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.

You may like these other stories...

BKD LLP adds Illinois accounting firm Wolf & Co.Springfield, Missouri-based CPA and advisory firm BKD LLP and Chicago-based accounting firm Wolf & Co. have agreed to merge, the firms announced on Monday. Wolf will...
A new government report on Monday found that the IRS may not be completing the required research steps in collecting delinquent taxes before considering the cases “not collectible.”The Treasury Inspector General...
The school year is off and running—have your start-up clients launched as well? It may make a big difference in tax status. If your clients can get their businesses up-and-running before the end of the year, they may...

Already a member? log in here.

Upcoming CPE Webinars

Sep 30This webcast will include discussions of important issues in SSARS No. 19 and the current status of proposed changes by the Accounting and Review Services Committee in these statements.
Oct 9In this jam-packed presentation Excel expert David Ringstrom, CPA will give you a crash-course in creating spreadsheet-based dashboards.
Oct 15This webinar presents the requirements of AU-C 600, Audits of Group Financial Statements (Including the Work of Component Auditors).
Oct 21Kristen Rampe will share how to speak and write more effectively by understanding your own and your audience’s communication style.