Publication
Legal Alert: Tax Amnesty – States’ Empty Coffers Spell Opportunity
Beset by the turbulence of the wake of recent economic turmoil, states are leaving no rock unturned in the hunt for missed revenue opportunities under existing tax laws. One such avenue is for states to search for taxpayers that have unreported or underreported income. In an effort to encourage compliance with tax laws and add to depleting state coffers, some states have enacted tax amnesty programs to lighten the load of ferreting out unreported or underreported income. These tax amnesty programs generally allow taxpayers to correct unreported or underreported income for a limited time under more favorable terms, such as reducing or eliminating penalties and interest.
About Snell & Wilmer
Founded in 1938, Snell & Wilmer is a full-service business law firm with more than 500 attorneys practicing in 16 locations throughout the United States and in Mexico, including Los Angeles, Orange County and San Diego, California; Phoenix and Tucson, Arizona; Denver, Colorado; Washington, D.C.; Boise, Idaho; Las Vegas and Reno, Nevada; Albuquerque, New Mexico; Portland, Oregon; Dallas, Texas; Salt Lake City, Utah; Seattle, Washington; and Los Cabos, Mexico. The firm represents clients ranging from large, publicly traded corporations to small businesses, individuals and entrepreneurs. For more information, visit swlaw.com.
