds, mutual funds, and/or retirement or profit sharing plans, e.g., IRA, 401(k), Keogh, or Annuity.

mm Current Lease or Rental Agreements

mm Real Property Information

Mortgage statements and escrow statements for property you currently own, sold, or gave away in the last five years.

mm Internal Revenue Service (IRS) Information

IRS OIC application and acceptance letter or other IRS arrangements.

mm Legal Documents

Marital settlement agreements, divorce decrees, marital property settlements, trust documents, and bankruptcy documents.

mm Medical Information

Physician’s letter including diagnosis and prognosis and/or other documents to show any medical condition that should be considered.

mm Power of Attorney

Power of Attorney if a designated representative submits this offer.

Mail your completed and signed application to the address listed above.

If you have any questions, contact the OIC group at 916.845.4787 (not toll-free).

FTB 4905 PIT C1 (REV 04-2009) PAGE 2

Note: Complete all areas that are not shaded. Write “n/a” in those blocks that do not apply. For Privacy Notice information, please read the enclosed FTB 1131. To get additional copies of this notice, call us at 800.338.0505; from outside the United States call 916.845.6600 (not toll-free) or download it at ftb.ca.gov.

Section 1 – Personal Information

First name

MI

Last name

 

 

 

Social security number

Date of birth

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other names and aliases ever used

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

First name of spouse or Registered Domestic

MI

Last name of spouse or RDP

 

Social security number

Date of birth

Partner (RDP)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other names and aliases ever used

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Taxpayer’s driver’s license number

 

State

Spouse or RDP driver’s license number

 

State

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dependent’s names

 

 

 

Date of birth

Social security number

Relationship

 

 

 

 

 

 

 

 

 

Current mailing address

Phone number

()

Cell phone number

()

Current physical address

Previous address if at current address less than two years

Name and address of your tax representative (attach a Power of Attorney)

Phone number

()

Cell phone number

()

Fax phone number

()

FTB 4905 PIT CI (REV 04-2009) PAGE 3

Section 2 – Employment or Business Income Information

Taxpayer’s employer or business (name and address):

 

 

 

 

 

How long employed: _______ Years

_______ Months

 

 

Occupation: __________________________________

 

 

m Wage earner

m฀Sole proprietor

 

 

m฀Partner

m฀Officer

 

 

 

Paid:

m฀Biweekly

 

 

m Weekly

Business phone number: (

)

m฀Monthly

m฀Semimonthly

 

 

 

 

 

 

 

Spouse’s or RDP’s employer or business (name and address):

 

 

 

 

 

How long employed: _______ Years

_______ Months

 

 

Occupation: __________________________________

 

 

m Wage earner

m฀Sole proprietor

 

 

m฀Partner

m฀Officer

 

 

 

Paid:

m฀Biweekly

 

 

m Weekly

Business phone number: (

)

m฀Monthly

m฀Semimonthly

 

 

 

Section 3 – General Financial Information

Bank accounts: (include IRA and retirement plans, certificates of deposit, etc.). Attach additional pages if needed.

Name of Institution

Address

Type

Date

Opened

Account Number

Balance

Total. Enter this amount on line 2, Section 4 (Asset and Liability Analysis) of this application . . .

Vehicles: Attach additional pages if needed.

Year, Make, Model,

License Number

Lender/Pink Slip

Holder

Current Market

Value

Current Payoff

Available Equity

Total. Enter this amount on line 3, Section 4 (Asset and Liability Analysis) of this application . . .

FTB 4905 PIT C1 (REV 04-2009) PAGE 4

Section 3 – General Financial Information (continued)

Life insurance. Attach additional pages if needed.

Name of Insurance

Agent’s Name

and Phone Number

Policy Number

Type

Face Amount

Loan/Cash

Surrender

Value

Total. Enter this amount on line 4, Section 4 (Asset and Liability Analysis) of this application . . .

Securities. (Stocks, bonds, mutual funds, money market funds, etc.) Attach additional pages if needed.

