New Jersey Offers Tax Amnesty, Sets November Deadline

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www.archerlaw.com                                                                                                         September 2014


New Jersey Offers Tax Amnesty, Sets November Deadline

 

 

The New Jersey Division of Taxation is offering a tax amnesty program to businesses and individuals that have unpaid tax liabilities for the periods 2005 through 2013. The program, which is open until November 17, 2014, will allow taxpayers to reduce their outstanding obligations with reduced or eliminated penalties and no costs of collection or recovery fees. In order to participate, taxpayers must enter into a closing agreement with the Division and remit the balance due by November 17, 2014.

 

The Division has begun issuing letters to potential participants setting forth the reduced tax liability available under the amnesty program. Taxpayers that do not receive notice letters but wish to participate will need to work with the Division, either directly or through their advisors, to determine whether program benefits are available to them.

 

Details involved in the amnesty program are beyond the scope of this alert. If you have any questions about the program or other tax matter, please contact Tiffany Donio of Archer’s Tax Law Group at (856) 616-6147 or tdonio@archerlaw.com, or any member of the Group at one of our offices listed below.

 

DISCLAIMER: This client advisory is for general information purposes only. It does not constitute legal or tax advice, and may not be used and relied upon as a substitute for legal or tax advice regarding a specific issue or problem. Advice should be obtained from a qualified attorney or tax practitioner licensed to practice in the jurisdiction where that advice is sought.

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