Bank Secrecy is dead in CA

[kcjenkins]

SB 86 was signed into law today. Net result, the financial institutions will be required to match names and id numbers of delinquent taxpayers provided by FTB to names and id numbers of accountholders. Financial institutions must report names,id numbers, address, codepositors, etc. to FTB quarterly beginning 4.01.12. Not quite a John Doe search warrant, but close. Institutional trustees may need to run match list check against names and id's of trust beneficiaries.

For more detailed discussion see the blog at http://www.taxattorneycalifornia.net/bank-secrecy-may-be-dead-in-california/

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[Catherine]

SB 86 was signed into law today. Net result, the financial institutions will be required to match names and id numbers of delinquent taxpayers provided by FTB to names and id numbers of accountholders. Financial institutions must report names,id numbers, address, codepositors, etc. to FTB quarterly beginning 4.01.12. Not quite a John Doe search warrant, but close. Institutional trustees may need to run match list check against names and id's of trust beneficiaries.

For more detailed discussion see the blog at http://www.taxattorn...-in-california/

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Quoting our favorite, Lazarus Long, again:

"When a place gets crowded enough to require ID’s, social collapse is not far away. It is time to go elsewhere. The best thing about space travel is that it made it possible to go elsewhere."

[michaelmars]

I love seeing Heinlein fans. the 15 people i work with never heard of him - neanderthals one and all!