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King County Offers Tax Amnesty

by Kevin Kamfar, Irvine, June 2012

Businesses in King County, Washington (Seattle) have until July 1st this year to file unreported business personal property without a tax penalty. Taxes due must be paid by September 1st.

 

The King County City Council passed the amnesty ordinance in hopes of encouraging fairness by increasing the number of companies that report their business personal property and pay taxes on it. The Washington State Legislature made this local-option amnesty program available through the passage of HB 2149.

 

Corporations are required to pay taxes on personal property including machinery, equipment and supplies. Each year, owners are required to list their property, its acquisition cost, and the year it was acquired. Violators who do not comply can be assessed back taxes on any unreported personal property for up to three years. Penalties typically run as high as 25% of the total tax liability.