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Though simple schemes began flourishing Gucci Belt White Gold
State tax officials said they usually involve such strategies as separation of income and expenses and use of pass through entities such as partnerships. Some use third party facilitators, employ offshore foreign accounts and involve short term transactions.
SACRAMENTO Cash starved California collected hundreds of millions of dollars in a special, one time attack on ever growing illegal tax shelters used by the rich and corporations but could be raking in billions more, according to a state report released Wednesday.
So far, state tax officials have received about
The downside is that a long term war on the complex, secretive tax strategies marketed in the thousands by firms and baffling to tax auditors could hurt business growth in California, which runs counter to the wishes of Gov. Arnold Schwarzenegger's administration.
"They can be quite difficult to identify and often even harder to understand, even for trained tax auditors," she said.
in the 1980s, they have grown into "legally complex, opaque and financially technical transactions, coupled with an aggressive interpretation of state and federal tax law," Legislative Analyst Elizabeth Hill said.
The effort was separate from a broad based tax amnesty program adopted by lawmakers that ran from Feb. 1 to March 31 last year.
both personal and business related income.
But the abusive tax shelters "have no true economic purpose but exist solely for reason of tax avoidance," she said.
50,000 disclosures of abusive tax shelters, along with 15,000 tax shelter investor names. In addition, about 1,255 taxpayers have registered their participation in such schemes.
"The abusive tax shelters are now usually marketed by accounting, banking and consulting firms and frequently involve several entities teaming up in order to provide a tax shelter program, legal opinion Versace Belts For Sale regarding the transaction and other financing assistance," Hill said.
They also center on allowing double benefits from a single tax loss, such as a deduction from Versace Belts Real
To be considered legal, they must have "economic substance or business purpose," Hill said.
The abusive tax shelters stem primarily from firms and the wealthy taking advantage of situations not specifically identified in federal or state tax laws.
Nationwide, government tax losses are estimated at more than $85 billion. The Internal Revenue Service and other states have joined California in attempting to crack down on the problem. The state's independent Legislative Analyst's Office reported that a recent three month amnesty program for users of so called Gucci Belt Ladies
Abusive tax shelters cost state billions
As part of the legislation that created the short amnesty program on abusive tax schemes, lawmakers also bolstered penalties and extended the time the state can prosecute cases.
The Franchise Tax Board figures that, after deducting money they would have collected anyway through audits, the state gained $700 million at a time when stakeholders in various budget programs are fighting over tens of millions.
abusive tax shelters, ordered by the legislation, resulted in payments from businesses and individuals of $1.4 billion.
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