Current through Register Vol. 56, No. 18, September 16, 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.
(b) Taxpayers using the New Jersey corporation
business tax return may request an extension for a period not exceeding six months
and will generally receive approval, provided that the taxpayer has complied with
the instructions set forth on the Tentative Return on the electronic portal
application, and has paid any unpaid balance of its estimated tax and the taxpayer
has subsequently timely filed their return no later than the extension period due
date.
1. In general, extension requests shall not
be granted for any period exceeding six months from the original due date.
2. Requests are to be submitted
electronically.
3. If the final return
is not submitted within the extended period, penalties for delinquent filing will be
applied as if no extension has been granted.
(c) Banking and financial corporations may request
an extension of time to file their respective New Jersey corporation business tax
return subject to the following conditions:
1. No
extension will be granted unless request is actually received by the Division or
postmarked on or before the due date of the return;
2. The extension shall be made on a copy of page 1
of the taxpayer's respective New Jersey corporation business tax return, including
the exact name, address, New Jersey corporation number, if applicable, the Federal
employer identification number, if any, and the amount of tentative tax
liability;
3. The request shall be
accompanied by a remittance to cover the unpaid balance of the tentative tax due for
the accounting year for which an extension of time to file the return is
requested;
4. The request shall be
accompanied by a completed copy of Schedule L from the taxpayer's respective New
Jersey corporation business tax return, and a copy of the taxpayer's Federal
extension request; and
5. The extension
request may be for a period not exceeding six months.
(d) In general, extension requests shall not be
granted for any period exceeding six months from the original due date.
(e) Where the taxpayer has requested a Federal
extension, the Division shall grant the taxpayer an extension for a period not
exceeding six months. In cases where the taxpayer has failed to obtain a Federal
extension, the taxpayer, upon request, may be granted a two-month extension for
filing the return from the original due date of the return, if sufficient cause is
established and the request is submitted in writing. Sufficient cause should be
interpreted, so that it is impossible or wholly impracticable to file a return
within two months from the original due date of the return.
(f) Extensions may be confirmed, in writing, by
the Division, if necessary.
(g) If the
original return is not submitted within the extended period, penalty for delinquent
filing will be applied as if no extension has been granted.
(h) Interest and penalty are chargeable as
follows:
1. The total amount of the tax due must
be paid on or before the original due date for filing the return.
2. Any unpaid portion of the tax on the final
return that is in excess of the amount paid shall bear interest at the rate of one
and one-half percent per month, or fraction thereof from the original due date of
the return to the date of actual payment. The unpaid portion of the tax shall bear
interest 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.
3. In addition, if the amounts paid up to and
including the time for filing of the tentative return total less than the lesser of
90 percent of the amount of tax due, or for a taxpayer that had a preceding fiscal
or calendar accounting year of 12 months and filed a return for that year showing a
tax liability equal to the tax computed at the rates applicable to the current
accounting year applied to the facts shown on the return for and the law applicable
to the preceding accounting year, the taxpayer shall be liable for a penalty of five
percent per month, or fraction thereof, on the amount of underpayment. In this
context, "filing of the return" means filing of the tentative return incident to a
request for extension; "the time for filing" means the original due date for filing
the return; and "amount of underpayment" means the difference between 100 percent of
the tax shown on the final return and the total of all installments of estimated tax
paid on or before the original due date for filing the return, as well as any amount
paid with the tentative return.
(i) Where a taxpayer makes an election on Federal
Form 7004, it will be granted an extension of time to file a corporation business
tax return until the Federal election is filed, provided that the New Jersey
extension has been properly filed in accordance with these rules.
(j) No request for extension will be considered
unless taxpayer has complied with all the filing requirements for extensions set
forth in this rule.
(k) The managerial
member of a combined group filing a New Jersey combined return for the group
privilege period may request an extension of time to file on behalf of the combined
group pursuant to (b) above, as though the combined group were one taxpayer and
shall include the unitary I.D. number for the combined group.
