The New Jersey Division of Taxation (Division) issued rules implementing an amnesty program that will run through January 15, 2019. The programs provide for potential 100% penalty abatement and reduced interest on back taxes.
Pursuant to recently enacted legislation that requires the Division to establish a tax amnesty program, the Division recently published implementing administrative rules that were effective November 9, 2018, and expired on December 28, 2018. Note that New Jersey’s amnesty program began on November 15, 2018, and will run through January 15, 2019. The program provides an opportunity for eligible taxpayers to file and pay their past-due taxes with reduced interest and no penalties. Eligible periods generally cover state tax liabilities for tax returns due on or after February 1, 2009 through September 1, 2017. Note that an additional 5% non-abatable penalty may be imposed on any eligible debts not resolved during this program’s amnesty period. In addition to these new administrative rules covering the program’s scope, eligibility requirements, procedures, and consequences for participation and non-participation, other am-nesty program guidelines, forms, and answers to frequently asked questions are available on the Divi-sion’s website.
For more information about this article, please contact our tax professionals at taxalerts@windes.com or toll free at (844) 252-7337.