Is the Franchise Tax Board joining with Internal Revenue Service on their compliance initiatives and offering taxpayers the same benefits if they provide information or file amended returns?
We evaluate each Internal Revenue Service initiative to determine if it applies under California tax laws. We issue press releases to publicize our position and to encourage affected taxpayers to file amended federal and California returns. Specifically, we will follow the provisions of the federal Offshore Voluntary Compliance Initiative program. California taxpayers participating in the federal program must correctly file their California amended returns by October 15, 2003 (see Press Release dated March 14, 2003). We will work with the Internal Revenue Service to exchange offshore data, subpoenas and other summons information when auditing taxpayers who chose not to participate in the federal program.
