N.J. Admin. Code § 18:33-1.3

Current through Register Vol. 56, No. 11, June 3, 2024

Section 18:33-1.3 - Finality; determination of fraud

(a)A fully executed closing agreement is final and conclusive for the period stated in the agreement, unless the Division discovers fraud, malfeasance, or misrepresentation of a material fact by the taxpayer.

1. The case shall not be reopened as to the matters agreed upon or the agreement modified by an officer, employee, or agent of the State of New Jersey; and

2. In any suit, action, or proceeding, such agreement, or any determination, assessment, collection, payment, abatement, refund, or credit made in accordance therewith, shall not be annulled, modified, set aside, or disregarded. However, a closing agreement with respect to a tax period ending subsequent to the date of the agreement is subject to any change in, or modification of, the law enacted subsequent to the date of the agreement if the change or modification is applicable to that tax period.

(b) Execution and approval of a closing agreement does not preclude an additional inspection of a taxpayers records to determine whether fraud, malfeasance, or misrepresentation of material fact exists as to execution of the agreement.

N.J. Admin. Code § 18:33-1.3

Amended by 46 N.J.R. 1365(a), effective 6/2/2014.