FTB follows IRS tax shelter initiative.The Franchise Tax Board will follow the IRS An abbreviation for the Internal Revenue Service, a federal agency charged with the responsibility of administering and enforcing internal revenue laws. tax shelter tax shelter: see tax exemption. settlement initiative as outlined in IRS Announcement 2005-80, effectively creating the California California (kăl'ĭfôr`nyə), most populous state in the United States, located in the Far West; bordered by Oregon (N), Nevada and, across the Colorado River, Arizona (E), Mexico (S), and the Pacific Ocean (W). Tax Shelter Resolution Initiative to run alongside the federal initiative. [ILLUSTRATION OMITTED] Only taxpayers who are qualified to participate in the IRS initiative and who complete the requirements of the program are eligible for the California initiative, wherein where·in adv. In what way; how: Wherein have we sinned? conj. 1. In which location; where: the country wherein those people live. 2. participants can avoid most California tax shelter penalties, including the non-economic substance transaction understatement penalty. For more, visit www.ftb.ca.gov/aboutFTB/press/2006/06_03.html. |
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