reglab/statecodes huggingface dataset:
New Jersey Administrative Code › Title 18 - TREASURY - TAXATION › Chapter 7 - CORPORATION BUSINESS TAX ACT › Subchapter 8 - BUSINESS ALLOCATION FACTOR › Section 18:7-8.12 - Other business receipts

Current through Register Vol. 56, No. 14, July 15, 2024
(a) All other business receipts earned by the
				taxpayer within New Jersey are allocable to New Jersey. Other business receipts
				include all items of income entering into the determination of entire net income
				during the year for which the business allocation factor is being computed and is
				not otherwise provided for in these rules. Examples of such business receipts
				include, but are not limited to, interest income, dividends, governmental subsidies,
				or proceeds from sales of scrap.
(b) For
				treatment of dividends see
				N.J.A.C.
				18:7-8.7(c)2, Example.
(c) For treatment of receipts from sales of
				capital assets, see
				N.J.A.C.
				18:7-8.9.
(d) Receipts from the sale of real property
				situated in New Jersey are earned in New Jersey.
(e) Intangible income not apportioned by other
				provisions of these rules is included in the numerator of the receipts fraction
				where the taxable situs of the intangible is in this State. The taxable situs of an
				intangible is the commercial domicile of the owner or creditor unless the intangible
				has been integrated with a business carried on in another state. Notwithstanding
				that the commercial domicile is outside this State, the taxable situs is in New
				Jersey to the extent that the intangible has been integrated with a business carried
				on in this State. Example: Taxpayer has its domicile outside this State. It is in
				the business of lending money, some of which is loaned to New Jersey residents.
				Interest income and related fees (for example, late payment fees, annual fees, etc.)
				recognized from such loans is income derived from sources within this State and, as
				such, is earned in New Jersey. That interest and fee income is includable in the
				numerator of the receipts fraction.
(f)
				For treatment of non-operational income, see
				N.J.A.C.
				18:7-8.17.
(g) For sourcing of I.R.C. § 951A income,
				I.R.C. § 250(b) income, and the related I.R.C. §250(a) deduction, see
				N.J.A.C.
				18:7-5.19.
New Jersey Administrative Code › Title 18 - TREASURY - TAXATION › Chapter 7 - CORPORATION BUSINESS TAX ACT › Subchapter 8 - BUSINESS ALLOCATION FACTOR › Section 18:7-8.13 - Business allocation factor; payroll fraction

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Wages, salaries, and
				other compensation include all amounts paid for personal services rendered to the
				taxpayer, but do not include amounts paid of the taxpayer that do not have in them
				the element of compensation for personal services actually rendered or to be
				rendered.
(b) The percentage of the
				taxpayer's payroll allocable to New Jersey is determined by dividing the wages,
				salaries, and other personal service compensation of the taxpayer's employees within
				New Jersey during the period covered by the return by the total amount of
				compensation of all the taxpayer's employees during the period.
1. All executive salaries are includible in both
				the numerator, as applicable, and the denominator.
2. In general, a taxpayer reporting to the
				Division of Employer Accounts in the New Jersey Department of Labor and Workforce
				Development must allocate to New Jersey all wages, salaries, and other personal
				service compensation, and other items reportable to that Division in the amount
				prescribed by the New Jersey Department of Labor and Workforce
				Development.
New Jersey Administrative Code › Title 18 - TREASURY - TAXATION › Chapter 7 - CORPORATION BUSINESS TAX ACT › Subchapter 8 - BUSINESS ALLOCATION FACTOR › Section 18:7-8.14 - Definition of officers and employees

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Those officers and
				employees whose wages, salaries, and other personal service compensation are
				required to be included in the computation of the payroll fraction of the business
				allocation factor include every individual, officer, and general executive officer
				whose relationship with the taxpayer is that of employee and employer.
(b) Generally, the relationship of employer and
				employee exists when the taxpayer has the right to control and direct the individual
				not only as to the result to be accomplished by him or her but also as to the means
				by which such result is to be accomplished. If the relationship of employer and
				employee exists, the designation or description of the relationship, and the
				measure, method, or designation of the compensation, are immaterial.
(c) Compensation paid to officers, such as the
				Chairman, President, Vice-President, Secretary, Assistant Secretary, Treasurer,
				Assistant Treasurer, Comptroller, and any other officer charged with and performing
				general executive duties of the corporation must also be included.
(d) A director of a corporation is not an
				employee; therefor compensation paid to directors for acting as such should not be
				included in either the numerator or denominator in computing the payroll
				fraction.
New Jersey Administrative Code › Title 18 - TREASURY - TAXATION › Chapter 7 - CORPORATION BUSINESS TAX ACT › Subchapter 8 - BUSINESS ALLOCATION FACTOR › Section 18:7-8.15 - Compensation of officers and employees within New Jersey

