Suspended or Forfeited Business Entities December 2021 Tax News

Inform your business clients about steps to take to revive a suspended or forfeited business entity

As the year is comes to a close, this may be a good time to inform your business clients about steps they can take to revive a suspended or forfeited business entity. A business entity is typically suspended, or forfeited, by Franchise Tax Board (FTB) for failure to meet its tax requirements, such as;

• File a state tax return
• Pay
  • Taxes
  • Penalties
  • Fees
  • Interest

If your client’s business entity is suspended or forfeited, the Secretary of State (SOS) cannot accept termination documents until the following requirements are satisfied;

• Pay all outstanding balances due
• File any delinquent tax returns
• File an Application for Certificate of Revivor

In order to revive an entity, you would have to contact our Revivor Unit. You can find more information to revive your business.