Tax Amnesty Update

The Franchise Tax Board has release reports from the second week of California's Tax Amnesty. According to FTB spokesperson Patrick Hill, the State of California has received 24,374 applications for amnesty since the start of the amnesty program on February 1st. Additionally, taxpayers have paid $8.6 million in additional taxes and interest to settle their tax debts.

Last Sunday, the San Francisco Chronicle reported how the amnesty program has caught several people off guard. Most of my clients have been taking advantage of amnesty by themselves, because the Franchise Tax Board has made it really easy for people to do it themselves. One client, however, asked me to prepare her 1980 and 1981 tax returns so she could be eligible for tax amnesty. Reconstructing these documents will certainly be a challenge!