11/19/2018

New Jersey Tax Amnesty Program Begins

    As part of the budget agreement adopted in early July, the New Jersey Division of Taxation is conducting a tax amnesty program that began November 15, 2018 and will run through January 15, 2019. For tax returns or payments due on or after February 1, 2009, and prior to September 1, 2017, upon payment of any back taxes owed, plus payment of 50% of the interest owed, the remaining 50% of the interest along with all penalties will be waived.

    Some taxpayers with known liabilities that are eligible for tax amnesty will have received letters with an assigned tax amnesty ID number and PIN to use on the tax amnesty website found at: www.taxamnesty.nj.gov. A dedicated tax amnesty hotline has also been established at: 1-800-781-8407. Payments are to be made through the amnesty website, either by e-check or credit card. If a payment is made by credit card, a 2.5% convenience fee will be tacked on. Checks will be accepted at Division of Taxation regional information centers located throughout the state.

    It is worth noting that for eligible tax liabilities, a 5% amnesty penalty will be imposed after the amnesty period ends. This penalty cannot be waived or abated, and it is in addition to the penalties and interest that would otherwise apply.

    Are you interested in speaking with one of our tax partners about this program?

    Neil Becourtney, CPA, is a tax partner with CohnReznick LLP, based in its Eatontown, NJ office. He can be reached at 732-380-8678 or via e-mail: neil.becourtney@cohnreznick.com.

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    Any advice contained in this communication, including attachments and enclosures, is not intended as a thorough, in-depth analysis of specific issues. Nor is it sufficient to avoid tax-related penalties. This has been prepared for information purposes and general guidance only and does not constitute legal or professional advice. You should not act upon the information contained in this publication without obtaining specific professional advice specific to, among other things, your individual facts, circumstances and jurisdiction. No representation or warranty (express or implied) is made as to the accuracy or completeness of the information contained in this publication, and CohnReznick LLP, its partners, employees and agents accept no liability, and disclaim all responsibility, for the consequences of you or anyone else acting, or refraining to act, in reliance on the information contained in this publication or for any decision based on it.