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New York State has passed the PAID (Penalty and Interest Discount) Amnesty Program. PAID will give taxpayers with older unpaid bills the chance to save up to 80% of the penalty and interest they owe. Outstanding tax debts that are less than three years old are not eligible under this program.
The Amnesty Program will begin January 15, 2010. To take advantage of the program’s savings, eligible taxpayers must make all payments by the program’s expiration date, March 15, 2010. If they don’t pay in full by that date the opportunity for these savings will be lost forever and any unpaid tax debts will continue to accrue interest at the full statutory rate.
Those who take advantage of this program save 80% of accrued penalty and interest on unpaid bills issued on or before December 31, 2003 and 50% of accrued penalty and interest on unpaid bills issued after December 31, 2003 and on or before December 31, 2006.
New York State will be increasing efforts to collect unpaid bills. Those who act now and pay qualified outstanding balances will avoid collection actions.
In January 2010 the State will be mailing letters to taxpayers who qualify for the PAID discounts, inviting them to participate in the program. Taxpayers will be able to go online to check to see if they have qualified outstanding balances and for more information on how to pay beginning January 15, 2010.
TAFN
New York State has passed the PAID (Penalty and Interest Discount) Amnesty Program. PAID will give taxpayers with older unpaid bills the chance to save up to 80% of the penalty and interest they owe. Outstanding tax debts that are less than three years old are not eligible under this program.
The Amnesty Program will begin January 15, 2010. To take advantage of the program’s savings, eligible taxpayers must make all payments by the program’s expiration date, March 15, 2010. If they don’t pay in full by that date the opportunity for these savings will be lost forever and any unpaid tax debts will continue to accrue interest at the full statutory rate.
Those who take advantage of this program save 80% of accrued penalty and interest on unpaid bills issued on or before December 31, 2003 and 50% of accrued penalty and interest on unpaid bills issued after December 31, 2003 and on or before December 31, 2006.
New York State will be increasing efforts to collect unpaid bills. Those who act now and pay qualified outstanding balances will avoid collection actions.
In January 2010 the State will be mailing letters to taxpayers who qualify for the PAID discounts, inviting them to participate in the program. Taxpayers will be able to go online to check to see if they have qualified outstanding balances and for more information on how to pay beginning January 15, 2010.
TAFN
1 comment:
Nice post, this approval of AMNESTY Program, soon show results..
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