Nov 15 Tax Alert: The New Jersey Division of Taxation announces their 2018 Tax Amnesty Program
The New Jersey Division of Taxation has just announced the 2018 Tax Amnesty Program to encourage eligible taxpayers with outstanding taxes to file and pay what is past due with reduced interest and no penalties.
Here are the main details to know:
- The 2018 Amnesty Program will be open from November 15, 2018 through January 15, 2019.
- Eligible periods cover State tax liabilities for tax returns due on or after February 1, 2009 through September 1, 2017.
- Taxpayers filing past tax returns and/or paying back taxes will only be required to pay the tax along with half of the interest calculated through November 1, 2018.
- No penalties will be assessed on tax liabilities settled through the Amnesty Program.
- Eligible debts not resolved during the Amnesty period will be subject to an additional 5% non-abatable penalty.
If the 2018 Amnesty Program applies to you, you may have received notices from the State of New Jersey advising you on outstanding tax liabilities and/or tax return filings for the eligible period. If you have any questions with regards to the program and/or your tax liability, please reach out to a Sax advisor at (973) 472-6250.