Tax News

CCH (cch.taxgroup.com) reports:

  The Delaware Division of Revenue is authorized to establish a voluntary tax compliance initiative to encourage the voluntary disclosure and payment of corporate and personal income, gross receipts, realty transfer, public utilities, lodging, use, estate, gift, income on estate and gift taxes, occupational license fees and tax, contractors' license fees and tax, manufacturers' license fees and tax, retail and wholesale merchants' license fees and tax, and tobacco products license fees and tax. The initiative is applicable to the period that runs from September 1, 2009 through October 30, 2009.

  A taxpayer who has a current outstanding liability for tax periods before January 1, 2009, and makes payment during the initiative period or enters into a payment plan and makes payment before June 30, 2010, will have the penalty and interest for late return filing waived. A non-filer who files returns will have any tax, penalty and interest for non-filed returns for any period prior to January 1, 2004, waived. Provisions concerning the 50% limitation on the penalty for failure to file timely tax returns and the 75% limitation on the penalty for any fraudulent tax returns are removed, effective for tax years beginning after December 31, 2009. In addition, the period for which interest accrues on an amended refund is changed to 46 days after the receipt of the amended tax return (formerly, 46 days after the original return was filed), also effective for tax years beginning after December 31, 2009.

H.B. 268, Laws 2009, effective as noted above