There are many reasons individuals and businesses fail to pay their taxes: a lack of oversight, a lack of funds or being just too plain busy to notice the due date has slipped by.
Fortunately, the Indiana Department of Revenue is offering a Tax Amnesty Program this fall. From Sept. 15 through Nov. 16, 2015, past-due tax bills can be paid free of penalty, interest or collection fees. Approximately 40 different tax types for periods prior to Jan. 1, 2013, are eligible, including individual income tax, payroll withholding tax and sales tax.
This is a limited-time opportunity that should not be wasted, as it may not come again with the opportunity to avoid penalties and other costs. It’s not quite a “Get Out of Jail Free” card, but it is a strong one that you’ll want to play if eligible.
One of the biggest issues is that companies or individuals may not even be aware they’re delinquent on their taxes, especially if there’s been a change in address, name, etc. Another frequent problem is underreporting your tax liability due to internal accounting error, etc.
It may be wise to enlist the services of your trusted tax advisor to help. They can also assist you in establishing a payment plan for liabilities after Jan. 1, 2013.
Call 1-844-TAXES-IN or go to www.taxamnesty.in.gov to start the process of paying your account during the amnesty period.
Additionally, the Department is planning to hold free one-hour informational seminars on the 2015 Tax Amnesty. If you’re interested in attending one, let me know and we can explore the possibility of hosting one through Sponsel CPA Group.
The amnesty program is a win-win for taxpayers and the state budget. The first $84 million in recovered funds will go toward the Indiana Regional Cities Development Fund, with the next $6 million being allocated to the Department of Transportation for the operation of the Hoosier State Rail Line. Any remaining dollars will go into the state’s general fund.
If you need any assistance with past due tax liabilities, please call Jennifer McNett in our Tax Services department at (317) 608-6699 or email [email protected].