State Launches Program to Help Small Businesses With Trust Taxes
Date: July 11, 2011
Raleigh, N.C.— The North Carolina Department of Revenue, along with the N.C. Small Business Commissioners Office, is launching a program that aims to help small businesses recover from certain tax liability issues they may have suffered as a result of the current economic downturn.
The Small Business Taxpayer Recovery Program will offer penalty and fee waivers, as well as payment plans to companies that have fallen behind on sales, withholding and other trust taxes.
"The recent recession has caused financial difficulties for many small businesses in North Carolina," said Secretary of Revenue David Hoyle. "One of our agency goals is to be firm and fair, while still being compassionate. This program does that, by offering us a tool to collect taxes due the State, while at the same time helping struggling businesses get back on their feet."
Businesses with 200 or fewer employees qualify for the program and must agree to use the counseling services of the Small Business and Technology Development Center (SBTDC) or the NC Small Business Center Network (SBCN). For more than 25 years, the SBTDC and SBCN have helped thousands of owners improve their businesses. The SBTDC, a business advisory service of the University of North Carolina System, provides personalized management counseling designed to help small and mid-sized businesses with strategy, financing, marketing and performance improvement. The SBCN, operated through the North Carolina Community College System, provides potential and current small business owners with free business counseling services, small business start-up and management training, and resource and referral services.
Both organizations will be available to assist participating small business taxpayers with financial planning and other business needs. All services are confidential and protected from public information requests. For more information on the SBTDC, visit www.sbtdc.org. To learn more about the SBCN, go to http://sbcn.nc.gov.
Small businesses that complete the required counseling and that file and pay all outstanding taxes are eligible for longer-term repayment plans than normal. In addition all penalties and collection fees may be waived. Fees and penalties may be reinstated if program participants fail to file or pay future taxes on time.
"Small and local businesses are critical to the continued success of North Carolina," Hoyle said. "We want to give them a chance to get back on track and move forward as the economy recovers."
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