Are you worried about a failure to file a franchise tax or sales tax return in Texas?
Worried that you could go to jail?
Worried that the State of Texas is going to hit you with horrible penalties and interest?
There is a way to avoid these problems and reduce your liablity.
The answer is do a “Voluntary Disclosure.”
The Texas Comptroller has a policy that it wants to get taxpayers to comply with its tax laws and you can get favorable treatment if you do it quickly.
The general guidelines for the Voluntary disclosure are:
- Comptroller will generally only look back 4 years
- All taxes collected need to be remitted (even if outside the 4 years).
- No penalties will be assessed.
- No interest will be assessed.
- Program only available if no audit or investigation has begun.
Beware, that in order to qualify you must make the disclosure before the Texas Comptroller contacts you. Bottom line, do not delay!
The benefits are:
- Eliminate criminal exposure
- Eliminate penalties
- Eliminate interest
- Generally only pay back taxes for four years
This program is as close to a “get out of jail free” card as you can get.