California adopts new Voluntary Compliance Initiative

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For taxpayers who have participated in abusive tax avoidance schemes or have unreported income from the use of offshore financial arrangements California has an offer for you. Under just passed SB 86 California adopted a new Voluntary Compliance Initiative.

Taxpayers will have between August 1, 2011 and October 31, 2011 to make elections to participate in the new program using forms and under procedures to be adopted by the Franchise Tax Board. Like the new federal Supplemental Offshore Voluntary Disclosure Initiative taxpayers will have to file amended returns which correctly report all unreported income and/or remove the abusive tax avoidance deductions/credits from prior years returns and pay the tax, interest and a specific penalty. All other penalties and potential criminal prosecution will be waived. Taxpayers will also have to agree to cooperate with the Franchise Tax Board and sign a closing agreement.

Please see full article below for more information.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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