Tax Amnesty Countdown

Tax Amnesty Countdown

If you are among the thousands of Massachusetts taxpayers who have an outstanding tax liability to the Commonwealth, a window is about to open that will allow you to take advantage of the state's tax amnesty program.

Starting on April 1, 2016, tax amnesty is being extended to those who have not filed all Massachusetts tax returns, or have underreported in previously filed tax returns, to correct the error and "make good" without penalty. The amnesty is open to both individual taxpayers and businesses.

On April 1^st, you'll be able to file an Amnesty Return on the Department of Revenue (DOR) website. The DOR will automatically calculate the interest on any past due taxes, and the total amount due. All with no penalties. You can pay electronically and get a receipt for payment immediately.

The process is simple and, for many who have not filed or owe back taxes, it can be financially advantageous. But the window is narrow - the Massachusetts tax amnesty program ends on May 31, 2016.

If you have any questions about the Tax Amnesty program or other tax issues, please contact Gray, Gray & Gray's Tax Department at (781) 407-0300.

We go beyond the numbers by delivering insight, guidance and success to our clients.

Gray, Gray & Gray, LLP
781.407.0300

www.gggcpas.com

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