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Posted by Tarra Curran on Wed, Oct 11, 2017 @ 01:28 PM

Tax amnesty programs provide significant benefits for businesses and individuals, particularly if they had previously unknown state and local tax liabilities. Uncollected taxes are subject to fines and other late payment penalties. They also accrue interest, so if unpaid taxes go back several years, it could be a significant cost. Taxpayers with overdue Rhode Island tax obligations may be able to get a reprieve on what they owe.

Rhode Island Amnesty Period Approaching

On Dec. 2, 2017, Rhode Island will open up its amnesty program for taxpayers who owe back taxes. The tax amnesty program will waive fines and penalties and reduce the interest on the unpaid taxes by 25 percent. It applies to any unpaid taxes accrued before Dec. 31, 2016. An estimated 90,000 taxpayers owe Rhode Island taxes, and the Rhode Island Division of Taxation plans to notify these taxpayers of their account balances in November.

Amnesty may bring additional revenue to the state. During the previous tax amnesty period, the state collected $22.4 million from their outstanding balances. The total collected this go-around is not expected to be as high.

Rhode Island’s tax amnesty period closes Feb. 15, 2018.

If you have specific comments, questions or concerns about tax amnesty programs in Rhode Island, please contact us.

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Tarra Curran is a Managing Director and Leader of the State and Local Tax Practice in New England. She can be reached at tcurran@cbiztofias.com or 401.626.3240.

 

 

 

© Copyright 2017 CBIZ, Inc. and MHM. All rights reserved. Use of the material contained herein without the express written consent of the firms is prohibited by law. This publication is distributed with the understanding that CBIZ is not rendering legal, accounting or other professional advice. The reader is advised to contact a tax professional prior to taking any action based upon this information. CBIZ assumes no liability whatsoever in connection with the use of this information and assumes no obligation to inform the reader of any changes in tax laws or other factors that could affect the information contained herein.

Tags: Tarra Curran, Tax amnesty program, Rhode Island, Overdue taxes

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