New Jersey Offers a Gift of Tax Amnesty

From November 15, 2018, through January 15, 2019, New Jersey is offering taxpayers the opportunity to clear their tax debts. For taxpayers who choose to file and pay the taxes owed, the state will waive most penalties and reduce interest.

Taxpayers will only pay the amount of tax owed and one-half of the balance of interest due (as of November 1, 2018), without any penalties, Referral Cost Recovery Fees, or cost of collection fees. Taxpayers also avoid a 5% amnesty penalty that the state will impose on all eligible tax balances remaining after the amnesty period ends. The amnesty penalty cannot be waived or abated.

For a full list of details regarding NJ Tax Amnesty click here.

 

Author

Erik Wallin

Erik Wallin is a Senior Tax Counsel on the Tax Research Team at Sovos Compliance. Erik has been with Sovos Compliance since 2011, and his main areas of focus are on U.S. Transaction Tax Law which includes special expertise in the taxation of technology and the taxation mechanisms that apply throughout the Colorado home rule jurisdictions. Erik is a member of the Massachusetts Bar, has a B.A. from York College of Pennsylvania, a J.D. from New England School of Law, and an LL.M. in Taxation from Boston University.
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