Starting on November 15, 2018 and ending January 15, 2019, the State of New Jersey will hold a 60-day tax amnesty program aimed towards taxpayers who have delinquent taxes owed to the state. This will provide taxpayers an opportunity to file past tax returns and/or pay outstanding taxes due to the state, including a one-half reduction of the interest due as of November 1, 2018. The amnesty program only applies to outstanding filings and payments due for tax returns which were due on or after February 1, 2009, and prior to September 1, 2017. Beginning November 15, taxpayers can visit www.taxamnesty.nj.gov to view if they are eligible, file past returns, and make payments. A non-abatable 5% penalty will be assessed on a tax liability not paid in compliance with the program in addition to all other penalties, interest, and other costs authorized by state law. There are no refunds or credits available to taxpayers who pay through the amnesty program with no right to appeal. Amnesty will not be available to taxpayers who are under criminal investigation or involved in any state tax matter.
The State of New Jersey Division of Taxation is contacting taxpayers who they believe may have outstanding tax liabilities to facilitate participation in the program. If taxpayers receive a notice from the State of New Jersey or if they are interested in the amnesty program we recommend they consult with their WISS tax adviser as soon as possible.
For more information on this matter, please contact Evan Gernant, CPA, MST, Tax Partner at Wiss & Company, LLP, at EGernant@wiss.com or 973-994-9400.