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Old 06-11-2009, 02:59 PM
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What are the tax benefits for Taxpayers participating in the Tax Amnesty?

According to State of New Jersey Division of Taxation, "Eligible taxpayers who participate in Tax Amnesty will pay only the amount of tax they owe and one-half of the balance of interest that is due as of May 1, 2009, without any penalties or referral recovery fees. After the Tax Amnesty period ends, an additional 5% penalty, which shall not be subject to waiver or abatement, will be imposed on all outstanding Amnesty-eligible tax amounts. In addition, all other penalties, interest and other costs authorized by law will be imposed and the Division will aggressively pursue collection of the entire liability."

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