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New Jersey Offers Tax Amnesty Program Through January 15th (New Mexico’s Program Set to Expire on December 31st)

Sikich

Dec 11 2018

2 min read

Businesses with New Jersey underreported taxes and/or unfiled tax returns may now qualify for a tax amnesty program that ends on January 15, 2019.

Program Breakdown

This program provides relief from state tax liabilities for tax returns due on/after February 1, 2009 and through September 1, 2017. Taxpayers can pay back taxes, file past due tax returns, and pay half the interest due as of November 1, 2018. Most fees and penalties, not including civil fraud and criminal penalties, are waived under this amnesty program.

To obtain tax amnesty, a business must complete the following by January 15th:

Pay the outstanding tax due
Pay remaining half of the related interest
File delinquent returns

The New Jersey Division of Taxation has been mailing letters to businesses and individuals that may have filing obligations. These informational notices often provide specific information about the type of tax and years involved for which New Jersey may be looking for additional payments of tax or the filing of required returns. New Jersey may pursue these items if not addressed as part of this current amnesty program.

File for Tax Amnesty

To view your outstanding liability and begin filing for tax amnesty, visit www.taxamnesty.nj.gov. Qualifying taxpayers that choose not to participate in the program will suffer an additional 5 percent penalty on any amounts not paid before January 15.

Taxpayers not able to file electronically can mail tax returns to:

New Jersey Division of Taxation
Tax Amnesty
50 Barrack Street
PO Box 286
Trenton, NJ 08695-0286

Please note that New Jersey also offers a voluntary disclosure program that provides a limited look-back period for qualified business non-filers, thus making it a potentially more beneficial option than the amnesty program in certain situations. The only other state running a general tax amnesty program is New Mexico, and that program expires at the end of this year.

For more information, please contact your Sikich tax representative.

About the Author

Brian Kelley, CPA, MST
Managing Director, State and Local Tax Services

Brian Kelley, CPA, MST, focuses exclusively on State and Local Taxes (SALT). He had worked seven years with a national accounting firm and nine years with a regional accounting firm before working at Sikich, formally Kolb+Co.

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About the Author

Sikich

Sikich is a global company specializing in technology-enabled professional services. With more than 1,900 employees, Sikich draws on a diverse portfolio of technology solutions to deliver transformative digital strategies and is comprised of one of the largest CPA firms in the United States. From corporations and not-for-profits to state and local governments and federal agencies, Sikich clients utilize a broad spectrum of services* and products to help them improve performance and achieve long-term, strategic goals. *Securities offered through Sikich Corporate Finance LLC, member FINRA/SIPC. Investment advisory services offered through Sikich Financial, an SEC Registered Investment Advisor. 