|
NEW JERSEY DIVISION OF TAXATION LAUNCHES
TAX AMNESTY PROGRAM
State Will Slash Interest in Half; Waive Penalties for Individuals and Businesses
BY: THE GRASSI TAX TEAM
 The New Jersey Division of Taxation initiated a limited time Tax Amnesty program for individuals and businesses that, due to tough economic times, owe taxes and are confronted with accumulating interest payments and penalties. The program began in early May and is running until June 15, 2009. As part of the Tax Amnesty program, the Division will waive all penalties and forgive half of the interest owed.
Tax Amnesty is available to individuals and businesses that owe unpaid taxes to the Division of Taxation for tax returns due on or after January 1, 2002 and before February 1, 2009. After the Tax Amnesty period ends, an additional 5% penalty will be imposed on all outstanding tax amounts. In addition, all other penalties, interest and other costs authorized by law will be added back and the Division will aggressively pursue collection of the entire liability. Nearly everyone, except taxpayers under criminal investigation for a State tax matter, is eligible for the program.
The program will benefit delinquent taxpayers who, because of financial hardship or other factors, have not met their tax obligations. The revenue raised will also help the State maintain services and programs that benefit all New Jersey residents.
If you think you qualify for this program, please contact your Grassi Tax Advisor. More information about the New Jersey Tax Amnesty program is available at www.TaxAmnesty.nj.gov and by calling (800) 781-8407.
|
Full Newsletter
