For the seventh time in New Jersey's history, Tax Amnesty is being granted to those who have not filed tax returns for the period 2009 through September 1, 2017. By participating in the program taxpayers will get relief on income and corporate tax returns as well as state and use taxes. The exact start date has not been announced but it is slated to be around November 1, 2018. The program will end by January 15, 2019.
So, what is Tax Amnesty? Simply it is a limited-time opportunity for a specified group of taxpayers to pay a defined amount, in exchange for forgiveness of a tax liability (including interest and penalties) relating to a previous tax period or periods and without fear of criminal prosecution. New Jersey in exchange for raising revenue from the program will be waiving all penalties and will only assess half interest.
If you are eligible to take advantage of the program and you do not participate, there will be a new 5% penalty assessed that cannot be abated after the program ends. All collection costs, recovery fees, delinquency penalties, late filing penalties and late payment penalties which will be waived under the program but any civil fraud and criminal penalties will not be waived. If you are under criminal investigation or charged for any state matter, you will not qualify.
Give Hunter Consulting a call today (908) 898 - 0031 to see if you qualify and how we can assist you in taking advantage of this program and let see if you qualify and how we can assist you to take advantage of this program. Do not miss this opportunity! The last time an Amnesty program was offered was in 2014.