Newly enacted legislation could mean tax relief for thousands of Oklahomans. In May, Governor Mary Fallin signed the 2017 Voluntary Disclosure Initiative. The Initiative is a tax amnesty program that is meant to help people pay back their state taxes. From September 1st to November 30th, eligible taxpayers can get a waiver of penalty, interest, or other collection fees due on eligible taxes. That is, if the taxpayer voluntarily files all missing tax returns and pays taxes due during the initiative’s time frame.
Eligible taxes for the initiative include: mixed beverage tax, gasoline and diesel tax, gross production and petroleum excise tax, sales and use tax, corporate and person income taxes along with personal withholding tax. To also be eligible, taxpayers can’t have outstanding tax liabilities other than those reported under the initiative and they can’t have already been contacted by the commission about their obligation to file or to make a payment. Taxpayers are not eligible if they have already entered into a voluntary disclosure agreement for the type of tax owed within the preceding three years.
Participating in the Voluntary Disclosure Initiative could save you thousands of dollars if you are able to get all or even some of your penalties and interest waived. It’s important though, that your understand all the eligibility requirements and what you are expected to do when you file your missing tax returns. Polston Tax can not only help you find out if you’re eligible, but what kind of options you have and how you can get your tax problems resolved in the way the best fits your finances. To learn more about how you can settle your state tax debt or to learn how you can get back on track, call Polston Tax at 405-801-2146 or visit us online to schedule a free consultation!