Following on the heels of the current tax amnesty program in the State of Maryland, and in its own effort to raise revenues, the Commonwealth of Virginia will be offering tax amnesty under its recently announced “Get Square VA” campaign for submissions made between October 7, 2009 and December 5, 2009. All civil penalties and one-half of accrued interest will be waived. For taxpayers who are behind with their Virginia taxes, this is a no-brainer. Moreover, unlike its Maryland counterpart, taxpayers who fail to take advantage of this program will be hit with an additional 20% penalty on all of their unpaid taxes.
Who is an eligible taxpayer?
Most taxpayers, including individuals and businesses, will be able to take advantage of the Amnesty Program.
What taxes are eligible?
Tax bills which qualify must relate to “eligible tax types” incurred during one or more “eligible periods.” Eligible tax types include individual and corporate state income taxes, withholding taxes, sales & use taxes, estate taxes and a plethora of other taxes. The income taxes and estate taxes must relate to taxable years 2007 and prior, while the various other tax types have differing eligible periods. The Program does not apply to taxes related to any income tax returns relating to the 2008 filing season.
How do I obtain these benefits?
No form is required. If you have delinquent returns, you need to file them by December 5th, together with a payment for all taxes and one-half of the interest. If you don’t have outstanding returns, simply mail your payment in for the taxes and one-half of the interest, again by December 5th.
Where can I find out more information?
If you are behind on your Virginia taxes, do not miss out on this rare opportunity for relief. If you do not take advantage of it, you will be subject to an additional 20% penalty. If you have any questions about the program, please do not hesitate to contact us.