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Penalty Relief for CBT Taxpayers

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Penalty Relief for CBT Taxpayers

The New Jersey Division of Taxation has announced penalty relief for taxpayers who made timely requests for an extended filing date for their 2018 New Jersey Corporation Business Tax Returns.

Originally, the extended filing date for a 2018 calendar year corporation was October 15, 2019, the same due date as the corporation’s federal return. On Monday, September 9, the Division of Taxation announced it will automatically waive the late filing penalty for calendar year corporation business taxpayers if the return is filed by November 15, 2019 for extended calendar year corporations. To be eligible for penalty relief, the taxpayer must have properly extended its federal return due date of October 15, 2019.  Fiscal year corporation business taxpayers are granted similar relief and have an additional month within which to file the 2018 return.

The Division of Taxation will consider tax elections made on a 2018 New Jersey Corporation Business Tax Return to be timely made if the return is filed by November 15 (or within an additional month for an extended 2018 return for a fiscal year corporation).

The Division of Taxation reminded taxpayers that interest and penalties for the late payment of the tax may still apply. Failing to file a calendar year return by November 15, 2019 (or a fiscal year return within an additional month) may cause the imposition of a late filing penalty based on the October 15, 2019 due date.

See: https://www.state.nj.us/treasury/taxation/30day-penalty-relief.shtml

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