Bringing it all back home.

• Position: FTB News - Franchise Tax Board - Brief Article

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.

Those...