McDonald Hopkins Alert: Now is the Time to Consider Tax Amnesties: Attention Illinois and Maine -- Your Deadlines are Fast Approaching
CLEVELAND, Oct. 26 /PRNewswire/ -- The Multistate Tax Practice at McDonald Hopkins law firm reminds taxpayers that in the wake of state budget issues, some states are turning to amnesty programs to acquire quick cash, and to place non-filing taxpayers onto the state tax rolls. Amnesty programs provide those who owe back taxes the opportunity to pay off tax debts while limiting or eliminating some years of tax exposure, as well as eliminating certain penalties and interest. Additionally, even if a state does not have an amnesty program currently in place, often a taxpayer will have the ability to enter into a voluntary disclosure agreement ("VDA") which provides similar benefits to those offered under an amnesty program.
Before applying for a tax amnesty program, you should consider your ability to file all the required paperwork and pay all the required taxes (and interest) in the timeframes required. You also should consider any adjustments you may need to make to your federal tax returns, as well as whether filing in a particular state will require or allow you to file an amended return in another state, where you may have overpaid tax. Amnesties present opportunities and challenges which should be carefully weighed by someone considering participation.
Click below to read the McDonald Hopkins Multistate Tax Alert:
About McDonald Hopkins
With more than 130 attorneys in Chicago, Cleveland, Columbus, Detroit, and West Palm Beach, McDonald Hopkins is a business advisory and advocacy law firm focused on business law, litigation, business restructuring, labor and employment, government affairs, healthcare, and estate planning. The president of McDonald Hopkins is Carl J. Grassi. For more information about McDonald Hopkins, visit http://www.mcdonaldhopkins.com.
Deborah W. Kelm
McDonald Hopkins LLC
SOURCE McDonald Hopkins