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Compensation of
				officers and employees within this State shall include the entire amount of wages,
				salaries and other personal service compensation for services performed within or
				both within and without this State if:
1. The
				service is performed entirely within this State; or
2. The service is performed both within and
				outside this State, but the service performed outside the State is incidental to the
				individual's service within the State. For example, service that is temporary or
				transitory in nature or which consists of isolated transactions;
3. The service is not performed entirely in any
				state but some of the service is performed in this State; and
i. The base of operations, or, if there is no base
				of operations, then the place from which the service is directed or controlled, is
				in this State; or
ii. The base of
				operations or place from which the service is directed or controlled is not in any
				state in which some part of the service is performed, but the individual's residence
				is in this State;
4.
				Contributions are not required or paid with respect to such service under an
				unemployment compensation law of any other state.
New Jersey Administrative Code › Title 18 - TREASURY - TAXATION › Chapter 7 - CORPORATION BUSINESS TAX ACT › Subchapter 8 - BUSINESS ALLOCATION FACTOR › Section 18:7-8.16 - Allocation: international banking facilities

Current through Register Vol. 56, No. 14, July 15, 2024
Any banking corporation, having an international banking facility,
				  which maintains a regular place of business (other than a statutory office) outside
				  New Jersey, which elects to take the deduction from entire net income provided by
				  N.J.A.C.
				  18:7-5.2(a)2 vii, shall complete
				  the allocation factor under this subchapter in the usual way. For the purpose of
				  allocation, however, all amounts attributable, directly or indirectly, to the
				  production of the eligible net income of an international banking facility as
				  defined in N.J.S.A. 54:10A-4(n),
				  shall be included in both the numerator and denominator of the fractions described
				  in this subchapter, whether or not such international banking facility income
				  amounts are otherwise attributable to New Jersey.
New Jersey Administrative Code › Title 18 - TREASURY - TAXATION › Chapter 7 - CORPORATION BUSINESS TAX ACT › Subchapter 8 - BUSINESS ALLOCATION FACTOR › Section 18:7-8.17 - Non-operational income

Current through Register Vol. 56, No. 14, July 15, 2024
Non-operational income of taxpayers is not subject to allocation
				  but shall be specifically assigned. One hundred percent of non-operational income
				  from taxpayers having their principal place from which the trade or business of the
				  taxpayer is directed or managed in this State shall be specifically assigned to this
				  State.
New Jersey Administrative Code › Title 18 - TREASURY - TAXATION › Chapter 7 - CORPORATION BUSINESS TAX ACT › Subchapter 10 - SECTION 8 ADJUSTMENTS › Section 18:7-10.1 - Discretionary adjustments of business allocation factor by Director

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Generally, the
				allocation formula described in this chapter will result in a fair apportionment of
				the taxpayer's net worth and net income within and outside New Jersey. However,
				experience in this and other states that impose similar franchise taxes has shown
				that due to the nature of certain businesses the formula may work hardships in some
				cases, and not do justice either to the taxpayer or the State. Accordingly,
				provision is made in such cases for the Director to use some other formula that will
				more accurately reflect the business activity within New Jersey.
(b) Section 8 of the Act provides that where it
				shall appear to the Director that the business allocation factor, determined
				pursuant to
				N.J.S.A. 54:10A-6,
				does not properly reflect the activity, business, receipts, capital, entire net
				worth, or entire net income of a taxpayer reasonably attributable to New Jersey, he
				or she may in his or her discretion adjust the business allocation factor by:
1. Excluding one or more of the fractions
				therein;
2. Including one or more other
				elements, such as expenses, purchases, and contract values (minus subcontract
				values);
3. Excluding one or more
				assets in computing entire net worth;
4.
				Excluding one or more assets in computing an allocation factor; or
5. Applying any other similar or different method
				calculated to effect a fair and proper allocation of the entire net income and the
				entire net worth reasonably attributable to this State.
New Jersey Administrative Code › Title 18 - TREASURY - TAXATION › Chapter 7 - CORPORATION BUSINESS TAX ACT › Subchapter 11 - RETURNS › Section 18:7-11.1 - Returns; corporations required to file

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Returns are required
				to be filed annually by the following:
1. Every
				corporation subject to tax, regardless of the amount of its entire net income. (See
				N.J.A.C.
				18:7-1.6.)
2. Every receiver, referee, trustee, assignee or
				other fiduciary, or any officer or agent appointed by any court to conduct the
				business or conserve the assets of any corporation subject to tax under the
				Act.
New Jersey Administrative Code › Title 18 - TREASURY - TAXATION › Chapter 7 - CORPORATION BUSINESS TAX ACT › Subchapter 11 - RETURNS › Section 18:7-11.2 - Returns where Federal net income is changed

Current through Register Vol. 56, No. 14, July 15, 2024
If the amount of the Federal net income of any taxpayer is
				  changed or corrected by a final determination of the Commissioner of Internal
				  Revenue or other officer of the United States or other competent authority, or if a
				  renegotiation of a contract or subcontract with the United States results in a
				  change in said net income, or where a recovery of a war loss results in a
				  computation or recomputation of any tax imposed by the United States, the taxpayer
				  is required to report its changed or corrected net income or the results of
				  renegotiation and to concede its accuracy or state where it is erroneous.
New Jersey Administrative Code › Title 18 - TREASURY - TAXATION › Chapter 7 - CORPORATION BUSINESS TAX ACT › Subchapter 11 - RETURNS › Section 18:7-11.3 - Effect of deficiency notice

