Florida Introduces Amnesty Program to Provide Back Tax Relief

Florida residents who have lingering unpaid Florida back taxes are now in luck. Beginning just one week ago on the first of July, 2010, and continuing on until September 30, the Florida tax amnesty period gives hope to those who have missed tax payments. The three month period offers taxpayers major perks, including reduced interest of up to fifty percent and no penalties, in hopes of gaining back major revenue in unpaid taxes. Similar amnesty programs have been used all over the country, with one also occurring in Nevada at the moment. Amnesty periods have proven effective in raising tax collections and consequently reducing budget gaps.

In Florida’s case, because the state has no income tax, the amnesty period proves less intense. Regardless, the tax period still helps everyone. For the state, more unpaid taxes are returned- bringing valuable money back to public use.  For the individual, more money is saved, because less money goes to tax penalties and interest.  It becomes a win-win situation for all.

Which taxes, or actually, unpaid taxes, are eligible? All Department of Revenue administered taxes due before the starting date of the program (July 1, 2010) are entitled to relief.  However, unemployment taxes and the Miami-Dade County Lake Belt fees are not included in the arrangement. Furthermore, there are a few guidelines. For one, your tax liability must not already be covered by an existing settlement. And two, you must not be convicted or under criminal investigation for violating a Florida revenue law. If you meet the requirements, and of course owe back taxes to the state of Florida, visit www.myflorida.com/dor/amnesty to fill out a Tax Amnesty Agreement form asap. If you cannot pay your taxes by Sept 30, 2010 (the end of the program) an installment agreement may be your best option.

What if you owe money that has not yet been identified? It’s in your best interest to own up and participate in the program, as the interest required on the amount will be cut in half. If your liability has already been identified, the interest amount will still reduced, but by one fourth. As for penalties- they will be completely waived, regardless of situation.

Related posts:

1. 2011 California Tax Amnesty Program: 8/1/11-10/31/11
2. Pennsylvania Tax Amnesty: Remove 100% of Penalties & 50% Interest
3. Philadelphia Tax Amnesty Ends June 25th – Act Now!
4. Oregon State Tax Amnesty for Back Taxes Ends 11/19
5. Massachusetts Tax Amnesty: Waive MA Tax Penalties 4/1/10 to 6/30/10