Guidance on New Jersey’s Extended Tax Deadline

On April 1, Governor Murphy announced the intention to extend the state’s tax deadline from April 15 to July 15.

As of Monday, April 13, the state legislature voted to approve the extension and, with that, came more specific guidance on exactly what is being extended. The New Jersey Division of Taxation has published a comprehensive list of return due dates.

Following are some highlights that may be relevant to you:

What’s been extended:

• 2019 gross income tax returns and payments, including trusts
• 2019 corporate business tax returns and payments
• First quarter 2020 estimated state tax payments
• First quarter 1041 estimates
• Partnership returns and payments
• Partnership filing fees and licensed professional fees

Like the federal extension, the deferral is automatic and there is nothing you have to do or file. Penalties and interest will not be imposed on the balance of 2019 income tax due between the original due date and July 15.

What has NOT been extended:

• Second quarter 2020 estimated tax payments
  • Due June 15, 2020
• Sales and use tax filings and remittances
  • Quarterly Reconciliation Of Gross Receipts & Tax Remittance – Due April 20, 2020 and July 20, 2020
  • Monthly Remittance Of Tax Collected – Due April 20, May 20, June 22, and July 20.
  • Annual Business Use Tax Return – Due May 1, 2020
• Payroll tax remittances (including those imposed by the New Jersey Department of Labor and Workforce Development)
  • Quarterly Reconciliation of Withholdings & Tax Remittance – Due April 30, 2020
  • Monthly Remittance Of Tax – Due May 15 and June 15
• Inheritance taxes

Electronic Signatures

The Division of Taxation will accept images of signatures (scanned or photographed) and digital signatures on documents related to the determination or collection of tax liability. In addition, the Division of Taxation will allow Division employees to accept documents via email and to transmit documents to taxpayers established through secured messaging systems.

(Source: The NJCPA)

Contact Alloy Silverstein

If you need tax planning advice, request a phone call or virtual meeting with an Alloy Silverstein accountant and advisor. We are happy to help clarify the many recent law and tax changes and how they pertain to your individual situation.