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Any deficiency
				notice (including a notice issued pursuant to a waiver filed by a taxpayer) pursuant
				to the provisions of the Internal Revenue Code is a final determination unless a
				timely petition to redetermine the deficiency is filed in the Tax Court of the
				United States, in which event the judgment of the court of last resort affirming the
				deficiency, or the redetermination of the deficiency pursuant to the judgment of the
				court of last resort, is the final determination.
(b) The allowance by the Commissioner of Internal
				Revenue of a refund of any part of the tax shown on the taxpayer's return or of any
				deficiency thereafter assessed, whether the refund is made on the Commissioner's own
				motion or pursuant to judgment of a court, is also a final determination.
(c) A taxpayer who for any reason accepts any
				portion of a deficiency (including a notice issued pursuant to a waiver filed by a
				taxpayer) made pursuant to the provisions of the Internal Revenue Code is required
				to report that portion of the deficiency accepted within 90 days in accordance with
				18:7-11.8 and
				54:10A-13.
(d) Only the portion of any deficiency (including
				a notice issued pursuant to a waiver filed by a taxpayer) made pursuant to the
				provisions of the Internal Revenue Code that is the subject of a timely petition for
				redetermination in the Tax Court of the United States may delay the reporting
				requirements set forth in
				N.J.A.C.
				18:7-11.8 and then only to the extent permitted by
				(a) above.
Example: The Internal Revenue Service (IRS) redetermined the net
				  income of a taxpayer's 1983 tax return based on three separate issues, A, B, and C.
				  These three issues resulted in increases in net income for New Jersey purposes of $
				  5,000, $ 30,000, and $ 110,000 respectively. The taxpayer accepted Issue A resulting
				  in a $ 5,000 increase in income for New Jersey purposes and requested a hearing
				  before the IRS on Issues B and C. The taxpayer has 90 days from the issuance of the
				  deficiency to report Issue A to the Division of Taxation.
Six months later, the IRS issues a determination that it intends
				  to uphold the entire amount represented by Issues B and C. The taxpayer accepts the
				  determination on Issue B, but appeals Issue C to the Tax Court of the United States.
				  The taxpayer has 90 days from the issuance of the IRS determination to report the $
				  30,000 increase in net income represented by Issue B to the Division of
				  Taxation.
One year later, the Tax Court issues an unfavorable decision to
				  the taxpayer on Issue C. The taxpayer accepts the verdict and decides not to appeal
				  the issue any further. The $ 110,000 represented by Issue C must be reported to the
				  Division of Taxation within 90 days of the court decision.
New Jersey Administrative Code › Title 18 - TREASURY - TAXATION › Chapter 7 - CORPORATION BUSINESS TAX ACT › Subchapter 11 - RETURNS › Section 18:7-11.4 - Amended return

Current through Register Vol. 56, No. 14, July 15, 2024
Any taxpayer filing an amended return with the United States
				  Treasury Department shall also file an amended return with the Division of Taxation.
				  See 18:7-11.8.
New Jersey Administrative Code › Title 18 - TREASURY - TAXATION › Chapter 7 - CORPORATION BUSINESS TAX ACT › Subchapter 11 - RETURNS › Section 18:7-11.5 - Change of accounting period

Current through Register Vol. 56, No. 14, July 15, 2024
(a) A taxpayer will not
				be permitted to change its accounting period for purposes of the Corporation
				Business Tax Act unless it has first obtained the permission of the Commissioner of
				Internal Revenue for Federal income tax purposes where permission is required under
				the Internal Revenue Code. A copy of such permission must be filed with the Division
				of Taxation.
(b) The taxpayer will also
				be required to file a short period return and remit the amount of its tax liability
				for the period from the close of its last accounting period for which a return was
				filed to the beginning of its newly authorized accounting period.
New Jersey Administrative Code › Title 18 - TREASURY - TAXATION › Chapter 7 - CORPORATION BUSINESS TAX ACT › Subchapter 11 - RETURNS › Section 18:7-11.6 - Forms of returns

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Returns are required to be made on forms
				prescribed by the Director.
1. In the case of all
				taxpayers, annual returns are required to be filed on the applicable New Jersey
				corporation business tax return published by the Division of Taxation for the
				respective privilege period for the taxpayer.
2. In the case of all taxpayers entitled and
				electing to allocate entire net income, the supplemental sheet, to be used in
				conjunction with the return and containing the allocation schedules, must be
				completed and attached to the New Jersey corporation business tax return.
New Jersey Administrative Code › Title 18 - TREASURY - TAXATION › Chapter 7 - CORPORATION BUSINESS TAX ACT › Subchapter 11 - RETURNS › Section 18:7-11.7 - Time for filing returns

