The Clock is Ticking…NJ Tax Amnesty Program Runs Through Jan. 15, 2019
Businesses and individuals with unpaid NJ tax liabilities may be able to get a break on penalties under the Amnesty Program which is in effect from November 15, 2018 through January 15, 2019. The measure applies to all state taxes including gross income, corporate business tax and sales and use tax. However, it does not apply to unemployment type taxes administered by the Department of Labor.
Why should I do this now? Because under this limited-time offer the Division of Taxation will forgive all penalties, and one-half of the accrued interest due at Nov. 1, 2018.
Here are some of the details
- NJ Amnesty will provide relief for 2008 – 2016 delinquent individual or business tax return filers.
- Requests for amnesty must be filed electronically
- The Division of Taxation recently mailed a letter to all taxpayers who are known to have amnesty-eligible deficient and/or delinquent accounts
- If you didn’t receive a letter and you want to participate, you will need to register or self-report through the Non-Outreach Portal
- Federal tax liabilities are not included under the program
Is there a hitch? Sort of. The bad news is that if a taxpayer is eligible for amnesty and does not take advantage of it, an additional 5% penalty will be added to the already imposed penalties and interest on the original tax liability.
To see if this program might be right for you, please contact our Tax Manager, Steven Citron.