California tax amnesty program opens August 1

Anne Rosivach
July 26, 2011 — 200 views  


Under a law passed by the legislature in March, taxpayers who underreported their California income tax liabilities through the use of abusive tax avoidance transactions (ATAT) or offshore financial arrangements (OFA) will be permitted to obtain a waiver of most penalties if they amend their returns for 2010 and all prior years in which there is underreported income. Taxpayers will be required to pay all tax and interest that is owed.


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