Type

Where Located

Owner of Record

Quantity or

Denomination

Current Value

Total. Enter this amount on line 5, Section 4 (Asset and Liability Analysis) of this application . .

Safe deposit boxes rented or accessed locations, box numbers, and contents. Attach additional pages if needed.

Name of Institution

Address

Box Identification

Current Value

of Assets

Total. Enter this amount on line 6, Section 4 (Asset and Liability Analysis) of this application . .

Real property. Attach additional pages if needed.

A) Physical address and description: (Single family dwelling, multi-family dwelling, lot, etc.) Mortgage lender’s name and address:

 

How is title held: _________________________________

 

Purchase Price: _______________

Parcel Number:

Purchase Date: _______________

 

 

B) Physical address and description: (Single family dwelling, multi-family dwelling, lot, etc.)

Mortgage lender’s name and address:

 

How is title held: _________________________________

 

Purchase Price: _______________

Parcel Number:

Purchase Date: _______________

FTB 4905 PIT CI (REV 04-2009) PAGE 5

Who Took Possession

Section 3 – General Financial Information (continued)

C) Physical address and description: (Single family dwelling, multi-family dwelling, lot, etc.)

Parcel Number:

Mortgage lender’s name and address:

How is title held: ____________________________

Purchase Price: _______________

Purchase Date: _______________

Charge cards and lines of credit. Attach additional pages if needed.

Type of

Name and Address of

Minimum Monthly

Credit Limit

Credit

Amount Owed

Account

Creditor Grantor

Payment

Availability

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Payments.

Enter total of payments on line 61,

Section 5 of this application. . . . . . . . . . . . . . . . . .

Total Owed.

Enter total owed on line 22, Section 4 of this application. . .

Provide the following information relating to you and your spouse/RDP’s financial condition. If you check “Yes”, provide dates, explanation, and documentation.

Court proceedings

m฀No m฀Yes

Repossessions

m฀No m฀Yes

Anticipated increase in income

m฀No m฀Yes

Bankruptcies/receiverships

m฀No m฀Yes

Recent transfer of assets

m฀No m฀Yes

Beneficiary to trust, estate, profit sharing, etc. .

m฀No

m฀Yes

Last California income tax return filed

Year

_____

Total exemptions you claim from return:

___________

Adjusted gross income from return:

___________

List any vehicles, equipment, or property sold, given away, or repossessed during the past five years.

DescriptionValue (Year, make, model of vehicle, or property address)

FTB 4905 PIT C1 (REV 04-2009) PAGE 6

Section 4 – Asset and Liability Analysis

Immediate assets

1. Cash. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2. Bank accounts/balance (from Section 3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

3. Vehicles/available equity (from Section 3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

4. Loan/cash surrender value of life insurance (from Section 3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

5. Securities (from Section 3). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

6. Safe deposit box value of contents (from Section 3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Total Immediate Assets . . . . . . . . . . . .

Real property (from Section 3)

 

Address or Location

Current Market

Mortgage

Equity

 

Value

Payoff Amount

 

 

 

7.

A)

 

 

 

8.

B)

 

 

 

9.

C)

 

 

 

Total Equity . . . . . . . . . . . . . . . . . . . . . .

Other assets

10. Notes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

11. Accounts receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

12. Judgements/settlements receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

13. Aircraft, watercraft . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

14. Interest in trusts, e.g., trustee, trustor, beneficiary, etc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

15. Interest in estates. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

16. Interest in business entities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

17. Other assets ______________________________________ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

18. Other assets ______________________________________ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

19. Other assets ______________________________________ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

20. Other assets ______________________________________ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Total Other Assets. . . . . . . . . . . . . . . . .

21. Sum Total of Assets (Immediate, Equity, and Other). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Current liabilities including judgements, notes and other charge accounts. Do not include vehicle or home loans.

22. Total owed for lines of credit (from Section 3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

23. Taxes owed to IRS (provide a copy of recent notices) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

24. Other liabilities _____________________________________ . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

25. Other liabilities _____________________________________ . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

26. Other liabilities _____________________________________. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

27. Other liabilities _____________________________________ . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Total Liabilities . . . . . . . . . . . . . . . . . .

