United States

Virginia: Department Announces Dates and Guidance on Tax Amnesty

Sep 11, 2017
From KPMG TaxWatch

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The Virginia Department of Taxation recently published guidelines on the Commonwealth’s upcoming tax amnesty and announced the dates for the program. Specifically, the amnesty will start on September 13, 2017 and run through November 14, 2017. Amnesty is available for taxpayers that have been issued assessments, as well as taxpayers that are unknown to the Department. The guidelines provide a list of the numerous taxes eligible for amnesty, as well as the periods eligible for amnesty for each tax type. For example, for corporate income tax purposes, amnesty is available for the 2015 tax year and prior years. Any tax liability attributable to an issue that is the subject of a decision of a Virginia court rendered on or after January 1, 2016 is not eligible to be satisfied under amnesty.

Qualifying taxpayers must pay only the tax due and one-half of the interest on eligible bills and delinquent taxes. The remaining interest will be waived. The Department has sent notices to eligible taxpayers detailing which bills and delinquent tax returns qualify for the amnesty period. At the conclusion of the amnesty period, any outstanding amnesty-qualified liabilities will be assessed an additional 20 percent penalty. A taxpayer that pays a contested assessment under the amnesty program waives the right to an administrative or judicial appeal on the respective tax and tax period receiving amnesty benefits. Please contact Diana Smith at 703-286- 8214 with questions on Virginia’s upcoming amnesty opportunity.

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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.