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Don't forget to report offshore bank income.(FTB)(Financial report)
The FTB is reminding taxpayers that are filing an amended federal tax return to correctly report income related to offshore bank accounts or other offshore activity to file an amended return with California at the same time. California residents are taxed on all their worldwide income and, in most cases, income related to offshore bank accounts or offshore activities is taxable by the state even if it was not taxable for federal purposes. Learn more at www.calcpa.org/FTB_34.
COPYRIGHT 2009 California Society of Certified
Public Accountants Reproduced with permission of the copyright holder. Further reproduction or distribution is prohibited without permission.
Copyright 2009 Gale, Cengage Learning. All rights reserved. Gale Group is a Thomson Corporation Company. NOTE: All illustrations and photos have been removed from this article. |
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