27 May 2009
1 min read

Amnesty in New Jersey Has a Catch -- Expires Soon

Have you heard about the New Jersey amnesty program? It may not be everything that it seems on the surface.
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New Jersey Amnesty

NJ has an amnesty program in place that also expires soon -- June 15, 2009 to be exact. This from CCH:

Legislation has been enacted that requires the Director of the New Jersey Division of Taxation to establish a 45-day state tax amnesty period, to end no later than June 15, 2009.

The amnesty applies only to state tax liabilities for tax returns due on and after January 1, 2002 (the day following termination of the most recent amnesty period), and before February 1, 2009. During the amnesty period, a taxpayer who has failed to pay a state tax can pay the tax and one-half of the balance of interest that is due as of May 1, 2009, without the imposition of the remaining one-half of the balance of interest that is due as of that date, recovery fees, and civil or criminal penalties arising out of the tax obligation. The amnesty is not be available to a taxpayer who, at the time of payment, is under criminal investigation or charge for any state tax matter.

Now Here's the Catch -- If You Don't Take Advantage of This Amnesty, You'll Owe an Additional 5% Penalty Later!

If a taxpayer eligible for the amnesty fails during the amnesty period to pay taxes owed, that taxpayer will be subject to a 5% penalty that may not be waived or abated. The 5% penalty will be in addition to all other penalties, interest, or collection costs otherwise authorized by law.

Conclusion

Time is running out for New Jersey residents and businesses to take advantage of the state's amnesty program, which expires on June 15, 2009. To make matters more urgent, failing to seize this amnesty offer results in an additional 5% penalty on top of other charges. Don't miss your chance to settle outstanding tax issues and avoid further financial consequences.
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