By Terry Barrett, Tax Senior Manager | State & Local Tax Team
City of Richmond Tax Amnesty
The City of Richmond announced last week that it is having a Tax Amnesty Program from August 15 to October 16, 2017. The City will waive interest, penalties and fees in exchange for full payment of the outstanding tax liabilities. In some cases, payment plans may even be considered. Taxes qualifying for relief include business license (BPOL), business personal property tax, real estate tax, admissions taxes, meals & lodging taxes, but not motor vehicle personal property taxes/license fees. Individuals, businesses, estates, and trusts may participate in the Tax Amnesty Program.
To obtain amnesty, a taxpayer must apply in person either at City Hall or the Southside Community Service Center, complete an application, file any required local tax returns, provide the required down payment, if applicable, or pay the full balance due under amnesty (except in cases where a payment plan is negotiated). Additional details regarding the program may be found on the City’s website under “Tax Amnesty 2017.”
The amnesty program is a great opportunity for businesses located in the City to pay back taxes due and not be penalized. We find that some businesses may not know about specific local tax liabilities. This is particularly true for self-employed individuals operating out of their own homes. Please be aware, if you are operating a business in the City, even on a part time basis, you likely are subject to City filing requirements and business taxes.
Read more on Amnesty Programs.
Source: City of Richmond website
The information contained within this article is provided for informational purposes only and is current as of the date published. Online readers are advised not to act upon this information without seeking the service of a professional accountant, as this article is not a substitute for obtaining accounting, tax, or financial advice from a professional accountant.