Feb 20, 2017
From KPMG TaxWatch
Virginia House Bill 2246 has passed both houses and been sent to Governor McAuliffe for signature. House Bill 2246 establishes a tax amnesty program to be administered by the Department of Taxation. The actual dates of the program would be established by the Tax Commissioner, it would be at some point during fiscal year 2018 for a period ranging between 60 and 75 days. Amnesty will be available to taxpayers that have underreported taxes or that have outstanding assessments, as well as taxpayers that have not filed returns for any tax administered by the Department. Taxpayers that are currently under investigation or prosecution for filing a fraudulent return or failing to file a return with the intent to evade tax are not eligible to participate. Taxpayers will not be able to obtain amnesty for assessments dated less than 90 days prior to the first day of the amnesty program or for liabilities arising from the failure to file a return due less than 90 days from the first day of the program. Amnesty will also not be available for liabilities attributable to tax years beginning on and after January 1, 2016. All penalties and 50 percent of the interest otherwise due will be waived upon payment of the taxpayer's remaining balance. At the conclusion of the amnesty period, any remaining liabilities that could have been satisfied during the amnesty program will be subject to an additional 20 percent penalty. Virginia’s last amnesty program was held in 2009 and the Department collected $103 million in amnesty revenue. Please stay tuned to TWIST for updates on future 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.