Current through Register Vol. 56, No. 14, July 15, 2024
(a) For privilege periods ending before July 31,
				2020, the appropriate annual corporation business tax return together with payment
				of the tax, including the required prepayment, must be filed with the Division of
				Taxation on or before the 15th day of the fourth month after the close of each
				fiscal or calendar accounting period. For privilege periods beginning on and after
				July 31, 2020, the due date of the New Jersey corporation business tax return shall
				be 30 days after the original due date for filing the taxpayer's Federal corporate
				income tax return for such privilege period, or part thereof, and the full amount of
				the tax pursuant to this section shall be due and payable on or before the date
				prescribed in this section for the filing of the return.
(b) For a return that is permitted to be mailed
				instead of being filed according to the electronic filing mandate, such return is
				timely filed and deemed delivered on the date of the United States Postal Service
				postmark stamped on the envelope. See
				N.J.S.A.
				54:49-3.1.
(c) A return is timely filed when it is submitted
				to the Division of Taxation on the next business day, if the due date falls on a
				Saturday, Sunday, or State holiday.
(d)
				For privilege periods beginning on and after July 31, 2020, if the 30th day after
				the original due date for filing the taxpayer's Federal corporate income tax return
				is a business day on the 14th of the month and the 15th of said month is also a
				business day, then the 15th of the month shall be deemed the due date of the New
				Jersey corporation business tax return.
(e) For privilege periods beginning on and after
				July 31, 2020, if the original due date of the taxpayer's Federal corporate income
				tax return is June, the taxpayer's New Jersey corporation business tax return shall
				be due on August 15th.
New Jersey Administrative Code › Title 18 - TREASURY - TAXATION › Chapter 7 - CORPORATION BUSINESS TAX ACT › Subchapter 11 - RETURNS › Section 18:7-11.8 - Time to report change or correction in Federal net income

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The report of change
				or correction in Federal taxable income as the result of an Internal Revenue Service
				audit must be reported to the Division of Taxation within 90 days of issuance of the
				Federal report by filing an amended New Jersey corporation business tax return. To
				amend New Jersey corporation business tax returns, file the amended return
				electronically (except the BFC-1, which may be mailed) selecting the "AMENDED
				RETURN" option and writing the appropriate privilege period.
(b) Any taxpayer that files an amended return with
				the United States Treasury Department must file an amended New Jersey corporation
				business tax return within 90 days thereafter.
(c) After the filing of a report of change or
				correction on an amended New Jersey corporation business tax return, the Director
				may, within the time prescribed by law, audit the return and compute and assess the
				tax based upon the issue or issues set forth in the Federal revenue agent's
				report.
(d) If the Division of Taxation
				assesses and bills a deficiency to a taxpayer resulting from a Federal change and if
				the taxpayer pays the deficiency in full within the 90 day period from the issuance
				of the report, then no separate return need be filed by the taxpayer reflecting the
				Federal change.
New Jersey Administrative Code › Title 18 - TREASURY - TAXATION › Chapter 7 - CORPORATION BUSINESS TAX ACT › Subchapter 11 - RETURNS › Section 18:7-11.9 - Time for filing returns for unauthorized foreign corporations doing business in New Jersey

Current through Register Vol. 56, No. 14, July 15, 2024
(a) A foreign corporation that does business,
				employs, or owns capital or property or maintains an office in New Jersey without
				authorization or after its withdrawal from the State, is subject to tax for each
				calendar or fiscal accounting period or part thereof during which it has engaged in
				any such activity. The corporation is subject to the same requirements with respect
				to filing returns and paying taxes as a duly authorized corporation.
(b) In this connection, see
				N.J.S.A.
				14A:13-11 pursuant to which every foreign
				corporation transacting any business, directly or indirectly, in New Jersey without
				having first obtained a Certificate of Authority to do business here, shall for each
				offense forfeit to the State the sum of not less than $ 200.00 nor more than $ 1,000
				to be recovered with costs in an action prosecuted by the Attorney General in the
				name of the State.
New Jersey Administrative Code › Title 18 - TREASURY - TAXATION › Chapter 7 - CORPORATION BUSINESS TAX ACT › Subchapter 11 - RETURNS › Section 18:7-11.11 - Returns required to be filed by corporation ceasing to be subject to tax

Current through Register Vol. 56, No. 14, July 15, 2024
(a) A domestic
				corporation that ceases to possess its franchise is required to file a return
				covering each year or period for which no return was previously filed.
(b) A foreign corporation that surrenders its
				authority to do business or otherwise ceases to have a taxable status in New Jersey
				is required to file a return covering each year or period for which no return was
				filed.
New Jersey Administrative Code › Title 18 - TREASURY - TAXATION › Chapter 7 - CORPORATION BUSINESS TAX ACT › Subchapter 11 - RETURNS › Section 18:7-11.12 - Extension of time to file return; interest and penalty

Current through Register Vol. 56, No. 14, July 15, 2024
(a) No extension will be
				granted unless request is made on a Tentative Return Form and is actually received
				by the Division of Taxation on or before the due date of the return. The Tentative
				Return must:
1. Show the information required,
				including the exact name, address, New Jersey corporation number, the Federal
				employer identification number, if any, and the amount of the estimated tax
				liability;
2. Be accompanied by a
				remittance to cover the unpaid balance of the estimated tax due for the accounting
				year for which an extension of time to file the return is requested; and
3. Be accompanied by the payment on account of its
				tentative tax which is due on or before the original due date for filing of the
				return for which an extension is requested.
New Jersey Administrative Code › Title 18 - TREASURY - TAXATION › Chapter 7 - CORPORATION BUSINESS TAX ACT › Subchapter 11 - RETURNS › Section 18:7-11.13 - Place for filing returns and payment of tax

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Amended returns and
				related documents together with remittances payable to "State of New Jersey" must be
				forwarded to the New Jersey Division of Taxation, Revenue Processing Center, PO Box
				666, Trenton, NJ 08646-0666. See
				N.J.A.C.
				18:7-11.19 for electronic filing
				requirements.
(b) A separate remittance
				is required to be made with each return.
New Jersey Administrative Code › Title 18 - TREASURY - TAXATION › Chapter 7 - CORPORATION BUSINESS TAX ACT › Subchapter 11 - RETURNS › Section 18:7-11.14 - Secrecy of returns

