CA SB1492

Franchise Tax Board may extend time for filing returns and paying amounts due up to 120 days from signing date or the latest extended due date of the return for a taxable year, whichever is later, for voluntary disclosure agreements entered into on or after January 1, 2011.

Eliminates addition to tax for underpayment of estimated tax attributable to installments due before the signing date of the voluntary disclosure agreement.

Applicants applying for installment payment arrangements receive the same time periods as identified in Revenue and Taxation Code Section 19008 to pay in full any tax, fee, penalty, or interest due.

Failure to comply with installment payment arrangement terms renders the voluntary disclosure agreement null and void, consistent with existing provisions for non-compliance.

Amendments apply to voluntary disclosure agreements entered into on or after January 1, 2011.