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Owe New Jersey Tax?
New Amnesty Program
Could Save You. |
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NJ Tax Amnesty
The State of New
Jersey introduced a
Tax Amnesty program
that took effect on
May 4, 2009. The
program, which runs
until June 15, 2009,
permits individuals
and business owners
to pay delinquent
state taxes without
penalty and at a
reduced interest
amount if they act
before the deadline.
Amounts not paid by
the deadline will be
subject to
traditional interest
and penalties, plus
a 5% additional
penalty above and
beyond what they
owed before. It is
an excellent
opportunity for
those who owe tax
and have the money
to pay it now to
settle their debts
at the least
possible amount.
To kick off the
program, the State
Treasury will be
mailing between
500,000 to 900,000
tax notices, looking
much like the
envelope pictured
above. The intent
is to fill the
State's empty bank
accounts with cash
while at the same
time clearing the
system of the many
thousands of tax
issues on the books.
This broad stroke
approach to
notification is
bound to surface
items on their books
that quite possibly
are in error.
You may receive a
notice in error, or
you may receive a
notice that reminds
you of taxes owed
for which you were
previously aware. In
either instance, the
most important thing
to do is respond to
the notice. If an
item on a notice is
unclear, call the
State directly to
discuss the matter.
The hotline for
amnesty issues is
800-781-8407.
In the event you
want Hunter Group
review the notice,
we will be happy to
examine the notice
and advise
accordingly.
However, if you know
what you owe, or the
amount in question
is nominal, say
under a few hundred
dollars, it may be
more cost effective
to respond to the
notice directly
through the State's
special website.
Payments may be made
by mail, or via the
web. The State has
established a rather
comprehensive Tax
Amnesty website,
complete with a
detailed frequently
asked questions
document and a
method for making
your payment online.
Be aware that
compliance under
this program
requires that you
file a tax return,
pay your
non-refundable
amount due, and
execute a waiver
acknowledging that
you owe the tax and
waive the right to
appeal.
Amnesty does not
apply to other
amounts owed, for
example Department
of Labor fines or
levies. For more
information, contact
your CPA, or visit
the New Jersey Tax
Amnesty website at
www.taxamnesty.nj.gov.
If you are not sure
who best to speak
with from Hunter
Group, feel free to
call Rosemary Ervin,
CPA in our Tax
Services Department.
She may be reached
at 201-261-4030, or
via e-mail at
RFE@TheHunterGroup.com.
Our tax team is prepared to assist you reduce and
manage your tax challenges. For more
information, click here to read about our
Tax
Services.
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NOTE:
To ensure compliance with requirements
imposed by the IRS, we inform you that any tax advice contained in this web
site is not intended or written to be used, and cannot be used, for the
purpose of avoiding penalties assessed under the Internal Revenue Code. |
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