Current through Register Vol. 56, No. 14, July 15, 2024
The returns are deemed secret and confidential and New Jersey law
				  prohibits the unauthorized disclosure of information obtained from the returns or
				  the records pertaining thereto.
New Jersey Administrative Code › Title 18 - TREASURY - TAXATION › Chapter 7 - CORPORATION BUSINESS TAX ACT › Subchapter 11 - RETURNS › Section 18:7-11.15 - Consolidated returns

Current through Register Vol. 56, No. 14, July 15, 2024
(a) For privilege periods ending before July 31,
				2019, corporations are not permitted to file consolidated returns. Provided, however
				for those privilege periods:
1. Any business
				conducted by an individual, partnership, or corporation or any other entity, or any
				combination thereof holding a license pursuant to the Casino Control Act shall file
				a consolidated corporation business tax return as described at
				N.J.A.C.
				18:7-1.17;
2. An air carrier, within the meaning of the term
				pursuant to
				49 U.S.C.
				§
											40102 may elect to file a consolidated
				return pursuant to
				N.J.S.A. 54:10A-18.1;
				and
3. The Director may require
				consolidated filing pursuant to
				N.J.S.A.
				54:10A-10 and
				N.J.A.C.
				18:7-5.11.
New Jersey Administrative Code › Title 18 - TREASURY - TAXATION › Chapter 7 - CORPORATION BUSINESS TAX ACT › Subchapter 11 - RETURNS › Section 18:7-11.17 - Copies of tax returns or other information required

Current through Register Vol. 56, No. 14, July 15, 2024
(a) For privilege
				periods ending prior to July 31, 2020, the Director may by general rule or by
				special notice require any taxpayer to submit copies or pertinent extracts of its
				Federal income tax returns, or of any other tax return made to any agency of the
				Federal government, or of this or any other state, or of any statement or
				registration made pursuant to any state or Federal law pertaining to securities or
				securities exchange regulations. For privilege periods ending on and after July 31,
				2020, taxpayers are required to submit their Federal return and applicable schedules
				as part of a full and complete New Jersey corporation business tax return pursuant
				to
				N.J.S.A.
				54:10A-14(a), as amended at
				P.L.
				2020, c. 118. See N.J.A.C.
				18:7-11.17Afor more information on the Federal return mandate.
(b) The Director may require all taxpayers to keep
				records that the Director may prescribe, and the Director may require the production
				of books, papers, documents, and other data, to provide or secure information
				pertinent to the determination of the tax and its enforcement and
				collection.
(c) The Director may, also
				by general rule or special notice, require any taxpayer to make and file information
				returns, under oath, of facts pertinent to the determination of the tax or liability
				for tax pursuant to such regulations, at the times and in the form or manner and to
				the extent the Director may prescribe under law.
(d) Certain corporations that are member
				affiliated or controlled groups may be required to file consolidated returns
				pursuant to
				N.J.S.A.
				54:10A-10. See
				N.J.A.C.
				18:7-5.11.
New Jersey Administrative Code › Title 18 - TREASURY - TAXATION › Chapter 7 - CORPORATION BUSINESS TAX ACT › Subchapter 11 - RETURNS › Section 18:7-11.17A - Federal returns, forms, schedules, and extracts mandatory to include as part of a full and complete New Jersey corporation business tax return

Current through Register Vol. 56, No. 14, July 15, 2024
(a) For privilege periods ending on and after July
				31, 2020, as part of a full and complete New Jersey corporation business tax return,
				a taxpayer or managerial member of a combined group must submit copies or pertinent
				extracts of its Federal income tax returns, or of any other tax return filed with
				any agency of the Federal government, or of this State or any other state, or of any
				statement or registration made pursuant to any state or Federal law pertaining to
				securities or Securities Exchange Commission regulations. The following Federal
				returns, forms, schedules, and extracts are necessary to include:
1. A copy of the Federal return (or returns of
				each member in the case of a combined group) that was filed with the Internal
				Revenue Service for the privilege period (for example, Forms 1120, 1120-F, 1120-S,
				etc., as applicable);
2. Form
				8993;
3. Form 8992;
4. Form 8990;
5. Form 5471;
6. Form 1125-A;
7. Form 851;
8. Form 1125-E;
9. Form 8858;
10. Form 4562;
11. Form 5472;
12. Form 1118;
13. Schedule M-3;
14. Schedule D;
15. Form 4797; and
16. Schedule UTP.
New Jersey Administrative Code › Title 18 - TREASURY - TAXATION › Chapter 7 - CORPORATION BUSINESS TAX ACT › Subchapter 11 - RETURNS › Section 18:7-11.19 - Electronic filing and payment

