Beginning July 1, 2025, the Washington Department of Revenue is launching a temporary expanded Investment Income Voluntary Disclosure Program under ESSB 5167. This initiative allows qualifying businesses with unreported investment income subject to B&O tax to come forward without incurring penalties or interest.
The program will roll out in two 10-month phases over the next two fiscal years and offers significant benefits, including a limited four-year lookback period and the waiver of up to 39% in penalties. Businesses already under audit or engaged in banking, lending, or securities activities are excluded. More details to follow.
For more information and tax assistance, contact:
Mike Roben (Mike@komconsulting.com)
John Katsandres (JohnK@komconsulting.com)
Caleb Allen (Caleba@Komconsulting.com)