The New Jersey Division of Taxation reminds taxpayers that the 2018 New Jersey Tax Amnesty Program is coming up soon. Pursuant to recently enacted legislation, it requires the state’s Division of Taxation to establish a tax amnesty program that will provide an opportunity for eligible taxpayers to file and pay their past-due taxes with reduced interest and no penalties. The eligible periods will cover state tax liabilities for tax returns due on or after February 1, 2009 through September 1, 2017. The Division of Taxation also states that such program may not begin until after November 1, 2018, and it will probably end by January 15, 2019. The exact amnesty program dates are yet to be determined. The Division of Taxation also warns that if qualifying taxpayers do not take advantage of this amnesty program, “an additional 5% non-abatable penalty is imposed on any eligible debts not resolved during the amnesty period.”
Regarding New Jersey’s ongoing “Offshore Voluntary Compliance Initiative,” the Division of Taxation states that it is closing this program on November 1, 2018, since the IRS had closed its Offshore Voluntary Compliance Program on September 28, 2018 while the IRS’s Streamline Procedures is still available. The Division of Taxation also notes that taxpayers who participate in the New Jersey Offshore Voluntary Compliance Initiative are not eligible for the 2018 New Jersey Tax Amnesty program.
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