May 31, 2007
FOR IMMEDIATE RELEASE
Iowa Governor Signs Tax Amnesty Act.
Iowa Governor Chet Culver signed the Iowa Tax Amnesty Act of 2007 aimed at collecting
delinquent taxes owed by Iowa taxpayers. The Tax Amnesty Program (“Program”) will
run from September 4, 2007 through October 31, 2007, during which time taxpayers can
pay past due taxes in full and receive waiver of penalty and pay one-half of regular
interest charges normally assessed and will not be subject to civil penalties or criminal
prosecution. Amnesty applies to taxes that were due anytime before December 31, 2006.
Failure to participate in the Program will not result in penalty or interest assessments
beyond those ordinarily assessed by the Iowa Department of Revenue (“Department”).
Amnesty is available for income tax, sales and use tax, and all other state and local
taxes and fees administered by the Department. Taxpayers eligible for amnesty include
those that have tax liabilities delinquent as of December 31, 2006, including tax due on
returns not filed, tax liabilities owed to the Department as of December 31, 2006, or tax
liabilities not reported nor established but delinquent as of December 31, 2006.
As such, amnesty is available to taxpayers currently under audit or review, or taxpayers
already contacted by the Department regarding an audit, as long as the audit assessment is
not finalized by September 4, 2007. Additionally, amnesty is available for a taxpayer who
has signed a Voluntary Disclosure Agreement before the beginning of the amnesty period but
has not settled the outstanding tax liability with the Department.
Amnesty is not available to a taxpayer who is the subject of an active criminal investigation
or who is a party to a criminal proceeding that is pending in a District Court, the Court of
Appeals, or the Supreme Court of Iowa if such investigation or proceeding involves nonpayment
or fraud in relation to any state tax imposed by a law in Iowa.
If you have any questions regarding the above information, please contact Mr. G. Brint Ryan,
Managing Principal of Ryan & Company, at 972.934.0022.
Mr. Ryan can also be reached via e-mail.
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