Let’s talk about sales and franchise taxes, shall we?
Do you need to file past-due sales or franchise tax reports, or change reports that underreported taxes, but you don’t want to pay the penalties and interest?
Wish there were some way the penalties and interest could be waived?
Well, you’re in luck, because the state Comptroller of Public Accounts is planning to do just that through June 29.
The Texas Tax Amnesty Program is a chance to “wipe the slate clean” by allowing you to file overdue reports, or to amend reports, without paying penalties or interest, according to the Comptroller’s office. “You can also register for taxes that should have been reported, and catch up on those reports that should have been filed, without paying penalties or interest,” officials say.
The amnesty applies to taxes due before Jan. 1 for liabilities that have not been reported to the Comptroller’s office. It doesn’t apply if you are already under audit review.
So should you take advantage of the amnesty? Well, here are a few reasons you might consider it:
- Were you required to file a franchise tax report, but didn’t?
- Did you underpay taxes because of an error on a report?
- Did you buy equipment or supplies from an out-of-state vendor who did not withhold and remit Texas sales taxes?Did your practice sell taxable goods, such as cosmetics, and hasn’t remitted sales tax?
If you’re still have questions, you can find more information on the Comptroller’s website.
Last Updated On
May 21, 2018