N.J.S.A. § 54A:8-7.
Report of change in federal taxable income or credit
54A:8-7. a. Report of change in federal taxable income or credit. If the amount of a taxpayer's federal taxable income or earned income tax credit reported on the taxpayer's federal income tax return for any taxable year is changed or corrected by the United States Internal Revenue Service or other competent authority, or as the result of a renegotiation of a contract or subcontract with the United States, the taxpayer shall report such change or correction in federal taxable income or earned income tax credit within 90 days after the final determination of such change, correction, or renegotiation, or as otherwise required by the director, and shall concede the accuracy of such determination or state wherein it is erroneous. Any taxpayer filing an amended federal income tax return, including a return or other information filed pursuant to section 6225(c) of the Internal Revenue Code (26 U.S.C. s. 6225(c)), shall also file within 90 days thereafter an amended return under this act, and shall give such information as the director may require. The director may by regulation prescribe such exceptions to the requirements of this section as the director deems appropriate.
b. A partnership shall report the Final Federal Adjustments from a federal partnership audit or administrative adjustment request pursuant to section 6225(a)(1) of the Internal Revenue Code (26 U.S.C. s.6225(a)(1)) by filing the Federal Adjustments Report as prescribed by the director within 90 days after the Final Determination Date of the federal adjustments arising from a partnership-level audit.
c. The director may assess the federally audited partnership, partners, or both, for taxes they owe, using the best information available, even if the partnership or tiered partner fails to timely make any report required by this section for any reason.
d. The director shall adopt rules and regulations the director may deem necessary to effectuate the provisions of this section.
L.1976, c.47, s.54A:8-7; amended 2000, c.80, s.6; 2022, c.133, s.3.
Source: view the official text
In this chapter (23 sections)
- 54:8-1. · Reduction of interest on amounts due where records destroyed
- 54:8-2. · Article applicable to special assessments
- 54:8-3. · Destruction of records; determination of amounts due;…
- 54:8-4. · Action by municipality desiring relief; facts to be…
- 54:8-5. · Service upon joint tenants or tenants in common
- 54:8-6. · Nonresident owners or mortgagees; service; publication
- 54:8-12. · Enforcement of lien; alternative procedure
- 54:8-14. · Costs and fees not recoverable
- 54:8-15. · Copy of judgment filed; abstract; contents
- 54:8-16. · Legal assistants; compensation
- 54A:8-1 · Payment of tax; returns; extension of time
- 54A:8-2. · Optional tax tables
- 54A:8-3. · Accounting periods and methods
- 54A:8-3.1. · Persons required to file
- 54A:8-4 · Declarations of estimated tax
- 54A:8-5. · Payments of estimated tax
- 54A:8-6 · Requirements concerning returns, notices, records and…
- 54A:8-6.1 · Certain tax preparers required to use electronic methods…
- 54A:8-6.2 · Status of health care coverage, question on the New Jersey…
- 54A:8-7. · Report of change in federal taxable income or credit
- 54A:8-8 · Definitions relative to payment of estimated gross income tax…
- 54A:8-9 · Payment of estimated tax by nonresident taxpayer on certain…
- 54A:8-10 · Filing of estimated tax form required, exceptions