Rising Interest Rates on Underpaid Taxes: What You Need to Know
The Internal Revenue Service (IRS) and Kentucky Department of Revenue have recently increased the interest rates on underpayments of income tax,...
In October 1, 2012, the Kentucky Department of Revenue started a tax amnesty program for taxpayers owing back taxes to Kentucky. This program requires eligible taxpayers to file an application, along with any applicable returns and payment, to the Kentucky Department of Revenue by November 30, 2012. If a taxpayer owes taxes for periods falling between December 1, 2001 and October 1, 2011, he or she may be eligible for amnesty.
The tax amnesty program allows taxpayers to pay back taxes owed to Kentucky without having to pay any penalties and only half of the interest associated with the taxes due. If a taxpayer wants to apply for amnesty, he or she must pay any tax due to Kentucky in full, including taxes not eligible for amnesty. There are payment plans available if a taxpayer cannot pay his or her balance due in full.
The Kentucky Department of Revenue mailed prefilled applications to many taxpayers owing back taxes. If you did not receive a prefilled application, but you owe back taxes to Kentucky, you may still be eligible for amnesty. Please contact our office at (859) 626-9040 if you need assistance with your application or if you have any questions about the amnesty program.
The Internal Revenue Service (IRS) and Kentucky Department of Revenue have recently increased the interest rates on underpayments of income tax,...
The Department of Revenue's Office of Tax Policy and Regulation has compiled and documented recent changes to Kentucky's tax laws. Click here to view...
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The American Rescue Plan Act of 2021 has provided enhancements to the child tax credit, meant to temporarily expand the eligibility for, and the...