Form Boe-490-C - Offer In Compromise Application Page 2
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13What you should know before
individual or an individual of a partnership, you
should request the OIC package for individuals
preparing an Offer in Compromise
(BOE-490) from BOE’s website or contact your
Are you an OIC candidate?
local district office. If you are making an offer as
an individual and another entity (corporation, LLC,
The Offer in Compromise (OIC) program is for tax
trust, or organization), both the individual applica
payers or feepayers that do not have, and will not
tion and the corporation application should be
have in the foreseeable future, the income, assets,
filled out respectively.
or means to pay their liability in full. It allows a
taxpayer or feepayer to offer a lesser amount for
Who Qualifies?
payment of a non-disputed final tax liability on a
We will only process your OIC application if:
closed-out account.
• You no longer have a controlling interest or
Effective January 1, 2009 through December 31,
association with the business that incurred the
2012, the OIC program will extend to qualified
liability or a related business.
active businesses where the taxpayer or feepayer
• You are an active business with a final liability
has not received tax or fee reimbursement for tax
that arose from transactions in which you did
and fees owed to the State, to successors of busi
not receive tax or fee reimbursement.
nesses that may have inherited tax liabilities of the
• You are a consumer who accrued use tax.
predecessors, and to consumers who incurred a
• You are a successor that inherited the liability
use tax liability.
of your predecessor.
A qualified active business is an active business
• You have fully completed the OIC application
that does not have, and will not have in the fore
and provided all supporting documentation.
seeable future, the income, assets, or means to
pay their non-disputed board assessed liability in
When should offered funds be submitted?
full, where the Board of Equalization (BOE) finds
You will be notified when your offered amount
no evidence that the taxpayer collected sales or
should be submitted. The funds will be held in the
use tax reimbursement, and the taxpayer has not
form of a non-interest bearing deposit. If your OIC
previously received a compromise.
is denied, the full amount of your deposit will be
Generally, we approve an OIC when the amount
refunded to you, or you may choose to apply the
offered represents the most we can expect
deposit to your liability. Credit interest will not be
to collect within a reasonable period of time.
paid to you on the deposited amount if your offer
Although each case is evaluated based on its own
is denied and subsequently refunded.
merit, we give the following factors strong consid
Should I continue to make installment pay
eration in the evaluation:
ments while my offer is being evaluated?
• ability to pay
Yes. You are required to continue making timely
• equity in the entity’s assets
payments as established in your Installment
• present and future income
Payment Agreement while your offer is being con
• present and future expenses
sidered. The BOE will strive to process your offer
• potential for changed circumstances
and provide a decision within 180 days of receiv
• concealment of assets or existence of fraud
ing a completed application and documentation.
Who should use this application?
Will collection action be suspended while
my offer is being evaluated?
If you are making an offer as a corporation,
LLC, trust, organization or a limited or general
In most cases, no new collection action will be
partnership, please use this application. For an
taken while your offer is being evaluated. How
ever, submitting an offer does not automatically
OFFER IN COMPROMISE APPLICATION
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Parent category: Financial