LGT's Profit Sense

On May 1, 2018, Texas will begin a two-month tax amnesty program. If you have any potential exposure for any Texas back taxes, LGT would welcome the opportunity to discuss the program with you to determine whether it would be worth pursuing. Additional information about the program is below.

From May 1 through June 29, the Texas Tax Amnesty Program will allow taxpayers (1) to file any past due reports, (2) to amend any previously-filed reports, or (3) to register for taxes that should have been reported without paying penalties or interest. Participating in the Amnesty Program will not increase the chances of being audited, although the Texas Comptroller reserves the right to audit these periods just like any other periods. 

The Amnesty Program is available for nearly all relevant tax types administered by the Comptroller and covers all reports originally due before January 1, 2018. The Amnesty Program is not available for filing periods under audit or identified for an audit.

Please do not hesitate to contact Jon Wellington, J.D., Principal of our State and Local Tax practice, if you have any questions.