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2016 Mass Amnesty

Categories Tax Tips (Mass)

The vast majority of Bay Staters pay their taxes but not all have complied. Now there’s an opportunity for those who have not filed returns, or have underreported taxes, to get on track and pay no penalties through a tax amnesty that will be open for April and May. Once the amnesty closes on May 31, penalties and interest will continue to accumulate.

Please share this information with anyone who needs to begin to pay their fair share or adjust previous returns to make it right. Bringing taxpayers into the system, or up to date, will expand participation in our shared responsibility to maintain much needed services across the state.

This amnesty is open to businesses and individuals who:

  • Have not filed all returns – Any business or individual who has not filed a tax return despite being obligated to do so – it could be one missed return or more
  • Have underreported taxes – Any business or individual who understated taxes due on a previously filed tax return and wants to correct the error

Now is a good time to step up
A new, state-of-the-art tax revenue system was recently launched for Massachusetts businesses and will soon be available for individual taxpayers. When fully implemented, this new system will make it much easier to identify businesses and individuals who are underpaying taxes or not paying at all. Time is limited to take advantage of the amnesty and avoid paying penalties.

First, a little homework
Determine the total tax liability by completing a tax return and any schedules– and keep the return for your personal records. Please review the information available for individual taxpayers and business taxpayers to understand what is required or consult a tax professional.

Easy, online Amnesty Return
Once the amount of tax owed is calculated, complete the simple, secure, online Amnesty Return which will be available on the amnesty webpage as of the amnesty kickoff on April 1. Confirmation of receipt of the Amnesty Return is immediate.

http://www.mass.gov/dor/breaking-news/amnesty/tax-amnesty-info.html

 

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