Texas Comptroller Susan Combs has announced the opportunity for businesses to clear up their tax records without any penalty. The state’s Fresh Start tax amnesty period is set for June 12 through Aug. 17, 2012.
“The amnesty is a chance for businesses to set their tax records straight and save money by not having to pay penalty and interest on tax reports they had failed to file,” Combs said. “During the two-month amnesty businesses can file those missing reports and pay the overdue taxes, or amend and pay previous reports in which they had incorrectly stated a lower amount than was due.”
The tax amnesty covers taxes and fees that were originally due before April 1, 2012. The amnesty does not apply to underpaid tax returns (tax that was reported but not paid) or filing periods that businesses have in audit.
The Fresh Start amnesty applies to sales tax, franchise tax and other state or local taxes or fees administered by the Comptroller’s office, except Public Utility Commission gross receipts assessments.A similar tax amnesty was held in summer 2007 and brought in approximately $100 million in unpaid taxes.
Taxpayers can get details on the Fresh Start tax amnesty at www.freshstart.texas.gov, or by calling 1-800-252-1390.
