SALT Report 1167 – The North Carolina Department of Revenue has implemented a Small Business Taxpayer Recovery Program. The program is designed to help small businesses recover from tax liability issues they may have suffered as a result of the current economic downturn.
Small Business Taxpayer Recovery Program Terms:
- Runs through June 2013
- Open to small businesses with 200 or fewer employees
- Penalties and collection fees will be waived for certain trust taxes
- Long term payment plans will be offered
- No additional liens will be issued for delinquent taxes included in the program
- Businesses must agree to use the counseling services of the Small Business and Technology Development Center or the NC Small Business Center Network.
Failure to comply with the terms of the agreement will automatically disqualify a small business from the program. This will result in the immediate reinstatement of all penalties and fees and may subject the small business to a tax lien. The Department strongly encourages small businesses to file and pay all current taxes and make all scheduled payments for the delinquent liabilities.
Additionally, the North Carolina Department of Revenue will hold a small business seminar on the tax implications of starting and running a business. The seminar is scheduled for November 7, 2011. In addition to explaining state tax laws and responsibilities of business owners, the seminar will provide additional information about the Small Business Taxpayer Recovery Program.
For Further Information: