DALLAS, Sept. 27, 2012 /PRNewswire/ -- Kentucky's Tax Amnesty Program ("Program") begins October 1, 2012 and expires November 30, 2012. The Program offers a waiver of penalties and half the interest due on taxes paid during the amnesty period. Amnesty applies to taxable periods ending or transactions occurring after December 1, 2001 and prior to October 1, 2011.
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The Program is available to any taxpayer who has an outstanding tax liability, including taxpayers that are under audit. Taxpayers with liabilities currently subject to a pending administrative or judicial proceeding may participate in the Program regarding any uncontested portion of the assessed liability. An eligible taxpayer must do the following:
- File completed tax returns for all tax reporting periods stated on the amnesty application for which returns have not previously been filed or for which tax was previously underreported
- Pay the full tax due for the periods for which amnesty applies and pay any additional tax owed within 30 days of notification by the Kentucky Department of Revenue ("Department")
- Agree to file all tax returns and make all payments when due for three years following the date amnesty is granted
The Program is available for corporate income tax, sales and use tax, and most other taxes administered by the Commissioner. Amnesty does not extend to tax liabilities relating to a criminal investigation or locally administered property taxes. Eligible taxpayers who do not participate in the Program will be subject to more severe penalties and an escalated interest rate. An additional 2% interest will be charged on unpaid amnesty-eligible taxes.
More information is available on the Department's special amnesty website: http://www.amnesty.ky.gov/. Questions can also be directed to a toll-free amnesty hotline at 855.KYTAXES (855.598.2937).
About Ryan
Ryan is an award-winning global tax services firm, with the largest indirect tax practice in North America and the seventh largest corporate tax practice in the United States. Headquartered in Dallas, Texas, the Firm provides a comprehensive range of state, local, federal, and international tax advisory and consulting services on a multi-jurisdictional basis, including audit defense, tax recovery, credits and incentives, tax process improvement and automation, tax appeals, tax compliance, and strategic planning. Ryan is a two-time recipient of the International Service Excellence Award from the Customer Service Institute of America (CSIA) for its commitment to world-class client service. Empowered by the dynamic myRyan work environment, which is widely recognized as the most innovative in the tax services industry, Ryan's multi-disciplinary team of more than 975 professionals and associates serves over 6,500 clients in 40 countries, including many of the world's most prominent Global 5000 companies. More information about Ryan can be found at www.ryan.com.
SOURCE Ryan, LLC
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