The clock is ticking for companies wishing to take advantage of the Pennsylvania Tax Amnesty Program (“Program”). Companies can file within the Program’s 54-day grace period, which begins on April 26, 2010. Organizations that comply with the Program’s requirements and pay their past amounts can avoid penalties and one-half of the interest owed on back taxes.
“This is a very complex program, and companies that wish to take advantage of the amnesty period should already be working with experts to evaluate the potential savings,” said Dennis J. Kolumber, Jr., Principal at Ryan. “Companies should also note that participating in the Program can limit their ability to obtain a refund for overpayment of taxes and abandons their opportunity for appeal.”
“The amnesty covers more than 30 different types of taxes covering dozens of industries. However, the Program includes new penalties for companies that have an outstanding tax liability and do not take advantage of the Program,” said Mr. Kolumber. “For all non-participants, at the conclusion of the tax amnesty period, a 5% non-participation penalty will be imposed on unpaid liabilities not paid in full during the tax amnesty period.”
According to the tax amnesty legislation, an eligible tax liability is any tax that is administered by the Department of Revenue and is delinquent as of June 30, 2009. Among the categories of taxes eligible for the Program include:
* Corporate net income tax
* Employer withholding tax
* Fuel use tax
* Gross receipts tax
* Hotel occupancy tax
* Sales and use tax
The Program also includes a provision to require repayment of the amount forgiven in the amnesty period if the taxpayer becomes delinquent again.
“Amnesty programs have been successful in other states,” said Mr. Kolumber. “An amnesty program in New Jersey reportedly generated more than $600 million in additional revenue for the state.”
With state taxes becoming more complex, and collection efforts more aggressive as the states struggle with declining tax revenues, it’s important for companies to avoid both interest and penalties by ensuring they are compliant with the myriad of state tax laws.
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