Form CDTFA-490 Offer in Compromise Application - California

What Is Form CDTFA-490?

This is a legal form that was released by the California Department of Tax and Fee Administration - a government authority operating within California. As of today, no separate filing guidelines for the form are provided by the issuing department.

FAQ

Q: What is Form CDTFA-490?A: Form CDTFA-490 is the Offer in Compromise Application used in California.

Q: What is an Offer in Compromise?A: An Offer in Compromise is a program offered by California where taxpayers can settle their tax debt for less than the full amount owed.

Q: Who can use Form CDTFA-490?A: Form CDTFA-490 is used by taxpayers in California who want to apply for an Offer in Compromise.

Q: What information is required on Form CDTFA-490?A: Form CDTFA-490 requires taxpayers to provide their personal information, tax liabilities, financial information, and details of their proposed offer.

Q: Is there a fee for submitting Form CDTFA-490?A: Yes, there is a non-refundable application fee for submitting Form CDTFA-490. The amount of the fee depends on the taxpayer's financial situation.

Q: What happens after submitting Form CDTFA-490?A: After submitting Form CDTFA-490, the taxpayer's offer will be reviewed by the CDTFA. They will consider the taxpayer's financial situation and determine if the offer is acceptable.

Q: Can I negotiate the amount of my offer?A: Yes, taxpayers can negotiate the amount of their offer with the CDTFA. The CDTFA will consider the taxpayer's financial situation and may accept a lower amount.

Q: What if my offer is not accepted?A: If the offer is not accepted, the taxpayer has the option to appeal the decision or explore other options for resolving their tax debt.

Q: Is a tax professional required to complete Form CDTFA-490?A: While a tax professional is not required, it may be beneficial to seek professional assistance when completing Form CDTFA-490 to ensure accuracy and maximize the chances of success.