The Small Business Taxpayer Recovery Program — a joint effort of the N.C. Department of Commerce’s Commissioner for Small Business and the N.C. Department of Revenue — is winding down, but it continues to have a significant impact on North Carolina’s small businesses. More than 3,000 firms have been accepted into the program by the Department of Revenue and $126 million has been collected: $58 million in delinquent taxes and $68 million in current taxes. Businesses will save almost $18 million in waived penalties and collection fees if they comply with the terms of their installment agreements.
The program also involves the UNC System’s Small Business and Technology Development Center and the N.C. Community College System’s Small Business Center Network. As a condition of acceptance, businesses must agree to use the business counseling services of the SBTDC or SBCN.
The Small Business Taxpayer Recovery Program was closed to new enrollments in February, but because of its success, a new program has been launched. The new initiative is called the Small Business Counseling Program because of its increased focus on confidential, one-on-one management and financial planning assistance and counseling for the participating businesses. Under the counseling program, payment plans may extend up to 24 months based on the amount of the tax liability.