Are you a delinquent? A delinquent taxpayer, that is. If so, and if your business is in Texas, then you may be in luck.
The Texas Amnesty Program allows some business owners who are delinquent on previous state filings to “wipe the slate clean” from any outstanding penalty and interest fees owed. But this program has a deadline that is quickly approaching!
The Texas Amnesty Program that began on May 1, 2018, will only run through June 29, 2018. So if this applies to your current business situation, then take advantage of this program before it expires.
Details of the Amnesty Program
There are a couple things to note before you rush to seek amnesty. According to the Texas Comptroller's website, the amnesty program does not apply to accounts certified to the Office of the Attorney General that are in current litigation or those that have been reduced to judgment. It also does not apply to filing periods under audit or those identified for an upcoming audit. Also, it does not apply to the following:
Local motor vehicle tax
International Fuel Tax Agreement taxes
Public Utility Commission gross receipts assessments
Unclaimed property payments
Eligible taxpayers include those who did not file for a period before January 1, 2018, as well as underreported taxes or fees.
How to Apply for the Amnesty Program
The Texas Comptroller's website details how to apply for this amnesty program. Here are some of those steps:
Remember that you only have until June 29, 2018, to take advantage of this amnesty program that is currently available to Texas business owners. Now is your time to catch up on all of those reports you never got around to without paying those pesky and expensive penalties or interest fees!
Calling All Current or Future Texas Business Owners
The Texas Amnesty Program is designed to give a second chance to business owners and "wipe the slate clean." But ideally, you should know the rules and regulations so well that you wouldn't need to take advantage of a program such as this — so it only serves as a safety net just in case you accidentally miss something. Learning more about the nuances, taxes and business regulations for the state of Texas would be beneficial as a business owner.
Lisa Crocco is a marketer for an international food manufacturer by day and a freelance writer/marketer for startups and small businesses by night. She's written for outlets like USA Today College, Career Contessa, CloudPeeps and Fairygodboss.