Current through Register Vol. 56, No. 18, September 16, 2024
(a) A partnership
having a resident New Jersey owner of an interest in the entity or having any income
derived from New Jersey sources is required to file a partnership return Form
NJ-1065 on or before the 15th day of the fourth month after the end of the tax year.
See 18:35-1.3.
(b) Any partnership having tax due pursuant to
N.J.S.A.
54:10A-15.11 must file Form NJ-CBT-1065 New Jersey
Partnership Return Corporation Business Tax, and Form NJ-1065.
(c) A partnership may obtain an extension of time
to file the New Jersey Partnership Return (Form NJ-1065) or New Jersey Partnership
Return Corporation Business Tax (Form NJ-CBT-1065) for a period of five months
beyond the original due date, providing that the requirements at (c)1 below are
satisfied. Extensions beyond five months from the original due date of the return
will be granted only in cases where the Director determines that exceptional
circumstances exist. This subsection provides the authority for an extension of time
to file and is not to be considered an extension of time to pay the filing fee
and/or tax due. A partnership's liability is due, in full, by the original due date
of the return. The partnership is subject to interest and late filing penalty as
described at (c)5 below if the full amount is not paid by the original due date of
the return.
1. A five-month extension of time to
file a New Jersey Partnership Return will be granted only if, by the original due
date of the return, the partnership has paid in, either through tiered partnership
payments, installment payments, estimated payments, a payment made with the
Partnership Application for Extension of Time to File Form NJ-1065 (Form PART
200-T), or Partnership Application for Extension of Time to File Form NJ-CBT-1065
(Form CBT-206) at least 80 percent of the filing fee and/or tax due computed on the
New Jersey Form PART 200-T or Form CBT-206 when filed and:
i. The partnership obtains a valid five-month
extension for Federal income tax purposes and attaches a copy of the application for
automatic Federal extension (Federal Form 7004) to the final New Jersey Partnership
Return(s) when filed; or
ii. If no
Federal extension is requested, the partnership completes and submits Federal Form
7004 by the original due date of the return.
2. A partnership shall file Form PART-200-T,
Partnership Application for Extension of Time to File Form NJ-1065 and/or Form
CBT-206 Partnership Application for Extension of Time to File Form NJ-CBT-1065, only
if the partnership is required to remit payment to the Division of Taxation by the
original due date of the return in order to meet the 80 percent requirement at (c)1
above.
3. Failure to satisfy either the
80 percent payment requirement at (c)1 above by the original due date of the return,
or to file the Partnership Return(s) by the extended due date, will result in the
retroactive denial for the extension as of the original due date of the return. In
those cases, the partnership will be subject to interest, late filing penalties, and
late payment penalties from the original due date of the return, as described at
(c)4 and 5 below.
4. A partnership that
has not satisfied the 80 percent payment requirement at (c)1 above, or fails to file
the Partnership Return(s) by the extended due date, will be subject to the following
late filing penalties, which shall be imposed on the first day following the
original due date of the return and on the same calendar day of each succeeding
month thereafter:
i. $ 100.00 per month or any
fraction of a month that the return is delinquent;
ii. Five percent per month or any fraction of a
month that the return is delinquent, up to a maximum of 25 percent of the balance of
any filing fee and/or tax due with the return; and
iii. Interest on the unpaid filing fee and/or tax
calculated at three percentage points above the prime rate. Interest is imposed for
each month (or a fraction thereof) on the unpaid balance of filing fee and/or tax
due. At the end of each calendar year, all filing fee and/or tax, penalties, and
interest remaining due become part of the unpaid balance on which interest will be
charged.
5. A partnership that
makes a payment of fee and/or tax after the original due date of the return(s), with
or without an extension of time to file, is subject to the following late payment
penalty and interest payments:
i. A five percent
penalty for late payment of any filing fee and/or tax balance; and
ii. Interest on the unpaid filing fee and/or tax
calculated at three percentage points above the prime rate. Interest is imposed for
each month (or a fraction thereof) on the unpaid balance of filing fee and/or tax
due. At the end of each calendar year, all filing fee and/or tax, penalties, and
interest remaining due become part of the unpaid balance on which interest will be
charged.
(d) A
partnership seeking an extension of time to file Form NJ-1065 or Form NJ-CBT-1065
may file a copy of its application for a Federal extension with its New Jersey
return. The box at the top of Form NJ-1065 labeled "Application for Federal
Extension is attached" shall be checked. If a Federal extension has not been
obtained, a request for a State extension must be made by filing Federal Form 7004
with the Division of Revenue and Enterprise Services on or before the original due
date of the State return. In addition, any partnership that has a filing fee and/or
tax due must file Form PART-200-T, Partnership Application for Extension of Time to
File Form NJ-1065 and/or Form CBT-206 Partnership Application for Extension of Time
to File Form NJ-CBT-1065. The applicable payment must accompany this Form. Form
PART-200-T and Form CBT-206 must be postmarked on or before the original due date of
the return. An extension of time to file Form NJ-1065 or Form NJ-CBT-1065 does not
extend the time to pay the filing fee and/or tax due. It also does not extend the
time for filing the tax return or returns of the partners.
