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franchise tax |
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franchise tax n. a state tax on corporations or businesses. (See: tax, corporation) How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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Archibald's financial penalties include a $10,000 fine, and he was ordered to pay $155,000 restitution to Casden Properties and $25,780 to the state Franchise Tax Board. Between 900 and 1,000 wealthy Californians suspected of using abusive tax shelters to lower their state tax bills are being audited by the Franchise Tax Board and they may owe as much as $1 billion, the Sacramento Bee reports. The Franchise Tax Board will follow the IRS tax shelter settlement initiative as outlined in IRS Announcement 2005-80, effectively creating the California Tax Shelter Resolution Initiative to run alongside the federal initiative. |
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