California Voluntary Disclosure Initiative
IF YOU HAVE A FOREIGN BANK ACCOUNT THAT WAS NOT PROPERLY REPORTED TO THE STATE OF CALIFORNIA YOU NOW HAVE UNTIL OCTOBER 31, 2011 TO TAKE ADVANTAGE OF A CALIFORNIA AMNESTY THAT ALLOWS YOU TO AVOID CRIMINAL PROSECUTION AND SEVERE MONETARY PENALTIES.
THE CALIFORNIA AMNESTY IS VERY DIFFERENT THAN THE FORMER FEDERAL AMNESTY.
IN THE CALIFORNIA AMNESTY THERE IS NO PENALTY TO ENTER THE AMNESTY BUT PENALTIES FOR NOT ENTERING THE CALIFORNIA AMNESTY.
THE FEDERAL AMNESTY DIDN’T ASK YOU TO ADMIT TO GUILT; BUT CALIFORNIA WILL EXPECT YOU TO ADMIT THAT YOU DESIGNED THE TRANSACTION TO EVADE CALIFORNIA TAX THROUGH THE USE OF A FOREIGN BANK ACCOUNT, BY SIMPLY CHECKING A BOX THAT SAYS “UNREPORTED INCOME FROM OFA”, UNLESS YOU CAN QUALIFY TO ENTER THE AMNESTY UNDER ANOTHER PROVISION.
THIS CA AMNESTY CAN BE VERY TRICKY BECAUSE PEOPLE CAN EASILY WRONGLY ADMIT TO TAX EVASION WITHOUT EVEN KNOWING IT.
CONSULT WITH US TO DETERMINE IF YOU CAN BENEFIT FROM THIS AMNESTY TO AVOID CRIMINAL PROSECUTION AND LARGE MONETARY PENALTIES AND LEGALLY AVOIDING ADMITTING TO TAX EVASION.