Tax amnesty deadline quickly approaching in KY - 14 News, WFIE, Evansville, Henderson, Owensboro

Tax amnesty deadline quickly approaching in KY

Posted: Updated:

The Kentucky Tax Amnesty program is in its final week, and individuals who don't apply by the Friday deadline could be in a worse position than they were before.

This program applies to anyone who owes back taxes that were due between December 1st, 2001 and October 1st, 2011.

But if you don't apply by this Friday at midnight, be prepared for some stricter penalties.

Here's what will happen.

After the deadline, you'll face tougher penalties and fees, along with a higher interest rate.

Under the tax amnesty program, you're allowed to pay without penalties or fees and the interest rate is actually cut in half.

According to the information about the program, taxpayers actually save about 30% of their total tax bill with the amnesty program.

Once the Friday deadline has come and gone, your liability goes up...even triples in some cases.

To help work with taxpayers' busy schedules, the Kentucky Department of Revenue is offering extended hours at its 10 field offices.

They're open until 7 p.m. today and tomorrow and until 9 p.m. on Friday...or whenever the last taxpayer in line leaves.

If you'd like more information on the program and how you can take advantage of it, click here. 

Copyright 2012 WFIE. All rights reserved.

Powered by WorldNow