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Mon October 7, 2013
Connecticut Offers Tax Amnesty
The state of Connecticut's Department of Revenue Services is offering a amnesty program for individuals and businesses that owe back taxes. Those who take advantage of the program will get a 75 percent reduction in accrued interest, and all other penalties waived. But there are a few catches.
Taxpayers must pay the full amount due to get the interest reduction, and they must pay it before November 15. Kevin Sullivan, Commissioner of the state Department of Revenue Services, said that after that date, the state will start cracking down on people who owe back taxes. "If you don't come forward by the 15th of November," Sullivan said, "and we find out about you after that, and we probably will, then there is a 25 percent penalty compared to what is usually a ten percent penalty on tax deficiencies owed to the state."
Commissioner Sullivan is urging anyone who owes back taxes, regardless of whether they have the means to participate in the tax amnesty program, to contact his office, or go to makeitrightct.com to avoid further penalties and charges. He said he expects to exceed the department's original goal of raising $30 million through the tax amnesty program.