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LDR Tax Amnesty
Oct 22, 2015
UPDATE:
Details are official now: You can enter into a six month repayment plan (must put down 20%) to get current and pay 100% of original tax, 83% of interest and 67% of all penalties and fees.
Hey everyone. LDR has announced that they will indeed offer a tax amnesty program again this year--just like they did last year.
Last year's offering was very generous--the state offered a waiver of all penalties and half the interest. You don't realize what this means until you've actually looked at one of those bills and seen the amounts of those extra fees! What made it extra sweet was that they gave you 6 months to repay the adjusted debt (if you took longer--all penalties and interest were added again). If I remember correctly, you had to set up a repayment plan auto draft from your checking account to take advantage of the 6-month repayment plan.
Starting date has not officially been announced, but a rep told me it's probably going to run from Nov 15th - Dec 15th, which is a much shorter span than last year's. FYI, upon researching the topic, please be advised that the law says the earliest that the next amnesty program can be offered is 2025--at least 10 yrs from now!!
If you have any old taxes (personal, corporate, payroll withholding, sales tax, etc) that have accumulated penalty and interest, do yourself a huge favor and at least look at the state site so you can get all the details.
Here's their site:
http://ldrtaxamnesty.com/
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