SALT Report 2930 – The Vermont Department of Taxes released information regarding the State’s voluntary use tax self-audit program, called “Know What You Owe.” The self-audit program is being offered from August 1, 2013 through May 1, 2014.
During that time, business owners are invited to file an application to participate in the program. If accepted, the business owner will be required to conduct a self-audit and remit the amount of taxes due. If the business owner successfully completes the self-audit and pays its taxes, the Department will waive all penalties and 50% of the interest owed for the three-year period under review, rather than the typical seven-year look back period.
The business owner must complete the audit and pay any taxes and reduced interest within 30 days of the date they enter the program. If the tax is not paid within the 30-day period, the Department will impose additional interest. However, in some cases the Department may agree to an extended payment plan.
The Department is offering two workshops in September during which interested parties will meet with representatives from the Department and learn about the benefits of participating in this program.
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