PROVIDENCE – Rhode Island individuals and businesses are getting a “rare opportunity” to pay back taxes at a reduced rate and will not be subject to penalties, according to Sansiveri, Kimball & Co. LLP.
The Providence-based accounting firm released an informational brief last week detailing the Rhode Island Tax Amnesty Program. The new program provides a complete waiver of penalties, a 25 percent reduction in interest rates and an agreement from the state to not pursue legal actions against individuals and businesses that owe back taxes.
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“This new opportunity from the state will allow taxpayers to get up to date with the state on all taxes,” according to the group.
The program runs 75 days from Dec. 1 to Feb. 25, 2018, and covers tax periods ending on or before Dec. 31, 2016, according to the state.
“The program is open to any taxpayer who either pays the back taxes and interest due or who enters into an installment agreement with the state based on financial hardship,” according to the accounting firm.
The qualifying taxes include personal income tax, sales and use tax, corporate income tax, employer withholding tax and unemployment insurance tax.
Eli Sherman is a PBN staff writer. Email him at Sherman@PBN.com, or follow him on Twitter @Eli_Sherman.
