North Carolina Launches Trust Tax Recovery Program

On February 5, 2014, North Carolina launched the Trust Tax Recovery Program, which offers amnesty to qualifying companies owing collected but unpaid trust taxes. The North Carolina Department of Revenue describes trust taxes as those taxes paid by a customer to a seller or withheld from an employee, and held in trust by the business until filed and paid to the Department. The program will offer penalty and fee waivers, as well as payment plans to companies that have liabilities for sales, withholding and other trust taxes. Businesses that file and pay all outstanding taxes within the payment plan terms may have their penalties and collection fees waived. If program participants fail to file or pay future taxes as required, fees and penalties may be reinstated. Participants in the program must not be facing criminal charges or be the subject of a criminal investigation at the time of application. Taxpayers may not receive the benefits of the program for tax periods associated with a prior criminal conviction. Taxpayers may not participate in the program if they have defaulted on payments or received penalty waivers while participating in the Small Business Taxpayer Recovery Program or the Small Business Counseling Program. Click here for more information.

Posted on August 19, 2014