S-Corp filing date for NJ

Jumpink · #1 (**permalink**) 12-14-2008, 10:29 AM

I opened an S-Corp in NJ in the middle of Sept 08 for a startup website. My federal filing deadline is 3/15/09 but I cannot find when to file for NJ, is it the same. I searched NJ's website and called but no one could provide me with an answer. Please help.

Thank you,
Kevin

TaxGuru · #2 (**permalink**) 12-23-2008, 02:49 AM

According to the New Jersey Division of Taxation, a New Jersey Corporation is required to file a NJ CBT-100S Corporation tax return within 3 1/2 months following the close of its accounting period.

Thus, a calendar year NJ corporation with its year ending 12/31/08, would be required to file the corporation tax return by April 15th 2009, assuming no extension has been filed.

If a timely extension has been filed using form CBT-200-T and the tax payment are timely and properly filed, NJ Division of Taxation wiill grant an extension of 6 months for filing the CBT-100S.

siouxcloud · #3 (**permalink**) 12-28-2008, 03:44 PM

Dear Tax Guru-

I originally opened up a single person LLC/corporation in September 2005 for some side work I was doing outside of my full time job. December 2008 I receive a letter from the New Jersey stating I had tax liabilities from 2006, the minimum corporate tax, which I was not aware existed. In 2006 I elected to have my corporation be treated as an S corp by the IRS, but I made no such election with New Jersey.

During that time period my wife had two children and our economic situation changed dramatically, so I would like to dissolve my s corporation as I have no time or use for it but I am still financially responsible for filings and corporate minimum tax, but am very afraid of the tax liabilities I would have to incur to receive a tax clearance certificate and how long the process takes.

My estimate is that now that I have paid the 2006 liabilities I still have the 2007 + 2008 liabilities with penalties and interests. However, I notice on the dissolution forms it mentions that a "New Jersey S Corp" has to pay 9% of income to NJ. If I had to pay 9% of my total personal income over the last 3 years it would completely bankrupt my family.

Has anyone gone through this in NJ or have any war stories to share? I would greatly appreciate anyone's insight into this.

Jas626 · #4 (**permalink**) 04-01-2009, 08:23 PM

Quote:

Originally Posted by siouxcloud

Dear Tax Guru-

I originally opened up a single person LLC/corporation in September 2005 for some side work I was doing outside of my full time job. December 2008 I receive a letter from the New Jersey stating I had tax liabilities from 2006, the minimum corporate tax, which I was not aware existed. In 2006 I elected to have my corporation be treated as an S corp by the IRS, but I made no such election with New Jersey.

During that time period my wife had two children and our economic situation changed dramatically, so I would like to dissolve my s corporation as I have no time or use for it but I am still financially responsible for filings and corporate minimum tax, but am very afraid of the tax liabilities I would have to incur to receive a tax clearance certificate and how long the process takes.

My estimate is that now that I have paid the 2006 liabilities I still have the 2007 + 2008 liabilities with penalties and interests. However, I notice on the dissolution forms it mentions that a "New Jersey S Corp" has to pay 9% of income to NJ. If I had to pay 9% of my total personal income over the last 3 years it would completely bankrupt my family.

Has anyone gone through this in NJ or have any war stories to share? I would greatly appreciate anyone's insight into this.

What was the end result? I'm going through alot of this crap right now as well. I never filed all of my stuff with NJ. It seems like so much work for something that should be so easy. Such as paying an extra $100/year to make the S corp retroactive. Also do you know what form to file for an extension?