California Expands Tax Amnesty Program

California has expanded its income and franchise tax amnesty program under new legislation. The program will be open to:

  • out-of-state partnerships with nonresident partners; and
  • out-of-state administered trusts with California beneficiaries.

In addition, relief from the failure to file penalty will be available for:

  • S corporations; and
  • limited liability companies.

The legislation applies to voluntary disclosure agreements entered into on or after January 1, 2018.

California’s tax amnesty program is known as the Voluntary Disclosure Program.

Ch. 288 (S.B. 813 ), Laws 2017, effective January 1, 2018, and applicable as noted

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CCHTaxGroup

All stories by: CCHTaxGroup