The IRS will start accepting tax returns on Monday, Jan. 24. State taxes have some of their own deadlines.
For residents of Connecticut, there’s another deadline you need to know about that could save you hundreds of dollars on your taxes.
Monday, Jan. 31 will be the deadline for tax amnesty in Connecticut.
Those that owe the state taxes should consider applying as soon as possible.
If you qualify, you could see the benefit of lower interest rates on your taxes by 75%.
Any penalties associated with liabilities on money owed will be eliminated.
You may also avoid criminal prosecution tied to any unpaid state taxes.
Thus program was launched last Nov. and ends in just two weeks.
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Who can qualify for the Connecticut state tax amnesty program?
The program isn’t common and the state has already shared it doesn’t plan to offer it again anytime soon.
You’re eligible if you or your business owes taxes by law but haven’t filed.
Anyone with unpaid tax liability including penalties will qualify.
If anyone has a case pending or is pursuing civil action against the Department of Revenue Services may also qualify.
This is for tax periods ending on or before Dec. 30, 2020.
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Taxes included in the program are
- Business use tax
- Cigarette tax
- Corporation business tax
- Gift tax
- Income tax (individuals, estates, and trusts)
- Individual use tax
- Motor vehicle fuels tax
- Sales and use tax
- Withholding tax
- Pass-through entity tax
If you qualify and do not take advantage of the program by the deadline that you will not be eligible for the program any longer.
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