Amnesty program extended for illegal tax shelters.The FTB's Voluntary Compliance Initiative has begun its second wave, as the board urges businesses and individuals in California that may have used illegal tax shelters tax shelter: see tax exemption. to voluntarily amend their state tax returns to avoid new penalties. The FTB FTB Franchise Tax Board (California; they collect income and sales tax) FTB Family Tax Benefit (Australian welfare assistance) FTB First Time Buyer (housing) 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. abusive tax shelter A tax shelter in which an improper interpretation of the law is used to produce tax benefits that are 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 crack·down n. An act or example of forceful regulation, repression, or restraint: a crackdown on crime. Noun 1. 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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