City waives business tax penalties allowing delinquent businesses to start the new year with a clean record.LOS ANGELES--(BUSINESS WIRE)--Nov. 7, 1995-- The Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. City Clerk's Office is offering businesses which owe the City back taxes or have not registered to pay taxes a penalty reprieve reprieve (rĭprēv`): in law, see pardon. -- at least until the end of this year. "The City's business tax amnesty Tax amnesty is a limited-time opportunity for a specified group of taxpayers to pay a defined amount, in exchange for forgiveness of a tax liability (including interest and penalties) relating to a previous tax period or periods and without fear of criminal prosecution. program, which began October 1 and will end on December 31, is offering Los Angeles businesses a one-time opportunity to clear their tax records with no penalties and essentially no questions asked," said James E. Hickey, Principal Tax Auditor in the City Clerk's Office. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Hickey, "Businesses which owe taxes but do not apply for amnesty run a substantial risk of incurring steep penalties or being subject to audits or criminal complaint investigations after the first of the year because of a significant increase in resources allocated for tax enforcement programs. Beginning in January, we will be stepping up our efforts to bring delinquent businesses into compliance." The program applies to businesses which owe back business or payroll expense taxes or which have failed to register to pay taxes. Under the business tax amnesty program the City will waive the 20 or 40 percent penalty on delinquent business taxes for companies which meet the amnesty requirements. The City Clerk's Office hopes to recover $7 million in business taxes through this program. These revenues will be utilized to help the City meet key budgetary objectives and pursue essential programs that benefit all City residents. To apply for the program or to obtain more information about it, business owners should call (213)368-7000 between 8 a.m. and 5 p.m., Monday through Friday, to receive an informational letter and the one-page amnesty application. Businesses must pay all principal tax and interest due and file a gross receipts the total of the receipts, before they are diminished by any deduction, as for expenses; - distinguished from net profits. - Bouvier. See under Gross, a. os> See also: Gross Receipt or tax measure statement (if not completed previously). Installment payments Installment payments Distribution of plan assets to beneficiaries based upon a regular schedule. may be arranged if the total principal and interest is $1,000 or more. CONTACT: James Hickey James Hickey and Jim Hickey may refer to:
|
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion