The Division continues to discover partnerships with New Jersey sourced income that fail to file the required returns and remit the partnership tax due under section 54:10A-15.11 of the Corporation Business Tax Act and the per partner fee due under section 54A:8-6.(b) of the Gross Income Tax Act.
Beginning on March 15, 2014 and running through May 15, 2014, partnerships that have New Jersey sourced income and have not filed the relevant forms (PART-100, PART-200T & NJ-1065) and/or remitted the tax and fees owing can voluntarily come forward and comply with their Corporation Business Tax and Gross Income Tax requirements. Individual partners that have not satisfied their New Jersey filing and tax remittance requirements can also come forward and become compliant under the terms of this initiative.
In addition to the standard procedures and requirements for voluntary disclosure agreements (VDAs) for partnerships and individuals the following terms apply:
- The look back period will be limited to periods beginning on or after January 1, 2010.
- The taxpayer must file all required returns and remit payment of all taxes and fees owing within 45 (forty-five) days of execution of its VDA.
- The Division will waive all penalties.
- The taxpayer will remit payment of interest within 30 (thirty) days of assessment.
- All returns remain subject to audit with respect to issues not specifically covered under the terms of the VDA.
Requests to participate in this disclosure initiative should be submitted to William Bittner, Chief, Gross Income Tax Branch, PO Box -0288, Trenton, New Jersey 08695-0288.
Questions may be addressed to Mr. Bittner at 609-984-8275 or by e-mail at Bill.Bittner@treas.state.nj.us.