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.
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.
For more details as to which taxpayers are eligible, click here: NJ Tax Amnesty
To see if this program might be right for you, please contact our Tax Manager, Steven Citron.