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You are here: Home / Politics / Govt / Department of Revenue reveals plans for tax amnesty

Department of Revenue reveals plans for tax amnesty

July 10, 2007 By admin

The Iowa Department of Revenue today announced the tax amnesty period approved by the Iowa Legislature in the last session will begin the day after Labor Day. Revenue Department Director Mark Schuling says the amnesty will run from September 4th through October 31st. You can sign up on the website "Iowa-Tax-Amnesty-dot-com.

The website will contain taxpayer information and the forms needed to apply. Schuling says they’ve also created a toll-free phone number to answer questions. You can call 1-877-422-5829, or 1-877-4baktax. Schuling says this is the first chance since 1986 for tax amnesty.

Schuling says you can clear up unpaid, under-reported, or overdue taxes without any further legal or administrative proceedings. You can save money as the program offers a one-time chance to pay the taxes and cut the tax penalty by 50-percent. Schuling says the amnesty gives a two-month window to clear up what could be years of unpaid taxes.

The program applies to all tax periods for which the taxes were due prior to December 31, 2006. Taxes must be paid all at once, as payment plans are not being offered. Schuling says they project the amnesty period will bring in some 54-million dollars to the state. He says there will be all kinds of taxpayers, including people who have never filed, people who have under-reported, businesses that may have under-reported withholding and other taxes. Schuling says the largest amounts of taxes in 1986 came from corporations.

Schuling says there are some people who are not eligible for amnesty — such as if you already settled your tax issue with the state for a lesser amount. Schuling says it excludes people who have a criminal proceeding going against them. If you are in litigation, you have the option to take the tax amnesty and waive your chance for legal action. Schuling encourages you to consider taking care of your tax situation now — as the amnesty opportunity is not going to come up again for awhile.

The legislation that created this tax amnesty says another amnesty period can’t take place until 2025. "So this is the year that if someone owes taxes, they need to come in and pay," Schuling says. Schuling says the state currently has some 250-million in unpaid taxes right now, including the 54-million expected to be recovered from the tax amnesty. 

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Filed Under: Politics / Govt Tagged With: Taxes

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