Oklahoma Issues Emergency Rules for Voluntary Compliance Initiative

Oklahoma’s rules for the voluntary compliance initiative, beginning September 15, 2008 and ending November 14, 2008, were recently approved and are effective as of August 8, 2008. The program allows for waivers of penalty, interest, and any other collection fees associated with certain taxes due and payable before January 1, 2008. The eligible taxes are mixed beverage, gasoline and diesel, gross production and petroleum excise tax, franchise, sales and use, income, withholding, and privilege taxes. Penalties on negligence, failure, or refusal to file, fraud, filing a report or return with insufficient information or the face of a tax warrant for failure to pay a delinquent tax may also be waived. To qualify a taxpayer must either voluntarily file delinquent returns, amended returns, or pay previously assessed liabilities. All of these options also require payment in full or through a payment plan agreement that must entered into between September 15, 2008 and November 14, 2008. If a payment plan is not paid in full by June 15, 2009, penalty equal to the amount of the original delinquent penalty will be added thereto. (Rules 710:1-9-1 through -10, Oklahoma Tax Commission, effective as noted)

Posted on August 25, 2008