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States’ Tax Amnesty Program – Oklahoma and Virginia

The Oklahoma Tax Commission (Commission) has been authorized under the new law to establish a “Voluntary Disclosure Initiative” for eligible taxes (including the state corporate income and sales and use taxes) that permits a waiver of penalty, interest, and other collection fees due on eligible taxes if a qualifying taxpayer voluntarily files the delinquent tax returns and pays, or agrees to pay, taxes due during the period beginning September 1, 2017, and ending November 30, 2017, pursuant to a written payment program with the Commission. To be eligible to participate in this Voluntary Disclosure Initiative, taxpayers must:

  • not have outstanding tax liabilities other than those reported pursuant to this Voluntary Disclosure Initiative;
  • not have been contacted by the Commission or third party acting on behalf of the Commission, with respect to the taxpayer’s potential or actual obligation to file a return or make a payment to Oklahoma;
  • not have collected taxes from others, such as sales and use taxes or payroll taxes, and not reported those taxes; and
  • not have entered into a voluntary disclosure agreement for the type of tax owed within the preceding three years.

Pursuant to recently enacted legislation, the Virginia Department of Taxation (Department) has issued some initial guidance on its administration of the 2018 fiscal year tax amnesty program which will occur at some point during July 1, 2017 through June 30, 2018, for a period ranging between 60 and 75 days. The forthcoming amnesty program will provide a potential 50% interest waiver and 100% penalty waiver. It will generally be open to any taxpayer that is required but has failed to file a return or pay any tax administered by the Department.

For more information about this article, please contact our tax professionals at taxalerts@windes.com or toll free at 844.4WINDES (844.494.6337).

 

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