On April 27, 2015, Missouri Governor, Jay Nixon, signed House Bill 384, creating a Tax Amnesty Program (“Program”) for taxes administered by the Missouri Department of Revenue, including state income and franchise taxes, withholding taxes, and sales and use taxes.
The Tax Amnesty Program, which is available to both businesses and individuals, will be conducted from September 1, 2015 to November 30, 2015. To be eligible for the Program, the individual or business must:
- Apply for the Program,
- File a tax return for each taxable period for which amnesty is requested,
- Pay the entire balance of tax due by November 30, 2015, and
- Agree to comply with state tax laws for the next eight years.
Please note that the tax payment under the Program constitutes an express and absolute relinquishment of all administrative and judicial rights of appeal. Furthermore, any tax remitted under the Program is not eligible for a refund or credit.
As an incentive to get individuals and businesses to utilize this Program, the Missouri Department of Revenue will waive penalties, additions to tax and interest on taxpayers who failed to file, underreported, or did not pay the tax liability for income and franchise taxes, withholding taxes, and sales and use taxes due but unpaid on or before December 31, 2014. The Missouri Program, while not available to any taxpayer who at the time of payment is party to any criminal investigation or to any civil or criminal litigation for nonpayment, delinquency, or fraud, can be utilized by anyone that has a pending appeal, current installment agreement, offer in compromise, or other form of agreement with the State of Missouri to further reduce the amounts due.
Please contact your MarksNelson advisor at (816) 743-7700 if you have any questions regarding this Program.