N.J. Admin. Code § 18:7-11.8

Current through Register Vol. 56, No. 9, May 6, 2024

Section 18:7-11.8 - Time to report change or correction in Federal net income

(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.

N.J. Admin. Code § 18:7-11.8

Amended by 49 N.J.R. 1694(a), effective 6/19/2017

Amended by 54 N.J.R. 1819(a), effective 9/19/2022