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Old 06-11-2009, 11:50 AM
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Virginia State authorizes a Tax Amnesty during Fiscal Year 2010!

The Virginia Department of Taxation has announced that "a tax amnesty program lasting 60-75 days in Fiscal Year 2010 (July 1, 2009 – June 30, 2010) has been authorized. Exact dates for the amnesty are not yet known."

According to the Virginia Department of Taxation, "civil and criminal penalties and 50% of the interest due will be waived if the remaining balance is paid in full. Eligible taxpayers include those who currently have an outstanding assessment or who have not filed a return for any Department of Taxation-administered tax."

Furthermore, Virginia Department of Taxation stated that ,"Taxpayers are ineligible if they are currently under investigation or prosecution for filing a fraudulent return or failing to file a return with the intent to evade tax, have an assessment or unfiled return due within 90 days of the first day of the program, or have an individual, fiduciary, or corporate income tax liability attributable to taxable year January 1, 2008 or later."

Also, "If eligible balances are not paid during the amnesty program, an additional penalty of 20% will be assessed on the unpaid tax. (S.B. 1120, Laws 2009, effective July 1, 2009)."

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