If you are an individual or business who owes New Jersey taxes and would like to clean the slate potentially at a reduced cost, then the recently announced 2014 Tax Amnesty program is worth considering.
Until November 17, 2014 the New Jersey Division of Taxation is offering businesses and individuals that have unpaid tax liabilities and unfiled returns from tax periods 2005 through 2013 a way to request and enter into a closing agreement with the Division in order to satisfy outstanding tax liabilities with no or reduced penalties.
According to the New Jersey Division of Taxation, most penalties can be reduced to zero. The exception would be an Amnesty Penalty imposed on taxes due on or after 1/1/2002 and before 2/1/2009. This reduction can mean a 5% to 30% decrease in liabilities. Interest will be calculated only on the tax and reduced penalties. Recovery fees may be waived and costs of collection eliminated. [TO READ MORE, CLICK ON "READ MORE" TO THE RIGHT]
Earlier this summer I posted an article and flow chart describing the newest version of the IRS compliance program for non-compliant resident and non-resident taxpayers with foreign accounts and assets, giving a virtual amnesty to some. The IRS has now published forms to be used by those entering this program.