Friday, March 20, 2009

Haven't Paid NJ Taxes? Now Might Be the Time

Category: Tax Law and Planning

Courtesy of JH Cohn:

New Jersey Enacts Tax Amnesty Program

"New Jersey Governor Jon Corzine has signed a bill creating a 45-day New Jersey state tax amnesty period that will end no later than June 15, 2009. Presumably the program will begin on or about May 1, allowing the New Jersey Division of Taxation some time after the April 15 filing deadline to gear up for the program.

Under the program, taxpayers who pay outstanding state tax liabilities for tax returns due on or after January 1, 2002 and prior to February 1, 2009, plus one-half of interest owed as of May 1, 2009, will not have to pay the other half of the interest owed, nor will they be liable for collections costs or civil or criminal penalties. Taxpayers under criminal investigation for a state tax matter are ineligible for the program. On the other hand, taxpayers involved with civil tax audits are eligible.

Similar to the most recent New Jersey tax amnesty program conducted in 2002, a five percent "amnesty eligible" penalty will be imposed after the amnesty period concludes on any additional taxes found due by a taxpayer that were not paid during the amnesty period for a tax period falling under the amnesty program."

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Monday, March 16, 2009

Lets get Banks Lending - SBA Loan Guarantee Amount to 90%

Category: Business Law and Planning

As reported by NJBIZ, in an effort to get banks lending again, "Starting today, the U.S. Small Business Administration is raising to 90 percent the federal guarantee on most SBA loans and temporarily suspending a fee that is charged to banks, but passed along to borrowers. "

"The 90 percent guarantee will be on loans up to $1.5 million. The portion of the loan above $1.5 million, up to the maximum SBA loan of $1 million, will be subject to a lower guarantee amount. "

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