Tax Relief from Texas Comptroller
March 27, 2020 by Joshua Smeltzer
Federal tax relief and announcements from the Internal Revenue Service have dominated the headlines. However, as many local businesses know, state and local taxes can also cause a hardship when the economy suffers. Thankfully, the Texas Comptroller has issued an announcement indicating that they are offering assistance to businesses struggling to pay the full amount of sales taxes for February. A link to the announcement is here.
The relief offered is short-term payment agreements and potential waiver of penalties and interest. Taxpayers can call the enforcement hotline if they are interested in exploring the offered relief. Beware that the announcement has very little detail and failure to receive a waiver of penalties and interest may make any offered relief untenable. However, for some taxpayers this may be welcome news.
For Taxpayers intending to challenge audit results, the Texas Comptroller announced on Twitter that it is temporarily suspending the 60-day deadline for requests for redetermination and refund hearings. The post indicates that the Comptroller will waive interest accrued during this period and will notify businesses to reestablish a request deadline at a later date. The safest course of action is, as always, to file the redetermination or refund request on time regardless of the suspension. However, if that is not an option this provides a necessary reprieve from the deadline.
Taxpayers should consider their specific facts, determine how to proceed, and seek the appropriate guidance. If you have questions or concerns about your specific situation you can contact a tax attorney at Brown Fox.