CLEVELAND, May 13, 2011 /PRNewswire/ --Many states offer amnesty or voluntary disclosure programs for delinquent taxpayers. Michigan's Tax Amnesty, which kicks off on May 15, 2011 and runs until June 30, 2011, may allow you to eliminate penalties in exchange for payment of tax and interest with respect to all "back taxes" owed. The complete amnesty application and payment of tax and interest must be postmarked no later than June 30, 2011 in order to be eligible. Another potential option is the Michigan Voluntary Disclosure Program (VDP). Depending on your facts and circumstances, the VDP may be more beneficial to you than the Michigan TaxAmnesty program. Regardless of which program is used, significant savings are available to proactive taxpayers.
Before applying for either the Michigan TaxAmnesty or Michigan VDP, you should consider your ability to file all required paperwork and pay all required taxes (and interest) within the time limitations. You also should consider any adjustments you may need to make to your federal tax returns, as well as whether filing in a particular state will require or allow you to file an amended return in another state, where you could have overpaid tax.
Click below to read the McDonald Hopkins Multistate Tax Alert:
McDonald Hopkins Law Firm Alert; Are you or your business a delinquent taxpayer? Michigan's Tax Amnesty begins May 15, 2011
http://www.mcdonaldhopkins.com/alerts/alert.aspx?id=LY3Wb-uI7kKOG_9OshtXMA
For more information, please contact:
Stephen K. Hall
614.458.0026
shall@mcdonaldhopkins.com
Thomas M. Zaino
614.458.0030
tzaino@mcdonaldhopkins.com
Stephen M. Gross
248.220.1337
sgross@mcdonaldhopkins.com
About McDonald Hopkins
McDonald Hopkins is a business advisory and advocacy law firm with offices in Chicago, Cleveland, Columbus, Detroit, Miami, and West Palm Beach. The firm's comprehensive legal services are provided by teams of specialized attorneys and professionals in areas such as business law, litigation, businessrestructuring and bankruptcy, estate planning, government affairs, healthcare, intellectual property, labor and employment, and mergers and acquisitions. The president of McDonald Hopkins is Carl J. Grassi. For more information about McDonald Hopkins, visit www.mcdonaldhopkins.com.
CONTACT:
Deborah W. Kelm
McDonald Hopkins LLC
Phone: 216.348.5733
Email: dkelm@mcdonaldhopkins.com
SOURCE McDonald Hopkins LLC
