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Friday, June 25, 2010
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Florida Offers Tax Amnesty
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The Florida Department of Revenue (FDR) has implemented a tax amnesty
program that will begin July 1, 2010 and end September 30, 2010. Under the amnesty program, qualified
participants will be entitled to a complete waiver of penalties and a partial waiver
of interest. Taxes covered by this
program include all income taxes, sales and use taxes and other state and local
option tax liabilities that are due prior to July 1, 2010.
Taxpayers participating in this program receive a partial waiver of
interest as explained below:
- 25% of applicable interest if under audit,
inquiry, examination or civil investigation initiated by the Department.
- 50% of applicable interest if not under
audit, inquiry, examination or civil investigation initiated by the Department.
Taxpayers will also pay a processing fee along with the required tax
payment and interest. The processing fee
is the greater of $10 or 10% of the total tax (including interest and
penalties). Installment payments are
available to those participants who sign an amnesty program agreement, submit a
written request for such payments, and sign a stipulated payment
agreement.
In order to participate, the taxpayer must agree to forgo or withdraw a
protest or an administrative or judicial proceeding that has not been finalized
and waive any right to request a refund, file protests, or initiate an
administrative or judicial proceeding in regard to taxes paid under this
amnesty program.
To receive this tax amnesty, taxpayers must do the following:
- File forms and other documents specified by the
Department, and
- Pay all tax, interest, and the processing fee.
Additionally, taxpayers must not be currently charged with a violation
of state law or be seeking relief on a debt resulting from a criminal
conviction. Taxpayers also must not be entered
into a settlement agreement prior to July 1, 2010, or seeking a refund of
penalties paid prior to July 1, 2010.
If you have any questions regarding the Florida amnesty, please contact
Yeonok Seo or Jannette Skelton at 978-262-0010, or by email at yseo@dmainc.com and jskelton@dmainc.com.
H.B. 5801, effective May 28, 2010.
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