SALT Report 1758 – Kentucky Governor Steve Beshear issued a reminder regarding the state’s tax amnesty program. The program runs from October 1 through November 30, 2012 and allows anyone with unpaid tax liabilities to settle their debts without additional fees, penalties or the threat of prosecution.
Business taxpayers with sales and use tax liabilities can amend previously filed returns by copying the original return, marking through the totals that have changed, and writing the corrected totals to the right or left. If you are amending more than one return you should include a spreadsheet or summary of the tax changes for each taxable period.
The Department has mailed more than 170,000 amnesty applications to taxpayers with delinquent tax liabilities. If you have not received an application in the mail you can download one online or you can go to your closest field office. All field offices have blank applications available and will accept completed applications along with the full payment.
The Governor notes that those who take advantage of the amnesty program will save an estimated 30% of what they would otherwise owe. However, those who fail to apply for the program will face increased penalties and an additional 2% in interest will be charged.
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