New Jersey recently announced the New Jersey Tax Amnesty program. The New Jersey Division of Taxation has indicated that both individuals and businesses may qualify for the program. The amnesty program began on November 15, 2018 and goes through January 15, 2019. The New Jersey Division of Taxation will waive late filing and late payment penalties for taxpayers who come forward through the program. The New Jersey Division of Taxation will also waive half of any interest due as of November 1, 2018. Taxpayers who choose not to participate, however, face stiff penalties. These taxpayers will incur a 5% penalty, which the New Jersey Division of Taxation will not waive. The 5% penalty is in addition to the other penalties and interest.
Taxpayers with outstanding New Jersey tax issues should strongly consider participating in the program. The New Jersey Division of Taxation offers guidance for how to apply for amnesty here.