Tax Amnesty Program
The New Jersey Division of Taxation has initiated a limited time Tax Amnesty program for individuals and businesses that, due to tough economic times, owe taxes and are now confronted with accumulating interest payments and penalties. Beginning Monday, May 4, and until June 15, 2009, the Division will waive all penalties and forgive half of the interest owed.
Tax Amnesty is available to individuals and businesses that owe unpaid taxes to the Division of Taxation for tax returns due on or after January 1, 2002 and before February 1, 2009. After the Tax Amnesty period ends, an additional 5% penalty will be imposed on all outstanding tax amounts. In addition, all other penalties, interest and other costs authorized by law will be added back and the Division will aggressively pursue collection of the entire liability. Nearly everyone, except taxpayers under criminal investigation for a State tax matter, is eligible for the program.
Visit
www.TaxAmnesty.nj.gov
for details.
Brick Chamber Business News Home
|