Archive for November, 2014

2014 Louisiana Tax Amnesty Program to deliver $142 million to the State

BATON ROUGE – The 2014 Tax Amnesty Program has processed more than 41,000 applications and settlements, which is projected to deliver more than $142 million for the Amnesty Fund, the Louisiana Department of Revenue (LDR) announced Thursday.

“I was pleased with the response that we received from taxpayers fulfilling their obligations to the state during this year’s Amnesty period,” said Secretary of Revenue Tim Barfield. “In the coming weeks, we will continue to process applications that were submitted by the deadline, and we expect some additional upside as the mail comes in.”

In total, the Department is projecting over $169 million in Amnesty collections, of which $142 million will go into the Amnesty Fund and, as provided under the Amnesty statute, $27 million will be retained by LDR to pay an estimated $4 million of expenses for administering this year’s Amnesty Program and provide $23 million of self-generated funds to replace penalties and fees waived. Of the $169 million, the Department has received $136 million in payments, is awaiting receipt of $10 million relating to settlement payments mailed prior to the deadline, and projects $23 million through installment payments to be made by May 1, 2015.

“The increase in amnesty funds is welcome news for the state budget as we work to create a plan to eliminate the shortfall created by declining oil prices,” said Commissioner of Administration Kristy Nichols. “Some of these payments may be used to reduce the impact of expenditure cuts on state agencies and taxpayers.”

Of the $169 million collected, approximately $112 million relate to resolutions of audit and litigation cases, which generally are contested matters involving businesses, and $57 million relate to delinquent tax collections which generally involve individuals and small businesses.

The 2014 Tax Amnesty Program gave eligible taxpayers the chance to bring their accounts up to date by paying all taxes due, with a waiver of all penalties and 50 percent of the interest.

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Louisiana Tax Amnesty 2014 ends today

BATON ROUGE – In the remaining available hours, the Louisiana Department of Revenue encourages individuals and businesses who have fallen behind on their taxes to take advantage of Louisiana Tax Amnesty 2014 before it expires.

“This amnesty period should be very attractive to those behind on their taxes.” Secretary of Revenue Tim Barfield said. “Not only are we waiving applicable penalties and 50 percent of accrued interest, we are also providing a payment plan option. We encourage individuals to apply before it’s too late.”

Also, for taxpayers involved in audit and litigation discussions who haven’t had a chance to resolve their disputed matters, they can take advantage of amnesty by paying the undisputed portion (“compromise amount”) of their assessments by today’s amnesty deadline. Within 30 days from the end of amnesty, the Secretary will determine if amnesty is granted for the compromise amount paid.

“Under the Secretary’s direction, the agency will consider if the compromise amount paid, reflects serious doubt as to: (1) the taxpayer’s liability for the judgment or assessment; (2) the collectability of the entire amount in dispute; or, (3) whether the administration and collection costs involved would exceed the amount of the dispute, judgment or assessment.” said, Shone Pierre, LDR General Counsel.

For delinquent taxpayers, the 2014 tax amnesty program also offers the opportunity for eligible taxpayers to pay their overdue taxes in installments over a six-month period. Installment agreements require a down payment of at least 20 percent of the amount owed, with final payment due no later than May 1, 2015.

The 30-day tax amnesty program ends at 11:59 p.m. on Friday, Nov. 14, 2014. Louisiana Tax Amnesty 2014 gives delinquent taxpayers and non-filers the opportunity to bring their accounts up to date. The Louisiana Department of Revenue will waive all applicable penalties, along with 50 percent of accrued interest, when taxpayers pay 100 percent of their tax balance and the remaining 50 percent of the interest.

Taxpayers can apply for amnesty online at www.ldrtaxamnesty.com. An application can be completed in approximately five minutes.

There are approximately 450,000 noncompliant tax accounts in Louisiana owing $1.8 billion, according to the Department of Revenue’s records.

Noncompliant taxpayers have a limited amount of time to take advantage of amnesty. For more information, visit www.ldrtaxamnesty.com or call 866-782-9241.

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Louisiana Tax Amnesty 2014 approaches final week

BATON ROUGE – Individuals and businesses who have fallen behind on their taxes have seven days remaining to take advantage of Louisiana Tax Amnesty 2014.

“With only one week left to apply, we are reminding noncompliant taxpayers to take advantage of tax amnesty,” Secretary of Revenue Tim Barfield said. “We encourage anyone who has fallen behind on their taxes to look into the amnesty program before the opportunity ends.”

The 30-day tax amnesty program, which ends at 11:59 p.m. on November 14, 2014, gives delinquent taxpayers and non-filers the opportunity to bring their accounts up to date. The Louisiana Department of Revenue will waive all applicable penalties, along with 50 percent of accrued interest, when taxpayers pay 100 percent of their tax balance.

Taxpayers can apply for amnesty online at www.ldrtaxamnesty.com. An application can be completed in approximately five minutes.

The 2014 tax amnesty program also offers the opportunity for eligible taxpayers to pay their overdue taxes in installments over a six-month period. Installment agreements require a down payment of at least 20 percent of the amount owed, with final payment due no later than May 1, 2015.

There are approximately 450,000 noncompliant tax accounts in Louisiana owing $1.8 billion, according to the Department of Revenue’s records.

Noncompliant taxpayers have a limited amount of time to take advantage of amnesty. According to Act 822 of the 2014 legislative session, after the conclusion of an amnesty period scheduled for 2015, there will be no new amnesty program administered by the Department of Revenue until at least 2025.

For more information, visit www.ldrtaxamnesty.com or call 866-782-9241.

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