How will tax amnesty participation affect my business entity?
You can apply for franchise or income tax amnesty on any tax years beginning before January 1, 2003, for which your entity has an outstanding obligation, has not filed a return, or has underreported tax liabilities. If your entity applies and meets these requirements, we’ll cancel certain penalties and fees associated with the applicable years. In addition, we’ll agree not to criminally prosecute the entity for those tax years. To maintain amnesty, your entity must remain in compliance by filing and paying its taxes in 2005 and 2006. If it doesn’t meet this requirement, we must revoke amnesty, reinstate canceled penalties and fees, and assess new amnesty related penalties. On years for which we grant amnesty, your entity gives up its right to submit a claim for refund or credit for any amount paid during amnesty. Your entity also agrees to give up its protest and appeal rights (including protests or appeals in settlement) for any amounts selected for amnesty. California has a tax infor
