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Tax amnesty deadline approaching
Businesses can clear up tax records until Aug. 17
Updated: Tuesday, 07 Aug 2012, 2:39 PM CDT
Published : Tuesday, 07 Aug 2012, 1:56 PM CDT
AUSTIN (KXAN) - Businesses have a little more than a week remaining to take advantage of the Texas Fresh Start tax amnesty period, which ends on Aug. 17.
According to the Texas Comptroller of Public Accounts Office, the amnesty is a chance for businesses to clear up their tax records and save money by not having to pay penalty and interest on tax reports they had failed to file.
Businesses can file 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 news release said.
The tax amnesty covers taxes and fees that were originally due before April 1.
The amnesty does not apply to underpaid tax returns 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.
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