(AUSTIN) — Texas Comptroller Susan Combs is reminding businesses they can soon begin clearing up their tax records without penalty and interest when the state’s Fresh Start tax amnesty period begins June 12.
The tax amnesty covers taxes and fees that were originally due before April 1, 2012. Businesses can file missing tax reports and pay the overdue taxes, or amend and pay previous reports in which they had incorrectly stated a lower amount than was due. The amnesty does not apply to underpaid tax returns (tax that was reported but not paid) or filing periods that businesses have in audit.
The amnesty runs through Aug. 17, 2012.
The Fresh Start amnesty applies to sales tax, franchise tax and other state or local taxes or fees administered by the Comptroller’s office, except Public Utility Commission gross receipts assessments.
Taxpayers can get details on the Fresh Start tax amnesty at www.freshstart.texas. gov, or by calling 1-800-252- 1390.
A podcast is also available at: wosgacc/newsinfo/ podcast/transcripts/TaxAmnesty2012. html.