• Next Up - The California Tax Amnesty Initiative
  • September 22, 2011 | Authors: Alan J. Epstein; Michael D. Foster; Charles K. Kolstad
  • Law Firm: Venable LLP - Los Angeles Office
  • The federal 2011 Offshore Voluntary Disclosure Initiative (“2011 OVDI”) ended on Friday, September 9, 2011. Taxpayers who participated in either the 2009 Offshore Voluntary Disclosure Program or the 2011 OVDI were required to file amended federal income tax returns to report previously unreported income as far back as the 2003 tax year. As a result of filing those amended federal income tax returns, taxpayers will typically have to file amended state income tax returns for those same years as well. In the rush to comply with the September 9, 2011 deadline, taxpayers often left filing their amended state tax returns to a later date.