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Legal Alert: Tax Amnesty - States' Empty Coffers Spell Opportunity

09/02/2011

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.

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