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Unlike other states that are offering tax-amnesty programs, such as Virginia, Oregon's program is not for taxpayers that are just behind in their taxes. Oregon's program is for those who owe taxes that the state does not know about yet.
It is estimated by state officials that taxpayers fail to report around $8 million to $1 billion taxes owed to the state each year. The tax-amnesty program will allow these taxpayers to come clean and pay these taxes before the state finds out about them.
By paying these delinquent taxes through the tax-amnesty program, taxpayers can avoid all of the penalties that would normally be assessed. They would also only have to pay half the interest they would normally owe.
This is a good deal since those that do not take advantage of the tax-amnesty program will be assessed an additional 25% penalty when the state does find them out.
The state is hoping that the tax-amnesty program will bring in much needed revenue for the state. Oregon state officials are hoping for $16 million to come in through the tax-amnesty program between now and November 19th.
Written by Denise Clay
Hickory, NC
Exclusive to HULIQ
Posted October 3rd, 2009 by Denise Clay
