Today I wrote on my website about the current TAX AMNESTY program taking place in Washington, DC and how residents there can take advantage of it. Not sure what a Tax Amnesty is? Basically it's when your states department of revenue either reduces or completely eliminates penalties and fines incurred when you failed to file and pay your taxes. States do this as a way to bring citizens in compliance as well as to raise revenue (DC expects to raise $20 million from their program)
How do they raise money? Simple, oftentimes what may stop you from paying taxes once you realize you owe is the penalties and fines imposed and the high cost of hiring a tax firm to help negotiate a lower rate is a hefty expense as well. The government has to spend money hiring auditors, initiating garnishments, and the sort. When many states are faced with tight budgets and low revenues, offering a Tax Amnesty to abate outstanding tax penalties is the answer they need.
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As always, Be Empowered,
-Katrina
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