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Special Bulletin - April, 2016

RBF Special Bulletins bring you important tax, business and financial news between regularly-scheduled issues of RBF News.  Here's an important matter we think you should know about.

Catch Up on Back Taxes & Save on Penalties
MA Tax Amnesty 2016 is open from  April 1 - May 31, 2016
The program is a one-time opportunity for both individuals and businesses to catch up on back taxes and save on penalties. This program will allow you to:
  • File delinquent returns or amend prior tax returns 
  • Pay only the tax and interest you owe
  • Benefit from a three-year limited look-back period
Those  eligible  to participate in the amnesty program include any individual or business who has not currently registered with the DOR, who has not filed a tax return, or who has not reported the full amount of tax owed on a previously filed return for any tax return due on or before  December 31, 2015. 
Consequences after MA Tax Amnesty
  1. You may be assessed double the amount of tax due and other penalties
  2. You'll lose the limited look-back period on un-filed returns. There is no statute of limitation on un-filed returns
  3. You may risk up to a six-year audit period on a previously filed return if certain under-reporting criteria are identified
  4. You will face escalating enforcement efforts, including potential criminal prosecution
The DOR's new state-of-the-art integrated tax system will make it easier to identify those who have not complied with Massachusetts tax laws. Please consider taking advantage of the benefits of amnesty rather than risk the above-mentioned consequences.
Participation is easy
A simple online amnesty return is  available on the DOR  website . The online amnesty return will calculate the correct interest and total amnesty balance due and full payment will be requested online, along with the amnesty return. There is no need to mail anything to the DOR.

If you have any questions regarding this news or how to prepare for the MA Tax Amnesty 2016 program, feel free to contact us at (781) 321-6065.

500 Unicorn Park Drive, Suite 101, Woburn, MA 01801
Phone 781.321.6065    Fax 781.321.7747