Fri November 23, 2012
Need Tax Amnesty? Deadline Looms
In just a few days, the deadline will pass for Kentuckians who owe state taxes to pay back without financial penalty.
Delinquent taxpayers can pay what they owe and avoid penalties, fees and additional interest by Nov. 30. Kentucky Secretary of Finance and Administration Lori Flanery says it’s been ten years since Kentucky has offered tax amnesty.
“The amount of money that is anticipated is about 55 million dollars," she said. "In the 2002 effort, there was actually 40 million dollars collected.” After tax amnesty ends on Nov. 30, additional penalties will be levied on delinquent taxpayers, she said. Flanery said tax delinquents who participate can result in substantial savings… “Depending on what types you owe and how long you have owed it, our research shows that you can save between 25 and 35 percent. Part of that is because all of the penalties You’ll have to pay full interest instead of half interest you pay under amnesty.” She said about 75 percent of overdue tax money comes business.