Important Tax Alert!!
October 17, 2017
Hurry! Time is running out to participate in Oklahoma’s 2017 Voluntary Disclosure Initiative.
Oklahoma’s 2017 Voluntary Disclosure Initiative (“VDI”), a three-month tax amnesty program is about to expire. The program exists from September 1, 2017 through November 30, 2017. This program allows qualifying taxpayers to report and remit previously unpaid taxes to the State of Oklahoma with the benefit of a complete waiver of penalty and interest. It is more difficult to qualify for than previous similar programs.
The 2017 VDI, codified in 68 O.S. § 216.4, has four major qualifying requirements. The taxpayer must:
1) not have outstanding tax liabilities other than those reported pursuant to this initiative;
2) not have been contacted by the Oklahoma Tax Commission (“OTC”), or third party acting on behalf of the OTC, with respect to the taxpayers potential or actual obligation to file a return or make a payment to the state;
3) not have collected taxes from others, such as sales and use taxes or payroll taxes, and not reported those taxes; and
4) not have, within the preceding three years, entered into a voluntary disclosure agreement for the type of tax owed.
The tax owed must be an “eligible” tax which include: mixed beverage, gasoline and diesel, gross production and petroleum excise, sales, use, income and withholding taxes.
Hall Estill’s tax attorneys are well versed in the program and have assisted clients participating in the current VDI. If you believe you qualify or desire more information, please contact Ken L. Hunt, David T. Potts or Carson K. Glass. These individuals would be glad to help you or your company take advantage of the full waiver of penalty and interest before time runs out at the end of November.