MO tax amnesty offered Sept. 1-Nov. 30 - KFVS12 News & Weather Cape Girardeau, Carbondale, Poplar Bluff

MO tax amnesty offered Sept. 1-Nov. 30

MISSOURI (KFVS) -

Missouri will offer a tax amnesty from Sept. 1 to Nov. 30 thanks to House Bill 384.

The tax amnesty provides people and businesses with a one-time opportunity to pay back taxes that were overdue before Dec. 31, 2014 without having to pay interest or penalties.

Derieck Hodges, a financial adviser with Anchor Pointe Wealth Management says he expects a good portion of people who owe late taxes will take advantage of the program.

He says interest in some cases can amount to a lot of money.

This program will waive that, meaning taxpayers can save money.

Tax types that are amnesty eligible include individual income tax, corporate income tax, corporate franchise tax, employer withholding tax, sales tax, consumer's use tax, vendor's use tax and fiduciary tax.

The program requires taxpayers to stay in compliance with all state tax laws for eight years after signing the agreement. Taxpayers who are the subject of any civil or criminal state tax-related investigations or litigation cannot participate in amnesty.

The Missouri Department of Revenue will mail tax amnesty notices to delinquent taxpayers and businesses in late-August. The mailings include information such as the amounts owed and the amount the taxpayers will save in interest and penalties.

For more information about the tax amnesty and to get an application online, you can click here or call 573-751-7200.

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