FTB 4905 PIT CI (REV 04-2009) PAGE 7

Section 5 – Monthly Household Income and Expense Analysis

Income

28. Wages/salaries (taxpayer) . . . . . . . . . . . . . . . . . . . . . . .

29. Pension (taxpayer) . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

30. Overtime/bonuses/commissions (taxpayer) . . . . . . . . . .

31. Wages/salaries (spouse/RDP) . . . . . . . . . . . . . . . . . . . .

32. Pension (spouse/RDP). . . . . . . . . . . . . . . . . . . . . . . . . .

33. Overtime/bonuses/commissions (spouse/RDP) . . . . . .

34. Business income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

35. Rental income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

36. Interest/dividends/royalties (average monthly) . . . . . . . .

37. Payments from trust/partnerships/entities . . . . . . . . . . .

38. Child support . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

39. Alimony . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

40. Unemployment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

41. Disability. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

42. Social Security . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

43. Other household income . . . . . . . . . . . . . . . . . . . . . . . .

Gross

Net

FTB use only

 

 

 

Total Monthly Net Income .

. . . . . . . . . . . . . .

 

Expenses

 

 

 

 

 

 

 

Amount

44.

. . . .Rent/mortgage

. . . . . . . . . . . . . . .

. . . . . . . . . . . . .

. . . . . . . . . . . . . . . .

 

45.

. .Real estate taxes

. . . . . . . . . . . . . . .

. . . . . . . . . . . . .

. . . . . . . . . . . . . . . .

 

46.

Home insurance (

) Association fees (

)

 

47.

Groceries, number of people (

.)

. . . . . . . . . . . . . . . .

 

48.

. . . . . . . . . .Utilities

. . . . . . . . . . . . . . .

. . . . . . . . . . . . .

. . . . . . . . . . . . . . . .

 

 

49.

Electric (

) & Phone (

.)

. . . . . . . . . . . . . . . .

 

 

50.

Gas (

) & Water (

.)

. . . . . . . . . . . . . . . .

 

 

51.

Trash (

) & Sewer (

.)

. . . . . . . . . . . . . . . .

 

52.

. . . .Auto payments

. . . . . . . . . . . . . . .

. . . . . . . . . . . . .

. . . . . . . . . . . . . . . .

 

53.

. . . .Auto insurance

. . . . . . . . . . . . . . .

. . . . . . . . . . . . .

. . . . . . . . . . . . . . . .

 

54.

Gasoline, number of miles to work (

.)

. . . . . . . . . . . . . . . .

 

55.

. .Life/health insurance (if not deducted from paycheck)

. . . . . . . . . . . . . . . .

 

56.

. . . . . . . .Medical payments (not covered by insurance)

. . . . . . . . . . . . . . . .

 

57.

Estimated tax payments (if not deducted from paycheck)

 

58.

Court-ordered payments (alimony, child support, restitution)

59.

. . .Garnishments (if not deducted from your paycheck)

. . . . . . . . . . . . . . . .

 

60.

. . . . . . . . . . . . .Delinquent tax (taxes not owed to FTB)

. . . . . . . . . . . . . . . .

 

61.

. . . . . . . . . . . . . .Credit card payments

. . . . . . . . . . . . .

. . . . . . . . . . . . . . . .

 

62.

Other expenses ___________________________________

 

63.

Other expenses ___________________________________

 

Total Monthly Expenses . . . .

64. Difference Between Net Income and Expenses . . . . . . . . . . . . . . . . . . . .

FTB use only

FTB 4905 PIT C1 (REV 04-2009) PAGE 8

Section 6 – Three-Year Income Summary

Gross Household Income

Source

Wages/salaries (taxpayer) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Pension (taxpayer) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Overtime/bonuses/commissions (taxpayer) . . . . . . . . . . . . . . . . . . .

