***Update: The CT Tax Amnesty program is expired. If you have a tax debt you need assistance with, contact us to set up a complimentary consultation.***
To fight the budget crunch, the state of Connecticut is hoping that the Connecticut Tax Amnesty program will convince both businesses and individuals to come forward and pay the taxes they owe to the state government. Lawmakers expect that this Connecticut Tax Amnesty program will generate $40 million for the state. As an incentive, effective July 1, 2013, business and individuals have an opportunity to enter the Connecticut Tax Amnesty program and get a whopping 75% off interest and penalties. For those accepted into the program, the Connecticut Department of Revenue will waive civil penalties and criminal prosecution for program participants.
If you can't come up with the Amnesty amount but would like to deal with your State of Connecticut DRS problems, click here to learn your settlement options.
The Connecticut Tax Amnesty program affects Connecticut businesses that have yet to pay, are late paying, or may have audit issues; and individuals who have yet to pay their entire tax liabilities or have under reported their liabilities. However, if you fail to participate in the program, you lose the right to the lower interest rates and will end up paying the full 12% annual interest, up from the discounted 3% rate, and face a 25% penalty.