Richmond Tax Amnesty Program

Posted on 08.21.17

Richmond Tax Amnesty Program

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.

If you have questions about Richmond’s Tax Amnesty Program or local tax filing requirements generally, please reach out to Terry Barrett or your Keiter advisor | 804.747.0000 | Email

Read more on Amnesty Programs.

 

Source:  City of Richmond website

Posted by: Terry Barrett, CPA

Terry Barrett specializes in state and local tax concerns for her clients. She has over 30 years of experience working in the public and private accounting sector. She is a graduate of Virginia Commonwealth University. You can read more of Terry’s state and local tax insights here.