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State Tax Amnesty Programs

Posted Friday, May 11, 2012 by Michael A. Larson

alt text A recent note from a colleague reminded me of the dangers taxpayers face when entering into state tax amnesty programs. In many cases, these programs are excellent and provide taxpayers with an opportunity to settle past liabilities at a reasonable cost and bring their businesses into compliance with local authorities. However, there can be pitfalls to any amnesty program.

For example, Ohio is now offering a tax amnesty program from May 1, 2012 through June 15, 2012. Unfortunately, this program does not limit the “look back” period for assessing taxes. While some taxpayers will still find the Ohio tax amnesty program to work best, other taxpayers will find other alternative strategies work better. My recommendation is that you consult a local practitioner with specialized knowledge of the amnesty program, regardless of the state. One of the benefits I can provide to my clients is a network of outstanding tax professionals that know the ins and outs in particular states.

For more information, please contact Ronald Bueing at (206) 340-2008.

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