DC Amnesty Program
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Posted By: Kayla Ward on November 30, 2010 More than 14,000 contacts were made with the Office of Tax and Revenue regarding the D.C Amnesty program. The District of Columbia begun the tax Amnesty program this past summer which waived all penalties and fees on back taxes paid by Sept. 30. The program offered individuals and businesses the opportunity to satisfy their tax liabilities. The district estimates that there is $170 million dollars in known receivables owed by 42,000 individuals and businesses. Sixty percent are located in the District of Columbia and the other forty percent were primarily in the Maryland and Virginia suburbs. The program applies to all taxes administered by the Office of Tax and Revenue with the exception of real property-related taxes and the ball park fee. All periods covered by tax returns due prior to December 31, 2009 are eligible. The program began August 2nd and ends September 30, 2010. To obtain amnesty, all outstanding taxes and interest must be paid in full. “This is a good chance for people who have taxes due to step up and do the right thing,” said D.C. Chief Financial Officer Natwar M. Gandhi in a statement. “We understand that people and businesses are going through tough times, so we are pleased to offer this opportunity for real savings for District taxpayers who have fallen behind with their tax obligations.” To date, $2 million has been collected from more than 2,900 felonious individual and business taxpayers. Interest in the program is high. People who don’t take advantage of the amnesty may find their paychecks are less hearty. The District will ask their employers to reduce withholding allowances to zero. “The DC tax amnesty is on track to reach its $20 million goal,” said Stephen M. Cordi, deputy chief financial officer for the District’s Office of Tax and Revenue. “The bulk of state tax amnesty receipts are typically received in the last few days of an amnesty. In Pennsylvania's highly successful tax amnesty which ended on June 18, 2010, for instance, 71 percent of its receipts were attributable to the last four days of the campaign." Businesses that use credit cards may want to review their past returns. Beginning next year 2011, credit card companies will report sales revenues to the Internal Revenue Service which will allocate the information with the District. Discrepancies could generate an audit. The occurrence of the amnesty again in the district has not being released yet but Individuals and business should look out for the next programs available that will help them cover the mistakes they have made. If you enjoyed this article, Join HBCU CONNECT today for similar content and opportunities via email! |
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Kayla Ward
Howard University class of 2013 Member Since November 2010 |
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