Tax amnesty now available for Kentuckians - Cincinnati News, Weather, Sports from FOX19 NOW-WXIX

Tax amnesty now available for Kentuckians

FRANKFORT, KY (FOX19) -

Tax Amnesty program allowing people or businesses who owe back taxes to the Commonwealth of Kentucky to pay with no fees or penalties began Monday.

The threat of prosecution will be waived, and only half the interest owed will be due. 

"This program will generate much-needed revenue for vital services in Kentucky at a time when dollars are hard to come by," said Finance and Administration Cabinet Secretary Lori H. Flanery.  "At the same time, we are making sure that delinquent taxpayers pay their fair share." 

The 61-day program kicks off October 1, 2012.   Delinquent taxpayers will soon receive mailed notifications stating the known amount of back taxes.  They have until the end of November 2012 to apply for amnesty and pay their overdue taxes.  

However, if taxpayers fail to take advantage of the amnesty program, penalties get more severe and the interest escalates.  An additional 2 percent interest will be charged on unpaid amnesty-eligible taxes.  Taxpayers taking advantage of amnesty must remain current over the next three years or face reinstated penalties, fees and interest.   

The General Assembly authorized the amnesty program in the 2012 legislative session.  Kentucky conducted a similar tax amnesty program in 2002.  More than 23,000 taxpayers participated, netting more than $40 million in back taxes.  

"We're making it as easy as possible for people to determine if they owe back taxes and to create multiple ways to pay," said Tom Miller, Commissioner, Kentucky Department of Revenue.  "They can mail in the payment or use a credit card.  They can pay at any of our 10 offices around the state, or they can pay online using a website we have created just for Tax Amnesty." 

The website amnesty.ky.gov provides news and information about the program, online payment options and a way to search for all persons and businesses on the delinquent tax roll.

Anyone with questions can also call the Tax Amnesty toll-free hotline at 855-KYTAXES (855-598-2937). 

Copyright 2012 WXIX. All rights reserved.

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