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By Altus Group | April 17, 2018

Is It The Right Option For Your Business?

The Texas Comptroller’s office announced that it will provide a tax amnesty program from May 1, 2018 through June 29, 2018 giving certain Texas taxpayers an opportunity to come into address and remedy issues with their Texas compliance and reporting obligations for a variety of Texas taxes. The amnesty program will, under certain circumstances, provide taxpayers with relief from penalties and interest on tax due.

All state and local taxes and fees administered by the Comptroller’s office are eligible for the amnesty program, with the exception of Public Utility Commission gross receipts assessments. The amnesty also applies to all local-option taxes the Comptroller’s office administers. Property taxes, the unclaimed property program, and IFTA taxes are not part of the amnesty.

Eligible taxpayers include those who did not file a required return or report due before January 1, 2018, or taxpayers who underreported taxes or fees due for any reason, such as erroneously claiming credits or deductions. As with voluntary disclosure agreements (VDA), the program is not available for periods under audit or for liabilities that the Comptroller has already identified. If a taxpayer fails to take advantage of the amnesty program, they will be responsible for all taxes, fees, penalties and interest owed if subsequently selected for audit. Filing under the amnesty program will not increase a taxpayer’s chances of being audited, however, the state reserves the right to audit the information provided.

Taxpayers who believe they may have undisclosed liabilities should consider whether participating in the Tax Amnesty Program or pursuing a VDA is more advantageous. While both programs extend favorable terms, there are differences to be considered that could dramatically affect that amount of tax owed.

Our transaction tax practice is national in scope and the subject matter experts in our Southlake, Texas office have a wealth of experience in selecting the best avenue to mitigate any outstanding liabilities. The upcoming Texas amnesty program affords an excellent opportunity to leverage Altus Group’s sales tax expertise in considering and resolving outstanding sales tax issues in Texas and other jurisdictions while guiding your business through the process of mitigating past liabilities and instituting enhanced procedures for prospective compliance.

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