Deadline approaches for FTB Notice 2008-4 Closing Agreement

Eligible taxpayers must file Closing Agreements by September 12

Taxpayers have until September 12, 2008, to participate in Franchise Tax Board (FTB) Notice 2008-4, Resolution of Bogus Optional Basis (BOB) Transactions and Certain Employee Stock Ownership Plan (ESOP) transactions. See related articles in the September 2007, June 2008, and July 2008 issues of Tax News. Each eligible taxpayer, whose tax was reduced due to the transaction, and who wants to participate in FTB Notice 2008-4 must file a separate Notice 2008-4 Closing Agreement. A taxpayer who entered into more than one eligible transaction must file a separate Closing Agreement for each transaction.

Full payment of all taxes, penalties, and interest due in accordance with the Closing Agreement or payment arrangement requests with FTB are due by September 12, 2008.

Send your completed FTB Notice 2008-4 Closing Agreement, including all schedules and attachments, to FTB by US Mail or private carrier.

US Mail Address		Private Carrier
ATSU 398 O. NAYEBKHIL MS F385 FRANCHISE TAX BOARD PO BOX 1673 SACRAMENTO CA 95812-9900		ATTN: O. NAYEBKHIL EXT. #3190 ON ATSU 398 MS F385 FRANCHISE TAX BOARD SACRAMENTO CA 95827

For more information about Closing Agreements, see our Abusive Tax Shelter page, which includes frequently asked questions.

You may also contact our FTB Notice 2008-4 Hotline at 916.845.3030, or email your question to taxshelter@ftb.ca.gov.