Initiative: voluntary compliance initiative.

• Position: FTBNEWS

The FTB launched its second Voluntary Compliance Initiative by contacting 47,000 taxpayers who may have underreported their tax liabilities through the use of tax avoidance transactions or who may have unreported offshore income.

The voluntary program, directed by recent legislation (SB 86) is an opportunity for these taxpayers to step forward and voluntarily amend their 2010 and prior income tax returns. Participating taxpayers must...