The Missouri tax amnesty program which began September 1 will expire November 30, 2015. The program provides an opportunity for taxpayers to pay back taxes that were due prior to December 31, 2014 without interest or penalties.
The amnesty program is open to both individuals and businesses. The eight tax types eligible for amnesty include corporate income tax, corporate franchise tax, employer withholding tax, sales tax, consumer’s use tax, vendor’s use tax, fiduciary tax and individual income tax.
Those not eligible for the amnesty program include taxpayers who are the subject of any civil or criminal state tax-related investigations or litigation.
Amnesty programs only come around about every 10 years so this is a unique opportunity to resolve tax delinquencies. The program does require taxpayers to stay in compliance with all state tax laws for eight years after signing the agreement.
Taxpayers with delinquent taxes known to the Missouri Department of Revenue were mailed notices in late August. They and other taxpayers who are aware of or suspect they have a prior period tax delinquency should consult their CPA or tax professional to review their individual circumstance and determine if the program would be of benefit.
Please feel free to post a question or comment below - or for more information please contact Kathleen Lusk, CPA, CMI, Managing Director, State Tax Resource at firstname.lastname@example.org or (913) 526-7738.