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Income tax administrator explains filing and payment rules; council questions January payment requirement
Summary
The committee heard from Income Tax Administrator Kevin L. Presland about filing and payment deadlines, penalties and how the Division of Taxation serves 37 municipalities, prompting council members to ask about monthly billing cadence and penalties that can be assessed before taxpayers file federal returns.
Income Tax Administrator Kevin L. Presland told the finance committee the municipal filing deadline remains April 15 for individual returns, but that payment timing and estimated payments are governed by state rules that require taxpayers to have paid a portion of their prior or current year liability by January to avoid penalties.
Presland said the division processes returns on a rolling basis and issues bills about every other month after processing; penalties and interest accrue when the system determines the January threshold was not met.…
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