Every year at this time, Florida Department of Revenue posts on its website its rules for amnesty for taxpayers to voluntarily pay overdue taxes with no penalty and reduced interest.
Although most business owners do their best to comply with all revenue laws, mistakes to occur. For these reasons, the Department of Revenues offers its amnesty program in an effort to make certain that when a tax that’s past due is discovered in some fashion, it can be paid without significant additional cost to the taxpayer.
Generally, you and your business are eligible for this amnesty program if your liability for tax, penalty or interest was due before July 1, 2010, you completed a tax amnesty agreement or your liability was not already covered by settlement or payment agreement.
In many cases, the amnesty program is designed to eliminate any penalties for taxes not paid over the last few years and reduce the interest to either 1/2 or 3/4 of what’s due, depending on what situation your tax may be due.
A list of eligible taxes include documentary stamp tax, sales and use tax, and insurance premium taxes. Many other taxes are also listed on the Florida Department of Revenue’s website regarding the Florida tax amnesty program.
If you have any questions regarding the amnesty program because of an overdue payment amount, you can contact your accountant to discuss those matters in more detail.
Tags: Attorney, Business Planning, Clearwater, Estate Planning, Florida, Income Tax, Joshua T. Keleske, Lawyer, Revocable Trust, Tampa, Taxpayer
