Amnesty program extended for illegal tax shelters.The FTB FTB - (USN Rating) Fire Control Technician (Ballistic Missile Fire Control) FTB - Fade To Black (TV scriptwriting term) FTB - Family Tax Benefit (Australian welfare assistance) FTB - FASB Technical Bulletin FTB - Fast-Twitch B FTB - Fault Tolerant Broadcasting FTB - Fear the Blue (website) FTB - Feel the Burn! FTB - Fetch Target Buffer FTB - Fiber Termination Box FTB - Fifth Third Bank FTB - First Time Buyer (housing) FTB - Flight Testbed's Voluntary Compliance Voluntary Compliance An assumption or principle that taxpayers will comply with tax laws and, more importantly, accurately report their income and deductions honestly.Notes: This is one of those "ideal world" principles for example, in an ideal world we wouldn't need police officers. See also: Audit, Income Tax, Loophole, Tax Evasion Initiative has begun its second wave, as the board urges businesses and individuals in California that may have used illegal tax shelters to voluntarily amend their state tax returns to avoid new penalties. The FTB has sent letters to 7,500 businesses and people who may have invested in illegal tax shelters, inviting them to take part in its Voluntary Compliance Initiative. Taxpayers guilty of using abusive tax shelters Abusive tax shelter A limited partnership that the IRS judges to be claiming tax deductions illegally. have until April 15 to amend their returns and pay the tax and interest due. For more, visit www.ftb.ca.gov/law/tax_shelter. Meanwhile, the FTB says its crackdown on abusive tax shelters has netted $30 million. For more information, visit www.ftb.ca.gov/aboutFTB/press/2004/04_02.html. |
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