Tax Amnesty - A Pot of Gold at the End of the Rainbow

Posted by Stephanie Thomas, CPA on May 9, 2018 10:00:00 AM

Tax Amnesty Pot of GoldI have been quiet lately because I took a little time out to go on a working vacation. But I am back now, rejuvenated and ready to share the latest interesting tidbits about sales and use tax. 

The most important thing that everyone needs to know is that there is a tax amnesty program currently in effect with the Texas Comptroller of Public Accounts. That means from May 1 through June 29, 2018, the Comptroller is waiving penalties and interest for businesses who:

  • Did not file a required return or report originally due before January 1, 2018
  • Made an error on a previously filed report that resulted in an underpayment of taxes or additional tax due
  • Or that don’t have a permit or proper registration for collecting and remitting Texas tax.

All taxes and fees administered by the Comptroller’s office are eligible, except for public utility gross receipts assessments. Amnesty also does not apply to local motor vehicle tax, IFTA taxes or unclaimed property payments.  

To apply for the amnesty program, you must be prepared to file an original report by submitting a paper return and pay the deficiency when the return is filed. Also, the Comptroller reserves the right to audit the information that you file.

Please note that if you are currently under audit, amnesty will not apply for periods covered in your audit. Amnesty also does not apply to accounts which have been certified by the Office of the Attorney General, accounts which are presently in litigation or accounts which have been reduced to judgment.    Contact the Comptroller’s Office for additional information. 

Amnesty programs are rare and don't last forever. The waiver of penalty and interest charges is something to celebrate! If you think that you may not have charged the right amount of taxes, paid enough tax on your purchases or your eyes glaze over when you hear the word "taxes", we can help. 

We will review your records and tell you how much you owe.  You only have two months take advantage of the interest and penalty waivers.  Don't hesitate to take action today!

Schedule a Tax Review


Topics: sales and use tax, tax exemptions, Sales Tax Audit

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