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California CPA, May, 2003
The FTB is asking all who participate in the IRS' Voluntary Compliance Initiative for Offshore Tax Shelters to correct their state income tax returns and pay all tax, penalties and interest by Oct. 15. If that deadline is missed, taxpayers may be subject to state prosecution.
The FTB says that the state will not pursue civil fraud penalties or criminal prosecution for those involved in the offshore initiative.
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Those interested should notify the FTB of their clients' participation or to correct underreported income tax liabilities and make payments. Payments can be sent to: ATTN: 343:M; P0 Box 1673; MS D-757; Sacramento, CA; 95812.
COPYRIGHT 2003 California Society of Certified Public Accountants
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