TaxOps.com
Tax News

MTC nexus program extends limited time amnesty for Amazon retailers

The Multistate Tax Commission (MTC) Nexus Committee has extended the application deadline for requests to enter the Marketplace Sellers Amnesty program from Oct. 17, 2017 to Nov. 1, 2017, giving taxpayers two extra weeks to meet eligibility criteria for tax relief.

Who it eligible?

This limited-time voluntary disclosure tax relief initiative is for both sales and use and income taxes for certain online sellers that use marketplace providers and facilitators to fulfill retail sales into the state. Under the MTC Procedures of Multistate Voluntary Disclosure, a taxpayer can apply to a state for voluntary disclosure anonymously and not disclose its identity to the state until the taxpayer registers with the state and the voluntary disclosure agreement is executed. The taxpayer may choose which state and which tax type (sales/use tax, income/franchise tax or both) to seek voluntary disclosure relief for.

How to apply?

Taxpayers must apply electronically to the state for voluntary disclosure relief through the MTC Multistate Voluntary Disclosure Program. Taxpayers seeking tax relief from past due sales and use tax, including interest and penalties, and if applicable, income and franchise tax liability, including interest and penalties, in connection with its online retail sales activity in the state, except for sales and use tax collected but not remitted, with the taxpayer agreeing to register as a seller or retailer with the state and timely collect, report and remit sales and use tax and file returns on all taxable retail sales to customers in the state prospectively as of the effective date of the voluntary disclosure agreement.

States will not waive tax, penalties or interest on collected but unremitted taxes. Contact your TaxOps Advisor if you'd like to talk over this tax relief measure.  

Get more details on the initiative from our earlier post at Act fast: Ongoing amnesty program

Let's talk tax

Judy Vorndran can be reached at jvorndran@taxops.com or 720.227.0093. Follow Judy on LinkedIn.

Featured resource

State and Local Tax: Five sell-side strategies to boost sales price

Taxes have the potential to undercut the purchase price of your transaction. Complete these sell-side due diligence tasks before identifying your buyer to clear potential state and local tax issues early and leverage tax opportunities, justifying a higher sales price. Get the File »

Subscribe to Tax News for tax updates

How high are state and local tax collections in your state?

Businesses aren't treated equally under GOP tax reform proposal

Judy Vorndran elected Chapter President of AAA-CPAs