NJ has sent Amnesty Letters to 750,000 businesses and individuals, who they think might qualify.
NOTE: Amnesty Full Details and Criteria Below
These letters will have an Amnesty ID and PIN, as shown in this example.
IMPORTANT NOTE: You may have received an AUDIT letter from NJ as seen below. If so, this is much more serious, and you should contact me to discuss it.
If you are sure that you want to take advantage of the Amnesty Program, call me to schedule a consultation. 732-673-0510. But if not, keep reading.
Getting a letter like this suddenly in the mail can evoke fear in all of us. But please take your time and don’t immediately log onto the NJ website with the ID and PIN they provided.
This Amnesty Letter shown above (not the audit letter) does NOT mean
- That you are being audited
- That the state has tax liabilities for the business or individual shown
- You are required to log into their system with the ID and PIN they provided.
Many times businesses have not been fully and properly dissolved, and so NJ does not know if there are delinquent returns due. So, if you have a company that is no longer transacting business and will not in the future, you most likely have no reason to apply for amnesty. In fact, logging into their system could make them believe the entity named on the letter is still active. Many company owners simply allow the NJ Company Charter to lapse instead of going through a dissolution process with the state.
Amnesty Details & Criteria:
There is going to be a 60 day amnesty period between November 15, 2018 and January 15, 2019.
The periods eligible cover State tax liabilities for tax returns due on or after February 1, 2009 through September 1, 2017. Some restrictions apply. I will need to review your specific situation to let you know which of your liabilities would be eligible.
You can participate as long as you are not under criminal investigation. But, are you close to a criminal prosecution? Then this program may help avoid that.
It may also shut down on-going audits in certain situations.
What are the rules?
Pay 100% of your tax and one-half of the accrued interest by the deadline, and all penalties are waived. It DOES apply to amounts under audit or otherwise being reviewed by the Division of Taxation.
NJ does NOT have an intention of sharing any information with the IRS, but if the IRS were to inquire for some reason, your amnesty related information may be provided to them. This needs to be part of your considerations.
If you owe NJ back taxes, or are a Non-Filer, schedule a consultation with me asap so I can provide you direction and possibilities.
This program does NOT reduce your tax liabilities.
Don’t let anxiety get the best of you. Call me to discuss your options, 732-673-0510.
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Click here to request a consultation or ask me a question.
Please reach out to me without hesitation with any tax, business or
accounting question, and to schedule a consultation.
Tax Laws are complex.
It is very easy to make mistakes that can incur penalties.
Do you have a Tax, Accounting or Business Question?
Call Me Immediately. (732) 673-0510.
Is your CPA or Attorney
ignoring your Phone Calls and Emails?
Call Me Immediately. (732) 673-0510.
Remember,
“If We Aren’t Working For You, Then You Aren’t Working At Your Best”
Chris Whalen, CPA
(732) 673-0510
81 Oak Hill Road
Red Bank, NJ 07701
www.chriswhalencpa.com
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