Oklahoma Announces Limited Time Tax Amnesty Program
Oklahoma has passed legislation authorizing and directing the OK Tax Commission to establish a “voluntary compliance initiative” to give shelter and relief to delinquent taxpayers. The initiative will run from Sept. 14 through Nov. 13 and include, among others, (i) corporate and personal income tax, (ii) sales and use tax, (iii) withholding tax, (iv) gasoline and diesel tax, (v) gross production and petroleum excise tax; and (vi) mixed beverage tax. To participate, taxpayers must file delinquent tax returns during the amnesty period and pay the taxes due (or enter into a written payment plan). In exchange, the Tax Commission will waive all penalties, interest and other collection fees or costs due on eligible taxes that were due and payable for any tax period ending before January 1, 2015.
Further guidance from the OK Tax Commission will be forthcoming. But taxpayers who believe they owe any of the Oklahoma taxes listed above should consider participating in the amnesty program as a means to avoid interest, penalties and costs or fees.