11.16.2018 | Client Alert
The State of New Jersey has finally announced the start date of the recently enacted amnesty program. Effective November 15, 2018, the program will run through January 15, 2019. Eligible tax periods are for tax returns due on or after February 1, 2009 through September 1, 2017.
The program applies to most taxes administered by the Division of Taxation including, but not limited to, sales and use, corporate business tax, personal income, and fiduciary income.
While taxpayers will need to pay 100% of any tax due:
- penalties will be waived, and
- interest will be reduced by half.
Eligible taxpayers that decline to participate will be assessed an additional 5% penalty on any tax that the amnesty would cover.
Many New Jersey taxpayers have received notice regarding their eligibility to apply for the program. However, all taxpayers with delinquencies are encouraged to apply.
Applications must be completed online through the State’s Amnesty Processing Center (https://www1.state.nj.us/TYTR_BusinessFilings/jsp/Amnesty/AmnestyLogin.jsp).
Those accepted must have all tax returns and payments submitted by 11:59 p.m. on January 15, 2019.
Taxpayers should strongly consider the benefits offered by this program. Contact your Berdon adviser to determine whether this program is right for you.
Berdon LLP New York Accountants