Feb 25 Business Reinstatement and Dissolution Program Starting March 1
The Department of the Treasury has recently announced a program designed to help businesses that have been revoked for failing to comply with State administrative reporting requirements. The program enables businesses to forego the current extensive filing requirements and administrative fees. Instead businesses may fully reinstate to do business or dissolve through a single online filing and payment of a $500 fee.
This one-time program will run from March 1, 2020 through June 15, 2020.
Program benefits include:
- Fully automated filing process – no need for additional forms
- Requires minimal information
- Expedited processing – reinstatement or dissolution occurs within 1 business day
- No exposure to future compliance notices
- Overall cost is lower for companies with significant outstanding fees due
- Tax clearance is not required
In the future, the Department will implement other structural improvements to the State’s public business registry program in an effort to improve government-to-business interactions. Examples of such improvements include, the reinstatement fee associated with late filing will be eliminated; a grace period for waiver of the tax clearance requirement will be established; a uniform tax clearance procedure for for-profit entities following the grace period will be established; and communications with businesses regarding compliance, due dates, and other matters related to their business status will be enhanced.
Sax will continue to keep you posted on updates as they emerge. For any questions with regards to the Business Reinstatement and Dissolution Program, please reach out to a Sax advisor at (973) 472-6250.
