New Jersey wants your money. And they’re willing to waive a few penalties and interest to get it.
The Division of Taxation a new tax amnesty program. The program will run from May 4, 2009 to June 15, 2009 and will apply only to returns due on or after January 1, 2002 and before February 1, 2009. It will not apply to any taxpayer who is currently under criminal investigation or facing charges for tax evasion.
The deal is this: if you are willing to settle up, the State will waive all penalties, referral cost fees and one-half of the balance of the interest that remains due as of May 1, 2009. The catch is that you have to pay all of the tax that you owe plus half of the interest before the end of the amnesty period. You must also be compliant, meaning that you must have filed and paid any other tax obligations for all tax years.
The specific details are still being ironed out. Look for more information mid-April. Check your mailbox, too: the Division of Taxation plans an outreach mailing to all taxpayers who are known to have amnesty-eligible deficient and/or delinquent accounts.
{ 1 trackback }
{ 2 comments… read them below or add one }
Apparently a lot are following suit — http://budurl.com/wkhx
I guess that`a fair deal. We`ll just have to see its effects over the New Jersey small firms.