, Corbin, KY

November 28, 2012

Tax amnesty deadline Friday

The Times-Tribune

CORBIN — Times-Tribune Staff Report

Delinquent Kentucky taxpayers interested in applying for tax amnesty only have until Friday to get into the program.

Otherwise, once Friday passes, the state’s amnesty legislation reinstates all penalties and fees.

In order to expedite this process, the Kentucky Department of Revenue will extend office hours at field offices statewide. This includes the Corbin office, located at 15100 N U.S. 25 Suite 2.

That office’s phone number is 606-528-3322.

This week’s hours are today and Thursday, 8 a.m.-7 p.m., and Friday from 8 a.m.-9 p.m., or until the last taxpayer leaves.

Should a delinquent taxpayer not apply for amnesty, he or she could face a 25 percent cost-of-collection fee, a 25 percent assessment fee, a 50 percent fee for not filing a tax return and a 25 percent fee on liabilities discovered through an audit. Also, all interest owed will be reinstated to the total delinquency owed, and 2 percent will be added to the interest rate.

According to the Department of Revenue, as much as 30 percent could be saved if the taxpayer receives amnesty.

For those under the amnesty plan who need payment flexibility, arrangements can be made if there is a proven hardship. However, under this payment flexibility plan 25 percent of the delinquent amount must be paid at the time of application. While the penalties and fees are waived, the interest is not reduced and the remaining balance must be paid by May 31, 2013.

For taxpayers receiving amnesty, they must continue to make all required tax payments for the next three years. If not they can expect all fees, penalties and interest to be reinstated.

The Department of Revenue last offered amnesty in 2002, collecting more than $40 million.