The New Jersey Division of Taxation has issued a new guidance that necessitates former BFC-1 filers to update the codes they use while submitting electronic payments. This change is aiming to align those codes with the corporations that file CBT-100. This information is pertinent as we seek to understand the developments in business tax law affecting corporations of various scales.
According to the notice shared by Mandelbaum Barrett PC, should a former BFC filer have an overpayment from a previous return or has made payments under the BFC account during the tax year, specific procedures must be followed to relocate these funds prior to the filing of the tax return.
- The taxpayer should use the new payment codes during the submission of their current year return and make the payment in full using these codes.
- If there exists an overpayment, it should be moved to the CBT account through the submission of an administrative account change request (Form REG-C-L) or an amended return (Form CBT-100).
Though this guideline change may appear minor, it highlights the importance of staying up to date with tax filing procedures for corporations of all sizes. Further details regarding the new guidance can be found on the Division’s website.