Audit issues.Between 900 and 1,000 wealthy Californians suspected 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 to lower their state tax bills are being audited by the Franchise Tax Board and they may owe as much as $1 billion, the Sacramento Bee reports. The new figures were disclosed by three senior members of the Franchise Tax Board's abusive tax shelter unit who said these taxpayers may also be on the hook Adj. 1. on the hook - caught in a difficult or dangerous situation; "there I was back on the hook" dangerous, unsafe - involving or causing danger or risk; liable to hurt or harm; "a dangerous criminal"; "a dangerous bridge"; "unemployment reached dangerous for another $125 million in penalties. Officials said they were surprised their agency had identified $1 billion worth of suspect deals to audit, given high-profile state and federal efforts to eradicate Eradicate To completely do away with something, eliminate it, end its existence. Mentioned in: Smallpox illegal tax shelters tax shelter: see tax exemption. since 2003. |
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