Tuesday, August 26, 2014

Massachusetts DOR Explains Limited Amnesty Program

What You Need to Know About the Tax Amnesty Program

A provision in the FY15 Massachusetts state budget establishes a tax amnesty program for two consecutive months during the 2015 fiscal year for certain tax types.

Only individual and business taxpayers who receive a Tax Amnesty Notice from the Massachusetts Department of Revenue (DOR) will be eligible for the amnesty program, which applies to certain existing individual and business tax liabilities that were stated on a Notice of Assessment issued by the Commissioner on or before July 1, 2014.

The amnesty program will run from September 1, 2014 to October 31, 2014 but will not extend to individuals and businesses that have already paid all tax and interest amounts due and only owe penalties, those that have signed settlement agreements with the Commissioner, or those who are determined to have been the subject of tax-related criminal investigations or prosecutions prior to or during the amnesty program. Also, any taxpayer that delivers or discloses or has delivered or disclosed any false or fraudulent application, document, return or other statement in connection with the amnesty program will not be eligible for amnesty and will be subject to the greater of: (i) applicable penalties under G.L. c. 62C; or (ii) a penalty not to exceed $10,000.

If you qualify for this tax amnesty and pay your taxes and interest in full, the Department will waive all associated penalties. showing the tax and interest due, along with the penalties to be waived, will be mailed on September 2, 2014 to taxpayers who qualify. If you pay the tax and interest shown on the bill on or before October 31, 2014, the Commonwealth will waive the unpaid penalties for the period.

More details on the MA DOR Amnesty program can be found online here

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