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.