May 8, 2015

Massachusetts Tax Amnesty – Time Is Running Out

By Diane Giordano, Partner, Tax & Business Services

Massachusetts Tax Amnesty – Time Is Running Out Tax & Business

As announced in a prior Marcum Tax Flash, the Massachusetts Department of Revenue permitted a 60-day tax amnesty program which began on March 16, 2015 and runs through May 15, 2015. This Flash is a reminder for those who may be eligible to review files and take action before the upcoming deadline. The program allows eligible taxpayers to resolve existing liabilities by paying only the tax and interest owed. The Department will waive all penalties.

Taxpayers eligible to participate include those with unpaid tax liabilities stated on a Massachusetts Notice of Assessment issued on or before January 1, 2015. Eligible tax types include corporate income, excise tax, financial institutions tax; insurance tax; public utilities tax; estate tax; fiduciary income tax; and individual use tax on motor vehicles.

Taxpayers must have received a bill for a covered tax in order to participate. Taxpayers currently under audit are not eligible to participate. Corporate taxpayers must be in compliance with the State’s annual report filing requirement in order to participate.

Qualifying taxpayers will receive a Tax Amnesty Notice from the Department and must pay the amnesty balance due in full as listed on the notice by May 15, 2015. If the tax and interest due are paid in full, penalties will be waived. The amount of unpaid penalty to be waived will be reflected on the notice.

For those taxpayers who may be eligible, but have not received a Tax Amnesty Notice, contact your Marcum Tax Advisor.

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