Source: Davis Enterprise
SACRAMENTO — On Monday, Gov. Jerry Brown signed into law a bill by Assemblywoman Cecilia Aguiar-Curry, D-Winters, to extend the state of California’s authority to operate the “Offer in Compromise” program. In the event a business owner can’t afford to pay an unanticipated tax liability, this program allows the taxpayer to pay the maximum amount feasible — a compromised offer — and continue to stay in business.
“The tax code is not easy to understand and mistakes happen, especially in smaller businesses with fewer resources to ensure they are filing correctly. It is not uncommon for a business to incur a tax liability they didn’t realize they would be responsible for paying,” said Assemblymember Aguiar-Curry. “The Offer in Compromise program helps those businesses keep their doors open by letting them pay a compromised amount and avoid bankruptcy. It’s a good government program. I’m proud to say my bill, AB 525, will allow this program to continue.”
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