An upcoming window of amnesty — courtesy of the state comptroller’s office — offers business owners a chance to settle tax records without being penalized.
The “Fresh Start” amnesty begins June 12 and ends Aug. 17. It applies to delinquent sales and franchise taxes, plus state or local taxes or fees that were charged by the comptroller’s office. A recent press release explained the exception is gross receipts assessments from the Public Utility Commission.
Comptroller Susan Combs said the window provides business owners a way to straighten their tax records and save money on penalty and interest fees.
“Fresh Start” applies to the taxes and fees originally due prior to April 1, 2012, and does not apply to underpaid tax returns.
“During the two-month amnesty, businesses can file those missing reports and pay the overdue taxes, or amend and pay previous reports in which they had incorrectly stated a lower amount than was due,” the release quoted Combs.
The comptroller’s office released information about the amnesty program this week. Several Cooke County accountants were contacted for input about its local effects, but said they weren’t familiar enough with the program’s full terms to comment. However, a similar tax amnesty was held during the summer of 2007, and brought the state $100 million in unpaid tax revenue.
For more information, call (800) 252-1390 or you can visit www.freshstart.texas.gov