Current through Register Vol. 56, No. 14, July 15, 2024
(a) For tax years
				beginning on or after January 1, 2015, tax preparers who file corporation business
				tax returns must file corporation business tax returns and, if such preparer is
				instructed by the taxpayer to make all payments of corporation business tax,
				including estimated payments, such preparer must make those payments
				electronically.
(b) For tax years
				beginning on or after January 1, 2016, taxpayers that are subject to the corporation
				business tax and submit their own returns must file their corporation business tax
				returns electronically. Payments of corporation business tax liabilities, including
				estimated payments, must be made electronically whether remitted directly by the
				taxpayer or by the tax preparer as instructed by the taxpayer.
(c) "Tax preparer" means as defined in
54:48-2
.
(d) As a result of changes in technology, the
				Division of Taxation will determine which electronic filing methods satisfy the
				requirements imposed in this section. The Division will provide notice as to the
				authorized electronic filing methods by publication on the Division's website and
				through other means as the Director may deem appropriate.
New Jersey Administrative Code › Title 18 - TREASURY - TAXATION › Chapter 7 - CORPORATION BUSINESS TAX ACT › Subchapter 12 - SHORT PERIOD RETURN › Section 18:7-12.1 - Short period returns; when required

Current through Register Vol. 56, No. 14, July 15, 2024
(a) In general, every
				corporation must file a return for each fiscal or calendar accounting period or part
				thereof during which it has or had a taxable status in New Jersey. In certain cases,
				the taxpayer will be required to file a return covering an accounting period of less
				than 12 months. This may necessitate an adjustment of entire net income.
(b) Some of the circumstances which require the
				filing of short period returns are:
1. A newly
				organized corporation whose first accounting period established for Federal income
				tax purposes is less than 12 months;
2.
				A foreign corporation that acquires a taxable status in New Jersey subsequent to the
				commencement of its Federal accounting period, and whose first New Jersey
				corporation business tax return embraces a period less than the accounting period
				reported for Federal income tax purposes;
3. Corporations that dissolve, merge, consolidate,
				withdraw, surrender or otherwise cease to have a taxable status in New Jersey prior
				to the close of a full 12 months accounting period;
4. A corporation that changes its accounting
				period.
New Jersey Administrative Code › Title 18 - TREASURY - TAXATION › Chapter 7 - CORPORATION BUSINESS TAX ACT › Subchapter 12 - SHORT PERIOD RETURN › Section 18:7-12.2 - Short period returns; proration procedures

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Where a short period
				return is required, the entire net income is permitted to be prorated as follows:
1. For any short period return, the minimum tax
				for a New Jersey corporation and for a foreign corporation may not be prorated and
				at least the proper minimum tax amount must be paid.
2. With respect to net income, a domestic
				corporation filing a short period return shall not be entitled to prorate its
				adjusted net income. A foreign corporation whose short period return under the Act
				covers a period other than the accounting period reported upon for Federal income
				tax purposes, may prorate its adjusted entire net income by dividing its adjusted
				entire net income by the number of calendar months or parts thereof covered by the
				Federal income tax return and multiplying the result by the number of calendar
				months or parts thereof covered by the short period return. A part of a month shall
				be deemed to be a month.
3. With respect
				to net income, a foreign corporation whose short period return under the Act covers
				the same period as the accounting period reported upon for Federal income tax
				purposes shall not be entitled to prorate its adjusted entire net income.
4. Where a taxpayer is entitled and has elected to
				allocate less than the full amount of its entire net income to New Jersey the
				allocation factors must reflect, both in the numerator and denominator, only the
				period covered by the short period return. For treatment of allocation on a short
				period return, see
				N.J.A.C.
				18:7-12.3.
New Jersey Administrative Code › Title 18 - TREASURY - TAXATION › Chapter 7 - CORPORATION BUSINESS TAX ACT › Subchapter 12 - SHORT PERIOD RETURN › Section 18:7-12.3 - Short period returns; allocation

Current through Register Vol. 56, No. 14, July 15, 2024
(a) In the case of a
				taxpayer entitled and electing to allocate less than the full amount of its entire
				net income to New Jersey, the applicable allocation factors must reflect, both in
				the numerator and denominator, only the period covered by the short period
				return.
(b) In the case described at (a)
				above, the allocation factors shall be applied to entire net income only after such
				entire net income shall have been prorated as indicated at
				N.J.A.C.
				18:7-12.2.
(c) Subsections (a) and (b) above shall apply to
				combined groups required to file a short period combined return. See N.J.A.C.
				18:7-21for more information on combined reporting.
New Jersey Administrative Code › Title 18 - TREASURY - TAXATION › Chapter 7 - CORPORATION BUSINESS TAX ACT › Subchapter 13 - ASSESSMENT, PAYMENTS, REFUNDS, LIEN › Section 18:7-13.1 - Assessment and reassessment

