Are you worried because your company has unreported or under-reported Texas state taxes? Have you been making taxable sales in Texas without a permit? Do you want to remedy the situation but worry that bringing the mistake to the attention of the Comptroller will subject your business to hefty penalties and interest?
Company officers are often surprised to learn that several options are available to them if they find they have become delinquent on state and local taxes. Although it may appear as if there is no recourse in these situations, companies can settle delinquent accounts with state taxing authorities and are often eligible to have the penalties and interest on these accounts waived
While a VDA (Voluntary Disclosure Agreement) may be filed by a company in participating states at any time, many states also implement periodic amnesty programs. These programs usually allow those that have failed to file tax reports (or have incorrectly reported a lower tax amount) during a specific period to come forward and pay the taxes owed. In most cases, the penalties and interest for these taxes is forgiven by the state taxing authority.
Companies doing business in Texas have the opportunity to take advantage of an amnesty program beginning this June. Texas Comptroller Susan Combs has announced that the Fresh Start program will run from June 12 through August 17, 2012, during which time businesses can, according to Combs, “set their tax records straight and save money by not having to pay penalty and interest on tax reports they had failed to file.”
