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New Jersey Statutes Annotated (Tax)

N.J.S.A. § 54:50-50

Assessment, additional tax, interest, penalties

Official textlis.njleg.state.nj.uslast amended

9. Assessments of Additional New Jersey Tax, Interest, and Penalties Arising from Adjustments to Federal Taxable Income - Statute of Limitations

a. The division shall assess additional tax, interest, and penalties arising from final federal adjustments arising from an audit by the Internal Revenue Service, including a partnership-level audit, or reported by the taxpayer on an amended federal income tax return or as part of an administrative adjustment request by the following dates:

# (1)

Timely Reported Federal Adjustments. If a taxpayer files with the division a Federal Adjustments Report or an amended New Jersey Form 1065 or amended New Jersey Corporation Business Tax return as required within the period specified in section 7 or 8 of P.L.2022, c.133 (C.54:50-48 or C.54:50-49), the division may assess any amounts, including in-lieu-of amounts, taxes, interest, and penalties arising from those federal adjustments if the division issues a notice of the assessment to the taxpayer no later than:

# (a)

The expiration of the limitations period specified in N.J.S.54A:9-4 and N.J.S.54:49-6; or

# (b)

The expiration of the one-year period following the date of filing with the division of the federal adjustments report.

b. Untimely Reported Federal Adjustments. If the taxpayer fails to file the Federal Adjustments Report within the period specified in section 7 or 8 of P.L.2022, c.133 (C.54:50-48 or C.54:50-49), as appropriate, or the Federal Adjustments Report filed by the taxpayer omits final federal adjustments or understates the correct amount of tax owed, the division may assess amounts or additional amounts including in-lieu-of amounts, taxes, interest, and penalties arising from the final federal adjustments, if it mails a notice of the assessment to the taxpayer by a date which is the latest of the following:

(1) The expiration of the limitations period specified in N.J.S.54A:9-4 and N.J.S.54:49-6; or

# (2)

The expiration of the two-year period following the date the Federal Adjustments Report was filed with the division; or

# (3)

Absent fraud, the expiration of the six-year period following the final determination date.

L.2022, s.133, s.9.

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In this chapter (40 sections)
  1. 54:50-9.1 · Report to aid study of past, present discrimination in…
  2. 54:50-10. · Reports preserved for two years
  3. 54:50-13. · Merger, consolidations; dissolutions; conditions
  4. 54:50-14. · Certificates, various; Secretary of State's duties
  5. 54:50-19. · Repeals
  6. 54:50-20. · Tax preparer to sign return, provide tax identification…
  7. 54:50-21. · Failure to follow provisions of State Tax Uniform Procedure…
  8. 54:50-22. · Reproduction admissible in evidence
  9. 54:50-23. · Write off of debts classified uncollectible
  10. 54:50-24 · Definitions relative to State agency information
  11. 54:50-25. · Information required by State agency
  12. 54:50-26 · Information furnished by State agency
  13. 54:50-26.1 · Preliminary notice to business entity
  14. 54:50-26.2 · Responsibility of State agency concerning identification…
  15. 54:50-26.3 · Review, verification of tax compliance status
  16. 54:50-27 · Information, report not government record, confidentiality
  17. 54:50-28 · Issuance of alcoholic beverage retail licensee clearance…
  18. 54:50-29 · Authority to sell, transfer, assign right, title, interest…
  19. 54:50-30 · Sale, transfer, assignment to highest bidder
  20. 54:50-31 · Entitlement to remedies
  21. 54:50-32 · Provision of taxpayer information, confidentiality
  22. 54:50-33 · Warrant of satisfaction
  23. 54:50-34 · Deposit of proceeds
  24. 54:50-35 · Authority of director
  25. 54:50-36 · Immunity from damages
  26. 54:50-37 · Definitions relative to reporting of certain account…
  27. 54:50-38 · Notification to director of proposed sale, transfer,…
  28. 54:50-39 · Tax clearance certificate required for certain awards;…
  29. 54:50-41. · Out-of-State businesses and employees performing disaster…
  30. 54:50-42. · Payment of State and local transaction taxes, fees;…
  31. 54:50-44. · Written statement of out-of-State business
  32. 54:50-45. · Compliance with registration, licensing, and filing…
  33. 54:50-46. · Rules, regulations
  34. 54:50-47 · Definitions
  35. 54:50-48 · Adjustment reports, federal taxable income, general
  36. 54:50-49 · Adjustment reports, partnership-level audit, administrative…
  37. 54:50-50 · Assessment, additional tax, interest, penalties
  38. 54:50-51 · Estimated payments, pending audit
  39. 54:50-52 · Tax refund, credit claims, federal adjustments
  40. 54:50-53 · Adjustments after expiration, time extension
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