Vermont: There is Still Time to Audit Yourself
- Feb 27, 2014 | Gail Cole
Vermont’s voluntary self-audit program, “Know What You Owe,” ends on May 1, 2014.
The program, created by the Vermont Department of Taxes, is designed to deepen business owners’ understanding of Vermont sales and use tax and meals and rooms tax. Successful participants will have all penalties and 50% of interest owed waived. In addition, their audit look back period will be limited to three years.
The department understands that taxes, particularly use taxes, can be challenging. Often business owners are unaware of their use tax liabilities. The Know What You Owe program teaches businesses owners how to properly calculate and file sales and use and meals and rooms taxes.
The program began on August 1, 2013, and concludes at the end of April. There is still time to participate. Learn more about Know What You Owe.
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