State Eyes $100 Million In Tax Amnesty Program

Program Will Begin Nov. 1 And Run By means of Dec. 30

SEPT. 19, 2024…..Massachusetts taxpayers who did not file state returns or have unpaid assessments will get an opportunity later this yr to get again on monitor whereas avoiding the conventional penalties and related curiosity funds.

The Division of Income introduced Thursday {that a} new tax amnesty program will run from Nov. 1 by Dec. 30. The state through the years has periodically launched amnesty applications as a way of getting taxpayers to adjust to their obligations.

This system was approved by outdoors part 225 of the annual state finances, which slotted in an expectation that $100 million in income collected by the amnesty program can be obtainable to assist the finances.

“I urge people and companies to take this chance to voluntarily pay their again taxes and curiosity starting November 1,” Income Commissioner Geoffrey Snyder stated in an announcement.

The division has a webpage up with solutions to ceaselessly requested questions and a listing of eligible tax sorts, which embody people, companies, estates or trusts. This system contains a three-year restricted look-back interval for people who did not file required returns.

These ineligible for amnesty contains taxpayers beneath tax-related legal investigation or prosecution, those that obtained prior amnesty reduction in 2015 or 2016 for a similar tax sort and interval, taxpayers in energetic chapter, and taxpayers who filed a false or fraudulent return.

Eligible taxpayers with an current tax legal responsibility will obtain an amnesty eligibility letter, the division stated, and excellent returns should be filed for the amnesty interval requested, and all tax and curiosity due should be paid by Dec. 30, 2024.