United States

Massachusetts: Legislature Approves Amnesty ProgramState

Feb 23, 2015
From KPMG TaxWatch

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The newly-elected Governor of Massachusetts recently signed legislation (H.B. 52) that establishes a tax amnesty program to be held for a sixty-day period in Fiscal Year 2015 (i.e., before the end of June 2015). Taxpayers that are eligible to participate can receive a waiver of penalties (those penalties that the Commissioner of Revenue has sole authority to waive), but will not receive any interest waiver. Both unreported liabilities, as well as already-assessed, but as of yet unpaid liabilities related to already-filed returns, may be satisfied during the program. All required amnesty payments must be made by June 30, 2015. The scope of the program, including the particular tax types eligible for amnesty and any limited lookback for unfiled returns, will be determined by the Commissioner. However, the program will at least apply to corporate excise taxes. The Commissioner has some discretion whereby she can decline to allow certain taxpayers to participate in the amnesty if participation would not enhance revenue collections. Taxpayers that participate waive any right to subsequently receive a refund or contest amounts paid under the program. Amnesty legislation is also pending in Indiana, Kansas, Missouri, and New Hampshire. Please stay tuned to TWIST for additional information on upcoming state amnesty programs.  

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The following information is not intended to be "written advice concerning one or more federal tax matters" subject to the requirements of section 10.37(a)(2) of Treasury Department Circular 230.

The information contained herein is of a general nature and based on authorities that are subject to change. Applicability of the information to specific situations should be determined through consultation with your tax adviser.