Today, the Franchise Tax Board began alerting taxpayers of the upcoming Voluntary Compliance Initiative. The Initiative allows tax shelter investors to amend their returns and eliminate abusive tax shelter items. Doing so will limit the risk of penalties. The penalties are substantial — 20% to 75% of the tax underpayment. Interest on the tax underpayment can be doubled. Amend your California returns between January 1, 2004 and April 15, 2004.