- Washington State is expanding the Voluntary Disclosure Program starting July 1, 2025
- The program targets businesses with unreported investment income subject to B&O tax
- It will run in two phases from July 1, 2025, to April 30, 2026, and July 1, 2026, to April 30, 2027
- Businesses can report revenue without penalties and interest if they qualify
- Online application is required at the Washington Department of Revenue website
- Businesses with unreported investment income can qualify unless notified of enforcement actions or audits by July 1, 2025
- Banking, lending, and security businesses as defined in RCW 82.04.4281 do not qualify
- Affiliates of entities under audit can qualify under this program
- Benefits include a limited lookback period, waived penalties, single assessment, and interest waiver
- Unlimited lookback and penalties apply for unremitted collected sales and use tax
- Anonymous applicants must disclose their identity within 15 days
- Taking advantage of disclosure programs can lead to significant savings and streamlined compliance
Source: salestaxinstitute.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
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