DALLAS, March 16, 2017 /PRNewswire/ -- Virginia Governor Terry McAuliffe approved a tax amnesty program to take place during the 2017-2018 fiscal year (July 1, 2017 through June 30, 2018), lasting between 60 and 75 days. The length of the program, along with the exact dates, has yet to be determined by the Virginia Tax Commissioner.
Senate Bill 1438 (effective July 1, 2017) provides that the amnesty program will be open to any taxpayer that is required to file a return or required to pay any tax administered by the Department of Taxation but has failed to do so. Successful participation in the amnesty program waives all penalties and 50% of the interest due upon payment of a taxpayer's outstanding liability. Amnesty-qualified liabilities that are discovered after the amnesty period ends will be assessed an additional 20% penalty.
Taxpayers currently under investigation or prosecution for filing a fraudulent return or failing to file a return with the intent to evade tax are not eligible for the amnesty program. Similarly, taxpayers who receive assessments within 90 days of the amnesty program starting are ineligible, as are taxpayers who have assessments outside the 90-day window but whose payment due dates fall within the 90-day window. Any taxpayer with an individual, fiduciary, or corporate income tax liability for 2016 or later is ineligible. Finally, any taxpayer whose liability is the subject of a Virginia court decision rendered on or after January 1, 2016 is also excluded from the program.
To read the state issued guidelines, please see Guidelines for the Virginia Tax Amnesty Program.
Ryan will follow up with more information on this amnesty program once the dates are announced by the Tax Commissioner.
About Ryan
Ryan is an award-winning global tax services firm, with the largest indirect and property tax practices in North America and the seventh largest corporate tax practice in the United States. With global headquarters in Dallas, Texas, the Firm provides a comprehensive range of state, local, federal, and international tax advisory and consulting services on a multi-jurisdictional basis, including audit defense, tax recovery, credits and incentives, tax process improvement and automation, tax appeals, tax compliance, and strategic planning. Ryan is a five-time recipient of the International Service Excellence Award from the Customer Service Institute of America (CSIA) for its commitment to world-class client service. Empowered by the dynamic myRyan work environment, which is widely recognized as the most innovative in the tax services industry, Ryan's multi-disciplinary team of more than 2,100 professionals and associates serves over 12,000 clients in more than 40 countries, including many of the world's most prominent Global 5000 companies. More information about Ryan can be found at ryan.com.
TECHNICAL INFORMATION CONTACTS:
Jeremiah T. Lynch
Principal
Ryan
212.871.3901
[email protected]
Susan Bittick
Principal
Ryan
916.414.0400
[email protected]
Available Topic Expert(s): For information on the listed expert(s), click appropriate link.
Jerry Lynch
http://www.profnetconnect.com/jeremiahlynch
Susan Bittick
http://www.profnetconnect.com/susanbittick
SOURCE Ryan
Share this article