Massachusetts tax amnesty program 2024 has been announced starting from 1st of November till 30th of December 2024. Massachusetts tax amnesty program 2024 offers waiving of penalties, Relief for unfiled returns and tax liabilities and limited Lookback for eligible tax payer.
Massachusetts Budget legislation was passed on 29th of July 2024 which allow a 60-day amnesty program for the year end June 30th 2025. The amnesty program is from November 1st till 30th of December 2024. This enables eligible individuals and businesses to file overdue returns and pay taxes and interest owed for periods with returns due by December 31, 2024. Most penalties will be waived, and there is no limit on the lookback period for reporting overdue taxes, although a limited lookback applies to non-filers.
As a law firm and experienced attorney in MA, we suggest the situations thoroughly assessed by an experienced tax attorney to determine if an amnesty program is suitable for their unique circumstances.
We suggest you book an appointment with law attorney at MCGinn Law PC by clicking here.
Massachusetts Tax Amnesty Program is a 60 days amnesty program from 1st of November 2024 till 30th of December is established by Commissioner of Revenue.
There a criteria that need to be met by individuals and businesses in order to avail of the amnesty program. Corporate excise, personal income tax, and sales tax are eligible for this amnesty scheme. Eligible taxpayers can file delinquent or amended returns, pay any outstanding tax and interest, and benefit from a waiver of most tax penalties. A three year look back period can also advantage Non-filers. To apply for amnesty, eligible taxpayers must submit an amnesty request online through Mass Tax Connect.
This Technical Information Release (TIR) outlines several key aspects of the Amnesty Program, including:
– The amnesty period and payment deadline
– Eligibility criteria for taxpayers and applicable tax types
– General guidelines for the program
– Benefits of participating in the amnesty
– Procedures to follow under the program
– Exceptions and limitations that apply to the program
Each of these sections provides critical information for eligible taxpayers looking to take advantage of the tax amnesty opportunity in MA.
To know more about Massachusetts Tax Amnesty Program procedure click here.
Below are the tax payer who are ineligible for amnesty scheme 2024
Tax penalties waive is only available to eligible tax payer. An eligible tax payer can be any individual or business who meet the following criteria for Massachusetts amnesty program.
One of the following assessment
This specifies the timeline for tax liabilities that are still outstanding and relevant for enforcement or payment processes.
To Know more about Massachusetts’s tax Amnesty Eligible Tax Payer click here.
Taxpayer who have already been in payment agreement before the amnesty period and are also eligible for tax types maybe eligible to take advantage of Amnesty scheme. The Commissioner will waive penalties for any tax period with a return due on or before December 31, 2024, as long as the full tax and interest are paid during the Amnesty Period. However, penalties related to tax liabilities already covered by a Payment Agreement, which were paid before the Amnesty Period, will not be waived under the program.
A taxpayer with an ongoing appeal regarding an assessment by the Commissioner for a period covered by the Amnesty Program may still qualify for the program. To participate, the taxpayer must submit an Amnesty Request online at Mass Tax Connect and pay the full amount of taxes and interest owed during the Amnesty Period.
As we discussed above that Massachusetts amnesty due date is 30th of December not later than 11:59 EST. Amnesty must be submitted electronically whereas tax returns and payments can be submitted to revenue department through U.S. mail or electronically. To submit an amnesty request online taxpayer must submit it through Mass Tax Connect.
The IRS attorneys for Massachusetts Amnesty at Mc Ginn Law PC carefully take client through all phases with IRS.
McGinn Law PC as experienced law firm are well-versed in the eligibility criteria for individuals and businesses trying to be part of Massachusetts Amnesty scheme. Although we have mentioned eligibility criteria with Massachusetts amnesty 2024 but we strongly advise consulting with a qualified tax attorney before proceeding.
We suggest you to talk to attorney at McGinn Law PC and schedule an appointment by clicking here.
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