With renewed focus on state taxes after the Supreme Court’s Wayfair ruling, more businesses are seeking amnesty for past tax transgressions. States want to help.
Tax amnesty programs offer delinquent taxpayers a discount on penalties and interest to get caught up on back taxes. When businesses become delinquent on their taxes, they often accrue penalties and interest with the states. During these amnesty programs, states may waive penalties and/or interest. States administer amnesty programs because they want companies doing business in their state to be compliant and in the process collect the revenue.
Current programs in progress include:
- Connecticut (ends Nov. 30, 2018)
- Indiana (ends Dec. 31, 2018)
- New Jersey (January 15, 2019)
- South Carolina (coming soon)
Monika Miles writing for AccountingWeb shares some details, read more.
The Council on State Taxation periodically updates tax amnesty programs. List as of July 3, 2018.
Let’s talk tax
Meredith Smith, SALT manager, may be reached at msmith@taxops.com or 720.227.0064. Follow TaxOps on LinkedIn.
Specialties: #CPAadvanced, #Legislation, #Taxstrategy
Recent Comments