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FAQ: New Jersey Voluntary Disclosure
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New Jersey's Voluntary Disclosure Program is a means for Taxpayers, who upon realizing that their activity creates nexus for New Jersey state tax purposes, to come forward and file the appropriate tax return(s) and registration materials. By coming forward prior to contact from the Division of Taxation, the Taxpayer can take advantage of favorable conditions offered under the program while being handled anonymously.
The Voluntary Disclosure Program is NOT available to resident taxpayers who are delinquent on any past individual or business tax filings; non-resident taxpayers who are registered for the taxes they wish to come forward on; are currently under any outstanding criminal investigation; have received a nexus survey or have otherwise been previously contacted regarding their activities in New Jersey. The Division agrees to waive the late filing, late payment, civil or criminal penalties relating to the tax returns and periods subject to the agreement with two exceptions. An unabateable penalty of 5 percent will be imposed for failure to take advantage of the Tax Amnesty Program that ended on June 10, 2002. This 5 percent penalty applies to tax returns with due dates after January 1, 1996 and before January 1, 2002. In those instances where the taxpayer collected sales tax but failed to remit it, a 5 percent late payment penalty will be imposed on the amount of sales tax collected. In addition, interest will be assessed and calculated at the prime rate plus three percent for the tax returns and periods included in the agreement.
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Added: Tue Jan 01 2002
Last Modified: Wed Dec 03 2008