Wages/salaries (spouse/RDP) . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Pension (spouse/RDP) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Overtime/bonuses/commissions (spouse/RDP) . . . . . . . . . . . . . . . .

Business income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Rental income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Interest/dividends/royalties (average monthly) . . . . . . . . . . . . . . . . .

Payments from trust/partnerships/entities . . . . . . . . . . . . . . . . . . . .

Child support . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Alimony. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Unemployment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Disability . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Social Security . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Other income ___________________________________ . . . . . . .

Other income ___________________________________ . . . . . . .

Other income ___________________________________ . . . . . . .

Other income ___________________________________ . . . . . . .

Totals . . . . . . . . . . . .

Year: ( )

Year: ( )

Current Year to Date

Section 7 – Basis for the Offer

The following facts and reasons are submitted as grounds for acceptance of this offer. Attach additional pages if needed.

FTB 4905 PIT CI (REV 04-2009) PAGE 9

Section 8 – Source of Funds

If any or all of the amount being offered is from a loan, please provide the following information:

Lender’s name

Total amount of the loan ____________________

If any or all of the amount being offered is from a gift, please provide the following information:

Gift donor’s name

Total amount of the gift ____________________

Relationship to taxpayer ____________________

Describe sources of offered funds other than a loan or a gift

If this OIC is denied, FTB is to:

mRetain any offer funds and credit it to the current tax liability. m Return the offer funds.

Section 9 – Offer Amount

Amount Owed to FTB: __________________ Tax Years: __________________________________

The lump sum of: __________________ is offered in compromise. An FTB representative will instruct you when to mail

the offer amount. Do not send any funds now.

Section 10 – Statement of Agreement

I understand that FTB considers the offer and acts upon it timely. It does not relieve me of the liability FTB seeks to be compromised until FTB accepts the offer and I fully comply with all agreements.

Except for any amount I deposit in connection with this offer, I agree that FTB retain all payments and credits made to the account for the periods this offer covers.

I also agree that upon notice of the acceptance of the offer, I shall have no right to contest in court or otherwise the amount of the liability sought to be compromised. No liability will be compromised until I and or any jointly liable party completely perform all obligations under the compromise agreement or collateral agreement.

Pursuant to Revenue and Taxation Code Section 19443, the terms and conditions for acceptance of my offer include, but are not limited to, requirements that I file returns and pay all tax liabilities in a timely manner in the future. Failure to comply with these requirements may result in rescission of my OIC. In the event of a default by me on the approved offer, I agree that FTB may disregard the amount of the offer and retain all amounts previously deposited under the offer and proceed to collect the balance of the original liability, including accrued interest, fees, and penalties.

Additionally, I authorize the FTB to obtain my consumer credit report and to investigate and verify the information I provided on this application.

Under penalty of perjury, I declare that I have examined the information given in this statement and all other documents included with this offer and, to the best of my knowledge and belief, they are true, correct, and complete.

Your signature

Date

Spouse’s or RDP’s signature

Date

FTB 4905 PIT C1 (REV 04-2009) PAGE 10

FTB 4905 PIT CI (REV 04-2009) PAGE 11

Frequently Asked Questions

1.What is considered a fair offer in relation to the amount due?

Generally, an offer will be accepted when the amount offered is the most we can expect to collect within a reasonable period of time.

2.How long will it take to get a decision on my OIC?

Generally, if we accept your offer for processing, we will provide a decision to you within 90 days after receiving your offer. If your account is complex or additional information is required, it may take longer than 90 days.

3.Can I make payments on the offered amount?

No, we require a lump-sum payment of the offered amount.

4.Can I apply prior payments to the offered amount?

We cannot apply prior payments toward the offered amount. However, we consider prior payments and the offered amount compared to the total liability when evaluating your offer.

5.My IRS OIC has been accepted. Will FTB automatically approve my offer?

No, we evaluate your offer separately.

6.If my offer is not acceptable, will I be contacted?

