Arizona Tax Amnesty Program
Arizona’s Legislature has once again approved a tax amnesty program – if you owe taxes to the state of Arizona for just about any reason, you may be able to cut a deal and get ALL penalties and interest waived. Under typical circumstances, the penalties and interest associated with taxes owed can be substantial so the amnesty program can be a substantial benefit to taxpayers.
The amnesty program is available to individuals or businesses, even if they’re currently undergoing an audit. In fact, the only taxpayers who are not eligible are those who have been a party to a criminal tax investigation, proceeding or litigation, or to a closed agreement for a tax period included in the application.
The application must be submitted between now and October 31, 2016 and may cover taxes owed for the 2013 tax year and prior – for certain types of tax, this may extend to taxes owed for up to 2015.
And the biggest difference from prior years is that the amount owed can be paid all in one lump sum OR be distributed over three years. If you opt for the installment approach, you must pay at least one-third of the amount owed by October 31, 2016 and the remainder can be paid over the next 24 months.
If you owe back taxes to Arizona and want to take advantage of this program to easily get the penalties and interest waived, give us a call and we’ll assist you in making the arrangements. Call (480) 888-7111 to request your free consultation or submit a web request here.