Indiana Tax Amnesty Penalties

Posted by on Nov 16, 2015 in Tax Tips | Comments Off on Indiana Tax Amnesty Penalties

Indiana Tax Amnesty: Don’t Miss Out

If you’re behind on taxes, Indiana’s Tax Amnesty 2015 program may be for you. The Indiana Department of Revenue’s program is set up so that individuals and businesses that have outstanding tax liabilities or hadn’t filed their taxes prior to January 1 of 2013 can get caught up and pay those liabilities penalty free. Even interest and collection fees will be waived.

However, if you fail to take advantage of this program (today is the last day!), you might end up owing double penalties:

Getting Started with the Program

Eligible individuals may have received a letter informing them of the program. With over 40 types of Indiana taxes covered, there are two that will not be covered: property taxes and workers compensation taxes. Also, federal taxes do not fall under this program due to it being a state-wide initiative. Finally, individuals who took advantage of Indiana’s Tax Amnesty program in 2005 are not eligible. The tax professionals at Baker Retirement & Wealth Management, P.C. are ready to help you take advantage of this opportunity.

Representation for Tax Amnesty

Baker Retirement & Wealth Management, P.C. is happy to represent you with the Indiana Department of Revenue. After signing a Power of Attorney, a Baker representative would sit down with you to discuss all concerns and actions needed to accomplish your goal. From there, Baker would represent your cause directly with the state. Another alternative is for clients to sign a document giving Baker Retirement & Wealth Management, P.C. permission to simply sign them up for the Tax Amnesty program.

The entire amount owed does not have to be payed at once. With Baker’s help, individuals can set up payment arrangements in which the total is payed out to the State of Indiana by June of 2016.

Your Last Chance for Amnesty

The benefits are plenty to Indiana’s Tax Amnesty 2015 program.

What happens, though, if individuals who were eligible for Tax Amnesty do not put a payment arrangement in place by November 16, 2015? The state has given no indication that there will be an extension past this deadline. Thus, those individuals or businesses who do not have a comprehensive plan in place by November 16 will be subjected to double penalties. Depending on the tax type owed, various penalties will come into play.

Contact a Pro at the Baker Team

Don’t let this happen to you. Allow a certified professional at Baker Retirement & Wealth Management, P.C. help you navigate this process.

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