Connecticut’s Department of Revenue Services is offering a Tax Amnesty Program that starts November 1st, 2021 and runs through January 31, 2021.  Individuals and businesses have an opportunity to take advantage of reduced interest rates and no penalties on payment of back taxes.

The tax periods covered by the amnesty are tax periods ending on or before December 31, 2020.  Interest rates are reduced by 75 percent and penalties are waived during the amnesty period.  There is also a possibility that criminal prosecution for individuals who failed to file or failed to report liabilities will also be waived. This is if the taxpayer is compliant with the rules of the program.  The amnesty program does not include any motor carrier road taxes (IFTA).

Applications must be filed online, and taxes must be paid in full prior to January 31, 2022.  If a taxpayer fails to do this prior to the January 31, 2022, they will again be liable for the penalties and full interest on the tax owed.  A taxpayer who is undergoing criminal investigation, criminal litigation, has matters covered by either a closing agreement with the Commissioner or has a compromise offer accepted by the Commissioner cannot take advantage of this program.

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If you have questions or concerns regarding the Tax Amnesty Program, please contact your accountant at The Innovative CPA Group for guidance. Or contact us via our contact form.

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2021-11-04T13:39:27+00:00November 4th, 2021|Business, Connecticut, Tax|

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