California Tax Amnesty Update

The Franchise Tax Board announced the results from the first week of the State of California's tax amnesty. The results are pretty amazing. So far, the State of California has received over $4.9 million in taxes paid and deposited.

As of February 10, 2005, 15,544 people and corporations have filed amnesty applications, paying a total of $4,904,495.17 in back taxes. The oldest tax return filed was for tax year 1971. Franchise Tax Board spokesperson Patrick Hill noted that 23 amnesty applications were received from foreign countries.

Taxpayers have until March 31, 2005, to take advantage of California's amnesty program. The Franchise Tax Board will waive penalties if tax returns are filed, and the taxpayer pays tax plus interest in full. Get additional information about the California Tax Amnesty program. And find out how amnesty programs provide tax relief.