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Kentucky Gives Taxpayers Two New Reasons for Staying Alert

by Erica Horn

The Kentucky Department of Revenue and the Kentucky State Treasurer have given taxpayers two new reasons to stay on top of both their tax and unclaimed property filings. First, the Department of Revenue announced a new automated collection system. According to the announcement, the Department has a new and improved version of its collection system that allows the Department to automatically file liens, issue levies and send out certain notices, such as the Department’s Final Notice Before Seizure. Additionally, the system will allow the Department to collect delinquent debt of other state agencies more efficiently. Currently, taxpayers receive erroneous automated notices with some frequency. It is unclear whether the Department’s new system will increase or reduce erroneous notices. Certainly, if mistaken notices of the nature described by the Department are sent, the stakes are high.

Second, the Kentucky State Treasurer recently issued a letter to “all” holders of unclaimed property. In the letter, the Treasurer states: “My overall goal is to promote voluntary compliance from holders.” Could this be an indication of future initiatives to take action when compliance is not voluntary? The answer is yet to come. However, holders can take solace in the ability to report electronically now.