North Carolina’s New Trust Tax Recovery Program
- Feb 7, 2014 | Gail Cole
North Carolina’s new Trust Tax Recovery Program could help businesses “recover from certain tax liability issues.”
Created by the North Carolina Department of Revenue (NCDOR), the program provides payment plans for companies that are behind on North Carolina sales tax payments, as well as withholding tax and other trust taxes. Program participants who file and pay all outstanding taxes within the terms of the payment plan may also have penalties and fees waived. Participants who fail to follow through with filing or paying taxes may have those penalties and fees reinstated.
The Trust Tax Recovery Program is not open to taxpayers who are facing criminal charges or the subject of an NCDOR criminal investigation. The program is also closed to taxpayers who “have defaulted on payments or received penalty waivers while participating in the Small Business Taxpayer Recovery Program or the Small Business Counseling Program.”
Additional information is available on the NCDOR website.
The best way to avoid tax penalties is to switch to an automated sales tax solution.
Get Free Tax Rate Tables