Apr 20, 2015
From KPMG TaxWatch
On April 14, 2015, legislation (Senate Bill 763) was signed into law establishing an amnesty period from September 1, 2015 through October 30, 2015. During this time, qualifying taxpayers can receive a waiver of civil penalties and ½ of the interest otherwise due on unreported taxes, underreported taxes, and unpaid tax liabilities. The types of taxes that are eligible for amnesty include corporate income, personal income, sales and use, and admission and amusement taxes. The 2015 amnesty program does not apply to any taxpayer that was granted amnesty under a Maryland amnesty program held between 1999 and 2014 or that was eligible to participate in the 2004 Delaware Holding Company settlement period. Maryland previously held tax amnesty programs in 2001 and again in 2009. The earlier amnesty programs were closed to taxpayers with more than 500 employees in the United States; the 2015 program is open to companies of any size. Please contact Dan McGuire at 703-286-8275 with questions on Maryland’s upcoming amnesty program.
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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.