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Focus on State and Local Taxation: Missouri Tax Amnesty Program

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Governor Nixon recently signed a bill creating a tax amnesty program and other tax provisions. This program provides amnesty for penalties, additions to tax and interest on unpaid income, sales, withholding, and franchise taxes through December 31, 2014, if paid in full during the amnesty period of September 1, 2015 through November 30, 2015.
May 13, 2015

Governor Nixon recently signed a bill creating a tax amnesty program and other tax provisions. This program provides amnesty for penalties, additions to tax and interest on unpaid income, sales, withholding, and franchise taxes through December 31, 2014, if paid in full during the amnesty period of September 1, 2015 through November 30, 2015.  

However, participation in this amnesty program has several claw back provisions. These provisions require taxpayer compliance with tax laws for 8 years following the date of the agreement and not filing refund claims or appeals for periods in the amnesty program, but the Department of Revenue and/or the Internal Revenue Service may adjust the taxpayer’s return under audit. The taxpayer must also agree not to pursue amnesty for the same tax type in the future.  

If unpaid tax liabilities or this amnesty program raises concerns or uncertainties the State and Local Tax (SALT) professionals at RubinBrown can assist you in resolving those concerns. We are available to provide a detailed consultation regarding the application of this amnesty program to your business and assist in preparation of the required filings.

 

Any federal tax advice contained in this communication (including any attachments): (i) is intended for your use only; (ii) is based on the accuracy and completeness of the facts you have provided us; and (iii) may not be relied upon to avoid penalties.

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