TAX FILE: Amnesty

Oct. 1, 2003
This fall, six states (Arizona, Florida, Kansas, Maine, Missouri, and Virginia) plus New York City are holding tax amnesties. The types of taxes, penalties, and interest that are forgiven vary, as do the starting and ending dates. The Federation of Tax Administrators' web site, www.taxadmin.org, lists all current and upcoming amnesties, including links to the individual state web sites. Amnesties

This fall, six states (Arizona, Florida, Kansas, Maine, Missouri, and Virginia) plus New York City are holding tax amnesties. The types of taxes, penalties, and interest that are forgiven vary, as do the starting and ending dates. The Federation of Tax Administrators' web site, www.taxadmin.org, lists all current and upcoming amnesties, including links to the individual state web sites.

Amnesties present an opportunity for companies to come clean with their income or other tax liabilities. Once the amnesty expires, audit rates and penalties for underpayment or failure to file often increase steeply. Expect more states to adopt amnesties when their legislatures meet next year. Amnesties provide a quick revenue gain, even if they allow delinquent taxpayers to escape penalties and thereby reduce future receipts.

About the Author

KEN SIMONSON

Sponsored Recommendations

Tackling the Tech Shortage: Lessons in Recruiting Talent and Reducing Turnover

Discover innovative strategies for recruiting and retaining tech talent in the trucking industry at our April 16th webinar, where experts will share insights on competitive pay...

Stop Sweating Temperature Excursions

Advanced chemical indicators give you the peace of mind that comes from reliable insights into your supply chains. Compromised shipments can be identified the moment they arrive...

Stop Sweating Temperature Excursions

Advanced chemical indicators give you the peace of mind that comes from reliable insights into your supply chains. Compromised shipments can be identified the moment they arrive...

How Electric Vehicles Help You Prolong the Life of Your Fleet

Before adopting electric vehicles for commercial/government fleets, prioritize cost inquiries. Maintenance is essential; understand the upkeep of EV fleets. Here’s what you need...

Voice your opinion!

To join the conversation, and become an exclusive member of FleetOwner, create an account today!