Project Fresh Start – Texas Taxpayer Amnesty Program
A Chance for Businesses to Start Over
If you own or operate a Texas-based company or an out-of-state company doing business in Texas, you know that you are required to pay many types of state and local taxes. If for any reason you are delinquent on taxes or underreported taxes in the past, the Texas Comptroller of Public Accounts has announced an amnesty program that you should strongly consider utilizing.
The program is called “Project Fresh Start,” and it runs from June 12 to August 17, 2012. During this amnesty period, the comptroller will allow taxpayers to pay delinquent taxes and amend reports that underreported taxes without levying the usual interest and harsh penalties. Tax amnesty programs such as this are rare opportunities for business owners to clean the slate with respect to state and local tax liabilities.
How the Law Firm of Brown, PC, Can Help
The first step in benefiting from the Texas tax amnesty program is determining whether you qualify. As a firm devoted entirely to tax law, Brown, PC, can analyze your tax history and current position to ascertain whether you are eligible for the program. Putting aside certain complexities, you will qualify for amnesty if you:
- Did not file a required tax return or report originally due before April 1, 2012
- Underreported taxes or fees by any method, such as by claiming erroneous deductions
- Do not have a permit to report and remit Texas taxes
Our staff includes skilled Texas tax attorneys and certified public accountants who can guide you through the entire amnesty process, including direct interaction with the comptroller’s office whenever necessary. Because our firm is home to both legal and accounting professionals, you can rely on us to handle all aspects of amnesty without the need for you to engage separate firms, saving you time and money.
What Taxes Are Eligible for Amnesty?
Amnesty is available for all state and local taxes and fees levied by the comptroller’s office, with the exception of Public Utility Commission gross receipt assessments. Sports and community venue tax and property taxes are not administered by the comptroller and are not eligible for amnesty.
As a business owner, franchise tax and sales tax greatly affect your operations. If you have failed to pay these taxes over to the state, the taxpayer amnesty program is an excellent opportunity to pay those outstanding liabilities, and to do so without incurring any penalties or interest.
Situations Where Eligibility Is Questionable
We encourage you to meet with our tax professionals if you wish to take advantage of amnesty but find yourself in any of these situations:
- You are currently under audit
- You signed a voluntary disclosure agreement before June 12, 2012
- You signed a settlement agreement before June 12, 2012
- You are currently considering signing either of these agreements
Eligibility for the taxpayer amnesty program is not clear-cut for those who fall into the above categories. Eligibility will depend entirely on the facts of your unique situation. You can rely on the team here at Brown, PC, to accurately determine your eligibility and take action that could enhance the likelihood that you will qualify for the program.