HARTFORD — The Connecticut Department of Revenue Services is offering a tax amnesty program.
The department will offer a 75 percent reduction in interest and waive all penalties for individuals and businesses that have not filed, have under reported or have existing liabilities related to taxes owed to the state for any period ending on or before Nov. 30, 2012. To qualify for amnesty, all back taxes must be paid in full through the online Taxpayer Service Center by Nov. 15.
DRS Commissioner Kevin Sullivan officially launched the program at a press conference Wednesday at the State Capitol telling delinquent taxpayers that it was “time to make it right.”
“We want people to know that when you don’t pay your fair share, every other Connecticut taxpayer has to cover your debt,” said Sullivan in a press release. “Do the right thing. Come forward and take advantage of this amnesty period. If you are unsure about your liabilities, the Department of Revenue Services is here to help — we’re just a phone call or mouse click away.”
For those who decide to enter the amnesty process, payments must be made electronically and in full at the time the application is submitted. Otherwise, amnesty will be denied and the taxpayer will be billed for tax, penalty, and interest on the total tax reported on the amnesty application. Interest is accrued at the statutory rate of 1 percent per month or fraction of a month from the original due date.
Taxpayers who do not resolve their Connecticut tax obligations in full by Nov. 15 face a variety of enforcement actions, including a 25 percent penalty and/or criminal prosecution. After the amnesty period ends, taxpayers will be responsible for all penalties as well as 100 percent of the interest owed on their tax debt.
For more information, visit www.makeitrightCT.com.