Financial Services Industry
Industry: Email Alert RSS FeedVoluntary Compliance Initiative brings in $1.4B
California CPA, June, 2005
According to the FTB's final report on the 2004 Voluntary Compliance Initiative, 1,202 taxpayers reported $1.4 billion in additional tax liabilities by filing 2,289 amended returns for tax years 1990-2002.
Individual taxpayers accounted for roughly 65 percent of total initiative revenues.
The initiative allowed taxpayers who had engaged in potentially abusive tax avoidance transactions to correct their state income tax returns.
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Download the report at www.ftb.ca.gov/law/tax_shelter/VCI_final/Final_rpt.pdf.>
COPYRIGHT 2005 California Society of Certified Public Accountants
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