Current through Register Vol. 56, No. 14, July 15, 2024
(a) On its return, the
				taxpayer must compute the amount of tax payable under the law and must remit the
				amount of the indicated tax.
1. The Director shall
				cause the return to be examined and shall conduct any audit or investigation or
				reaudit as he or she may deem necessary;
2. If the Director determines that there is a
				deficiency with respect to payment of any tax due under the Act, he or she shall
				assess or reassess the additional taxes, penalties and interest due to the State,
				give notice of such assessment or reassessment to the taxpayer, and make demand for
				payment;
3. There shall be added to the
				amount of any deficiency assessment or reassessment, interest at the rate of one and
				one-half percent per month or fraction thereof to be calculated from the date the
				tax was originally due and payable until December 8, 1987. On and after December 9,
				1987, interest shall be calculated at the annual rate of five percentage points
				above the prime rate, compounded daily until the date of actual payment. On and
				after July 1, 1993, interest shall be calculated at the rate of three percentage
				points above the prime rate assessed for each month or fraction thereof, compounded
				annually at the end of each year from the date such tax was originally due to the
				date of actual payment.
4. If the
				failure to pay tax when due is explained to the satisfaction of the Director, the
				Director may abate the payment of any interest charge in excess of the annual rate
				of three percentage points above the prime rate.
New Jersey Administrative Code › Title 18 - TREASURY - TAXATION › Chapter 7 - CORPORATION BUSINESS TAX ACT › Subchapter 13 - ASSESSMENT, PAYMENTS, REFUNDS, LIEN › Section 18:7-13.2 - Hearing; protest

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The rules concerning the right of taxpayer to
				a hearing are:
1. Any taxpayer aggrieved by any
				finding or assessment of the Director may, within 90 days of the date of the notice
				of assessment or finding, file a protest in writing, in the form and manner
				described in 18:32-1.2, and may request a hearing;
				and
2. Thereafter the Director shall
				grant an informal hearing to the taxpayer, if requested.
New Jersey Administrative Code › Title 18 - TREASURY - TAXATION › Chapter 7 - CORPORATION BUSINESS TAX ACT › Subchapter 13 - ASSESSMENT, PAYMENTS, REFUNDS, LIEN › Section 18:7-13.3 - Appeal

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Any aggrieved taxpayer may, within 90 days
				after any final decision, order, finding, assessment or action of the Director made
				pursuant to the provisions of the Corporation Business Tax Act, appeal therefrom to
				the Tax Court in accordance with pertinent provisions of the State Uniform Procedure
				Law (see N.J.S.A. 54:51A-13 et seq.).
(b) The filing of a complaint by a taxpayer in the
				Tax Court shall suspend the running of the statute of limitations for the contested
				issue or issues for all subsequent privilege periods.
New Jersey Administrative Code › Title 18 - TREASURY - TAXATION › Chapter 7 - CORPORATION BUSINESS TAX ACT › Subchapter 13 - ASSESSMENT, PAYMENTS, REFUNDS, LIEN › Section 18:7-13.6 - Time for payment of tax

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The annual franchise tax must be paid to the
				Director in full on or before the due date of the return. For accounting periods
				ending on or after December 31, 1980, the annual franchise tax, including any
				estimated or installment payments required to be made pursuant to the Corporation
				Business Tax Act and
				N.J.A.C.
				18:7-3.13 must be paid to the Director in full on
				or before the due date of the return. For due dates of returns see
				N.J.A.C.
				18:7-11.7.
(b) Installment payments are due on or before the
				respective due dates as set forth in
				18:7-3.1 3.
(c) A taxpayer that ceases to be subject to tax
				under the Act must pay the entire tax for each fiscal or calendar accounting period
				or part of a period during which it had a taxable status. See
				N.J.A.C.
				18:7-11.11.
New Jersey Administrative Code › Title 18 - TREASURY - TAXATION › Chapter 7 - CORPORATION BUSINESS TAX ACT › Subchapter 13 - ASSESSMENT, PAYMENTS, REFUNDS, LIEN › Section 18:7-13.7 - Additional tax; change in Federal tax; interest to be charged

Current through Register Vol. 56, No. 14, July 15, 2024
(a) If the taxpayer is
				notified by the Director that an additional tax is payable as a result of an amended
				Federal return or a change or correction in taxable income by the Commissioner of
				Internal Revenue or other office of the United States or other competent authority,
				or where a renegotiation of a contract or subcontract with the United States or a
				recovery of a war loss results in a computation or recomputation of any tax imposed
				by the United States, within 15 days after the date of the Division's assessment
				letter to the taxpayer, the taxpayer must remit that additional tax together with
				interest thereon at the rate of three percentage points above the prime rate
				assessed for each month or fraction thereof compounded annually at the end of each
				year, from the date such tax was originally due to the date of actual
				payment.
(b) However, if the taxpayer
				failed to notify the Director of any change in Federal net income within 90 days as
				required by the Act, any additional tax resulting from a change, plus interest
				thereon computed as indicated in (a) above, shall be deemed to have been due within
				15 days after notification was required to be filed with the Director.
New Jersey Administrative Code › Title 18 - TREASURY - TAXATION › Chapter 7 - CORPORATION BUSINESS TAX ACT › Subchapter 13 - ASSESSMENT, PAYMENTS, REFUNDS, LIEN › Section 18:7-13.8 - Claims for refund; when allowed

