The 99.5 Percent Act has been proposed in the Senate, which could result in the most extensive changes to the federal estate and gift tax in decades.
The Pennsylvania Department of Revenue has again established the Pennsylvania Tax Amnesty Program (the “Amnesty Program”). The period for the Amnesty Program begins on April 21, 2017 and ends on June 19, 2017 (the “Amnesty Period”).
Both businesses and individuals with outstanding tax liabilities to the Commonwealth of Pennsylvania, whether reported or not, should strongly consider participation in the Amnesty Program. The last such program was in 2010 and the savings can be significant depending on the circumstances.
Individuals, businesses and other entities with Pennsylvania tax delinquencies as of December 31, 2015, are generally eligible to participate in the Amnesty Program. Eligible delinquencies are all taxes owed to the Commonwealth of Pennsylvania and administered by the Department of Revenue and include those resulting from tax returns that were not filed and under reported taxes.