FTB follows IRS tax shelter initiative.

• Position: Franchise Tax Board - Internal Revenue Service - Brief article

The Franchise Tax Board will follow the IRS tax shelter settlement initiative as outlined in IRS Announcement 2005-80, effectively creating the California Tax Shelter Resolution Initiative to run alongside the federal initiative.

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Only taxpayers who are qualified to participate in the IRS initiative and who complete the requirements of the program are eligible for the California initiative, wherein...