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The four-year
				statute of limitations period for filing a claim for refund commences to run from
				the later of the payment of tax for the taxable year or from the filing of the final
				return for the taxable year. The due date of the return is deemed the payment date
				if filing and payment are made prior to the due date. For purposes of this section,
				the term "due date" means the original due date of the return. The term does not
				mean or include any extended due date.
(b) The four-year period for filing a claim for
				refund relating to an amended return ("additional self-assessment") commences on the
				later of payment of the additional self-assessment or the filing of an amended
				return reflecting the additional self-assessment.
(c) For purposes of the application of this
				section only:
1. A Tentative Return and
				Application for Extension of Time to File a tentative New Jersey corporation
				business tax return and an installment voucher are not returns;
2. The taxpayer shall file the applicable New
				Jersey corporation business tax for the respective period; and
3. A Report of Changes in Corporate Taxable Net
				Income by the Internal Revenue Service (IRA-100) or a New Jersey corporation
				business tax return for the appropriate tax year, with the words "AMENDED RETURN"
				clearly indicated on the front page of the form, is an amended return.
New Jersey Administrative Code › Title 18 - TREASURY - TAXATION › Chapter 7 - CORPORATION BUSINESS TAX ACT › Subchapter 13 - ASSESSMENT, PAYMENTS, REFUNDS, LIEN › Section 18:7-13.9 - Payment of refunds; rejection of claims; interest on overpayments

Current through Register Vol. 56, No. 14, July 15, 2024
(a) If upon
				examination of a claim for refund, it shall be determined by the Director that there
				has been an overpayment of tax, the amount of the overpayment and the interest on
				the overpayment if any, shall be credited against any liability of the taxpayer
				under any state tax law.
(b) If there is
				no liability the taxpayer shall be entitled to a refund of the tax so overpaid and
				the interest on the overpayment, if any.
(c) If the Director shall reject the claim for
				refund in whole or in part, he or she shall make a determination accordingly and
				serve a notice upon the taxpayer.
(d)
				For tax paid with respect to reports or returns due on or after January 1, 1994,
				interest will be paid on overpayments not refunded within six months after the last
				date prescribed, or permitted by extension of time, for filing the return or within
				six months after the return is filed, whichever is later. The interest will be paid
				at a rate determined by the Director to be equal to the prime rate, determined for
				each month or fraction thereof, compounded annually at the end of each year, from
				the date the interest begins to accrue to the date of the refund. The interest will
				begin to accrue on the later of the date of the filing by the taxpayer of the refund
				claim or requested adjustment, the date of the payment of the tax, or the due date
				of the report or return. No interest will be paid on an overpayment of less than
				$1.00. Interest will not be paid on an overpayment if the taxpayer requests that the
				overpayment be applied to future tax liabilities.
New Jersey Administrative Code › Title 18 - TREASURY - TAXATION › Chapter 7 - CORPORATION BUSINESS TAX ACT › Subchapter 13 - ASSESSMENT, PAYMENTS, REFUNDS, LIEN › Section 18:7-13.10 - Refund for erroneous payments

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Where no questions
				of fact or law are involved and it appears from the records of the Director that any
				moneys have been erroneously or illegally collected from any taxpayer or have been
				paid by any taxpayer under a mistake of fact or law, the Director may at any time
				within two years of payment, upon making a record in writing of his or her reasons
				therefor, certify to the State Treasurer that the taxpayer is entitled to a refund.
(b) The Treasurer shall then authorize
				payment from the appropriation for this purpose.
New Jersey Administrative Code › Title 18 - TREASURY - TAXATION › Chapter 7 - CORPORATION BUSINESS TAX ACT › Subchapter 13 - ASSESSMENT, PAYMENTS, REFUNDS, LIEN › Section 18:7-13.11 - Lien of tax

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The tax imposed by the Act, including the
				required tax prepayment for accounting periods ending March 31, 1968, and
				thereafter, shall constitute a lien on all the taxpayer's property and franchises on
				and after January 1 of the year next succeeding the year in which it is due and
				payable.
1. All interest, penalties, and costs of
				collection that fall due or accrue shall be added to and become a part of this
				lien;
2. The lien date is not affected
				by an extension of time that may be granted for filing the return.
New Jersey Administrative Code › Title 18 - TREASURY - TAXATION › Chapter 7 - CORPORATION BUSINESS TAX ACT › Subchapter 13 - ASSESSMENT, PAYMENTS, REFUNDS, LIEN › Section 18:7-13.12 - Release of property from lien

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The Director may
				release any property from the lien of any tax, interest, or penalty imposed upon any
				corporation in accordance with the provisions of the Act, or of any certificate,
				judgment, or levy procured by him or her, upon written application made to him or
				her and upon payment of a $ 5.00 fee, provided:
1.
				Payment be made to the Director of such sum as he or she shall deem adequate
				consideration for release; or
2. Deposit
				be made of whatever security or bond the Director shall deem proper to secure
				payment of any debt evidenced by any tax, interest, penalty, cost of collection,
				certificate, judgment, or levy, the lien of which is sought to be released;
				or
3. The Director is satisfied that
				payment of the tax is otherwise provided for.
New Jersey Administrative Code › Title 18 - TREASURY - TAXATION › Chapter 7 - CORPORATION BUSINESS TAX ACT › Subchapter 13 - ASSESSMENT, PAYMENTS, REFUNDS, LIEN › Section 18:7-13.13 - Certificate as to lien for unpaid corporation franchise taxes

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Upon the receipt of
				a written application accompanied by the fee provided for in subsection (b) of this
				section, the Director shall issue to the applicant a certificate certifying with
				respect to the corporation or corporations listed in the application one of the
				following:
1. That there are no liens in favor of
				the State for corporation franchise taxes due pursuant to the provisions of the Act;
				or
2. That there are liens as stated in
				the certificate; or
3. That there exists
				some other status which the Director's records disclose.