United States

New Hampshire: Tax Amnesty Included in Budget Compromise; Commissioner of Revenue Authorized to Participate in MTC Audits

Sep 28, 2015
From KPMG TaxWatch

Loading the player...

After months of delay, New Hampshire lawmakers and Governor Hassan recently reached agreement on a budget package. In addition to business tax cuts, the final agreement provides for a tax amnesty program. Under amnesty, taxpayers will be relieved of the assessment or payment of all penalties and 50 percent of interest on unpaid taxes that are reported and paid in full during the amnesty. Amnesty will be available for all taxes administered and collected by the New Hampshire Department of Revenue Administration, which includes the business enterprise tax, business profits tax, communications services tax, meals and rooms (rentals) tax, interest and dividends tax, real estate transfer tax, and estate tax. The program will run from December 1, 2015, through and including February 15, 2016. Amnesty will apply only to taxes due, but unpaid, on or before February 15, 2016, regardless of whether the taxes were previously assessed. After March 1, 2016, interest and penalties will be mandatory for any taxes that were due before December 1, 2015. The Department, as well as any administrative tribunal or court, will have no discretion to waive or reduce any penalties assessed with respect to these taxes.

In addition to the amnesty, the budget package allows the Commissioner of Revenue Administration to contract with the Multistate Tax Commission to participate in audits conducted by the Commission. It also authorizes the Commissioner to establish by rule a voluntary disclosure program for taxpayers not previously contacted by the Department to resolve unpaid tax issues. For more information on the upcoming amnesty, voluntary disclosure program, or MTC audits, please contact Michael Desrochers at 617-988-1396.

For more information about TWIST or to view archived episodes, please visit our TWIST homepage.

 Subscribe to TWIST via iTunes, or  Subscribe via RSS.

To receive TWIST e-mails each Monday morning, make sure that state, local and indirect is checked off as one of your topics of interest on the KPMG TaxWatch registration site.

The following information is not intended to be "written advice concerning one or more federal tax matters" subject to the requirements of section 10.37(a)(2) of Treasury Department Circular 230.

The information contained herein is of a general nature and based on authorities that are subject to change. Applicability of the information to specific situations should be determined through consultation with your tax adviser.