Yes, we contact you to discuss your account and to determine the most appropriate resolution. For example, if it is determined that you will have the ability to make monthly payments that exceed the amount you offer, we work with you to establish an installment agreement.

7.Will you release state tax liens if you accept my offer?

We release FTB state tax liens upon final approval of your OIC.

8.Do I need to have someone represent me?

We do not require that you have representation. The OIC Program is available to all taxpayers, whether or not they have representation.

9.Can I get relief from the tax liability by iling bankruptcy?

If this is a consideration, you may want to seek your own legal advice.

10.Can I apply for an OIC if I have no funds to offer?

No, we will not accept a zero dollar offer. Your offer must represent the most we can expect to collect over a reasonable period of time and be in the states best interest to accept.

11.What is a collateral agreement?

A collateral agreement is a contractual agreement between you and FTB. By signing the agreement, you agree to pledge to us a percentage of your income that exceeds an agreed-upon threshold. Generally, the collateral agreement period is five years. We will make that determination in reviewing your application and financial information provided to us.

12.If you approve my offer, will I have to sign a collateral agreement?

Generally, we do not require a collateral agreement if you are on a fixed income or have limited potential for an increase in income.

13.Can I complete one application if I owe the Employment Development Department, the Board of Equalization, or the Franchise Tax Board?

To relieve some of the paperwork burden for taxpayers or their representatives, the state’s three taxing agencies developed a single offer in compromise application. Individual taxpayers can use OIC Multi-Agency Application (DE 999CA) to apply with any or all of the three agencies.

FTB 4905 PIT C1 (REV 04-2009) PAGE 12

FTB 4905 PIT CI (REV 04-2009)

How to Edit 4905 Form Ftb

Our PDF editor works to make creating documents really easy. It is really effortless edit the [FORMNAME] file. Follow the next actions to be able to do it:

Step 1: Click the orange "Get Form Now" button on this page.

Step 2: After you have entered the editing page ftb offer in compromise, you should be able to discover each of the functions readily available for your file at the top menu.

To be able to fill in the document, enter the information the system will require you to for each of the following parts:

4905 pit form blanks to consider

Put down the details in the Name and address of your tax, Phone number, ( Cell phone number, ( Fax phone number, and FTB 4905 PIT CI (REV 04-2009) PAGE field.

Filling in 4905 pit form part 2

It's important to note specific details within the section Taxpayer’s employer or business, Business phone number: ( Spouse’s, Business phone number: (, Section 3 – General Financial, How long employed: Years Months, Occupation: , m Wage earner m฀Partner, m฀Sole proprietor m฀Officer, Paid:, m Weekly m฀Monthly, m฀Biweekly m฀Semimonthly, How long employed: Years Months, Occupation: , m Wage earner m฀Partner, and m฀Sole proprietor m฀Officer.

4905 pit form Taxpayer’s employer or business, Business phone number: ( Spouse’s, Business phone number: (, Section 3 – General Financial, How long employed:  Years  Months, Occupation: , m Wage earner m฀Partner, m฀Sole proprietor m฀Officer, Paid:, m Weekly m฀Monthly, m฀Biweekly m฀Semimonthly, How long employed:  Years  Months, Occupation: , m Wage earner m฀Partner, and m฀Sole proprietor m฀Officer blanks to complete

The Total, Vehicles: Attach additional pages, Year, License Number, Lender/Pink Slip, Current Market, Holder, Value, and Current Payoff Available Equity area is the place where each party can put their rights and responsibilities.

stage 4 to finishing 4905 pit form

Finalize by analyzing the following areas and preparing them as needed: Total, and FTB 4905 PIT C1 (REV 04-2009) PAGE.

4905 pit form Total, and FTB 4905 PIT C1 (REV 04-2009) PAGE blanks to insert

Step 3: Choose the Done button to save your file. Then it is ready for upload to your device.

Step 4: Attempt to make as many copies of your file as possible to avoid future complications.

If you believe this page is infringing on your copyright, please familiarize yourself with and follow our DMCA notice and takedown process - click here to proceed .