Tax Tip #198

If you need a payment plan for taxes owed to NJ, here some key points to know:

• A payment plan can be requested for any unpaid amount.
• The plan must include all unpaid balances.
• The monthly payment must be at least $25.
• Standard plans may be approved up to 60 months.
• Plans beyond 60 months are subject to additional requirements and submission of a financial statement for approval may be required.
• All plans are subject to approval.
• Interest will continue to be added to the unpaid balance at a rate of 8.5 percent (prime) + 3 percent — totaling 11.5 percent — compared to the current IRS rate of 8 percent.
• The balance due is subject to set-off programs, which allow NJ to apply any refunds to pay off debts owed.
• Questions regarding payment plans can be emailed to PaymentPlanUnit@treas.nj.gov.
• The payment plan request form can be found HERE.

Need help with a NJ payment plan? Contact a Goldstein & Loggia team member for assistance.