Taxation & Estate Planning

TAX AMNESTY WINDOW OPEN UNTIL SEPTEMBER 30 [FLORIDA]

By Charles Rubin

Did you buy some artwork out of state that you brought back to Florida and did not pay Florida use taxes on? Did you forget that your ?c? corporation has to pay Florida corporate income taxes? Did you sell items upon which  you should have collected Florida sales tax?

If a taxpayer answers yes to any of these, or has any other failures to pay Florida taxes, a tax amnesty program opened on July 1 and will run through September 30, 2010. Those coming forward will have no penalties imposed and need not worry about criminal prosecution. They may also get a break on up to half of the interest owed on delinquent taxes if there is no ongoing audit or investigation by Florida.

The last time Florida had an amnesty program such as this was in 2003.

The program will not apply, however, to Florida unemployment taxes and Miami-Dade County Lake Belt Fees. Further, those who are under criminal investigation, whose liability is already covered by a settlement or payment agreement, or are involved in certain other programs are ineligible.

To participate in the program, a Tax Amnesty Agreement has to be submitted by the September 30 deadline. This can be done online. Proper returns must also be filed for the applicable taxes.  It may be possible to make an installment arrangement for payment of the late taxes.

Interestingly, taxpayers currently under audit can participate in the program.

More information on the program is available at http://dor.myflorida.com/dor/amnesty/.

Full post as published by Rubin on Tax on July 04, 2010 (boomark / email).