New Hampshire taxpayers with potential liability for delinquent returns or for paying outstanding tax due have a short time left to take advantage of the Amnesty Program authorized by the legislature and administered by the NH Department of Revenue Administration (DRA). The Amnesty applies only to taxes due but unpaid before February 15, 2016, regardless of whether the DRA has assessed the tax due or the taxpayer has filed a return. Appeal rights may also be preserved under the Program.
The principal benefits of the Amnesty Program are: Waiver of Penalties and
Waiver of ½ the interest accrued since the tax was due
The Amnesty Program applies to all taxes administered by the DRA including but not limited to the:
-Business Enterprise/Business Profits Tax
-Interest & Dividends Tax
-Meals & Rooms Tax
-Real Estate Transfer Tax
It is a particularly attractive option for taxpayers with unfiled or misstated Real Estate Transfer Tax exposure where DRA can assess a 100% penalty on the unpaid tax where they determine the failure to pay was willful under NH RSA 78-B:7.
While no special form or application is required, an immediate consultation with tax counsel and/or your CPA is recommended so as to obtain maximum benefit of the Amnesty Program.