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State of Missouri Announces A Tax Amnesty Program

By MarksNelson on June 2, 2015 in Articles, Tax
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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:

  1. Apply for the Program,
  2. File a tax return for each taxable period for which amnesty is requested,
  3. Pay the entire balance of tax due by November 30, 2015, and
  4. 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.

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MarksNelsonView all posts by MarksNelson
MarksNelson LLC works with clients to help safeguard and grow their businesses. Our ultimate goal is to help our clients to Move Forward. The firm provides Assurance, Accounting Services and Business Advisory, Business Valuation, Consulting, Cost Segregation, Employee Benefit Plan Audits, Litigation Support, Forensic Accounting, International Tax, State and Local Tax and Tax planning, advisory and compliance services. MarksNelson is a member of The Leading Edge Alliance, the second-largest international professional association of independently owned accounting and consulting firms, serving clients who need additional resources on a national or international level. MarksNelson has significant accounting and business advisory experience in the auto dealership, construction, insurance, manufacturing, distribution and real estate sectors. The firm was named among the 2014 Best Accounting Firms for Leadership Equity by the 2014 Accounting MOVE Project for its dedication to gender equity.