New Jersey is offering tax amnesty program
The New Jersey Division of Taxation has initiated a limited time Tax Amnesty program for individuals and businesses that, due to tough economic times, owe taxes and are now confronted with accumulating interest payments and penalties. From now until June 15, 2009, 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 percent 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 benefits 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.
Mark S. Wintermute, Special Assistant to the Director of the Division of Taxation, is the Tax Amnesty Administrator and is overseeing all operations of the program. Prior to his tenure as Special Assistant, Wintermute was Chief of Staff to four Directors, serving in this capacity from 1997 until 2008. He has been with the Division since 1979.
"We have noticed that many individuals and businesses that are usually compliant have fallen behind in their tax obligations. This is an opportunity for them to catch up and have a fresh start," said Wintermute.
More information about the Tax Amnesty program is available at TaxAmnesty.nj.gov and by calling 800-781-8407.