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Committee advances bill clarifying bond, reporting and penalty rules for tax filings
Summary
A Senate committee voted to give a due-pass recommendation to a bill that would clarify bond maintenance for corporate officers, raise a late W-2/1099 filing penalty, and allow short extensions for certain fuel tax reports.
A Senate Finance and Taxation committee voted to give a due-pass recommendation to a bill that clarifies several technical tax-administration rules, including bond maintenance for corporate officers, changes to penalties for late informational returns and a short, administrative extension for certain fuel-related reports.
The bill—introduced to the committee in testimony by a department staff member identified only as Charles—would clarify that bonds posted to avoid personal liability for corporate officers must be posted and maintained, confirm that bonds generally equal an estimated one year of taxes, and preserve local control when a county negotiates contract-for-deed terms, testimony said. "The change here is just…
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