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Tax Advisory: The Oklahoma Tax Commission (OTC) has announced a tax amnesty program

By Bret Little, CPA, Tax Partner

The Oklahoma Tax Commission (OTC) has announced a tax amnesty program titled Voluntary Disclosure Initiative (VDI) available from September 1, 2017 through November 30, 2017.  The VDI program offers complete waiver of penalty and interest to qualifying taxpayers.  The VDI applies to income, sales, use, withholding, mixed beverage, gasoline, diesel, and gross production and petroleum excise taxes.

If you have any unpaid tax liabilities with the OTC, you may want to take advantage of this program.  The OTC is aggressively pursuing unpaid taxes.

In particular, the OTC is looking at sales tax remittance related to the sale of equipment, furniture, and fixtures that were reported sold on IRS Form 4797.  If you have sold assets and did not collect sales tax, you may have a liability and can settle the liability without penalties and interest.

If you have any questions or concerns regarding this tax amnesty program, please contact us.