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Connecticut’s tax collector is notifying nearly 10,000 business owners that they are eligible for waivers on penalties, which were assessed after they were late submitting estimated taxes for a new “pass-through entity” filing option the state established last year as a workaround to help some limit the impact of changes in federal tax law.
The Connecticut Department of Revenue Services alerted businesses last month of the waiver after the Connecticut General Assembly authorized DRS to do so in June.
Penalties and interest not be levied for entities that pay the full amount of any taxes owed within one year of the original due date and any filers that have already paid penalties allowed to apply them against this year’s taxes or any outstanding amounts otherwise. The waivers will be applied automatically, with companies not required to file any form to get approval.