The Covid-19 Fiscal Mitigation Act Revises
2019 Return Due Dates in New Jersey

Rich Higgins, CPA
Focused on You. Dedicated to Your Success.
April 15, 2020

Bill S-2338 passed both legislative houses was signed into law yesterday. Officially called the The Covid-19 Fiscal Mitigation Act (A-3918) extends the deadline for both Gross Income Tax and Corporation Business Tax filings, aligning New Jersey with the new federal deadline announced late last month. Additionally, the bill extends State Fiscal Year 2020 to September 30, 2020. The bill also extends the deadline for the quarterly payment due this week to July 15. The second quarter payment will still be due on June 15.

The bill also requires the State Treasurer to report on the financial condition of the budget for Fiscal Years 2020 and 2021 by May 22, 2020 and requires that the Governor will submit a revised budget proposal for Fiscal Year 2021 by August 25.

All other returns and payments are due on their original due date , including second quarter estimated tax payments.
Penalties and interest will not be imposed on the balance of 2019 income tax due between the original due date and July 15.

Trust Fund Taxes, Payroll and Sales Tax will not be extended.    
Taxes collected by a business and held in "trust" for the State. When collected, trust fund taxes are not the property of a business and should not be used for the business’ own use. A business simply remits these funds, collected from a consumer or withheld for an employee, to New Jersey. Since the business would have already collected or withheld these amounts there will be no extension granted.

Individual Income Tax

Return Number: NJ-1040
Return Name: Resident Individual Gross Income Tax Return
Due Date: July 15

Return Number: NJ-1040NR
Return Name: Nonresident Individual Gross Income Tax Return
Due Date: July 15

Return Number: NJ-1041
Return Name: Fiduciary Return
Due Date: July 15

Return Number: NJ-1080C
Return Name: Composite Nonresident Return
Due Date: July 15

Return Number: NJ-1040ES
Return Name: Estimated Payments (1st Quarter)
 Due Date: July 15

Return Number: NJ-1040ES
Return Name: Estimated Payments (2nd Quarter)
Due Date: June 15
Corporation Business Tax

Return Number: CBT-100
Return Name: Annual Corporation Business Tax Form
Due Date: For Calendar year filers, returns are due July 15th. Automatic Extension for 2019 Corporation Business Tax Returns for Certain Fiscal Tax Year Filers

Return Number: CBT-100S
Return Name: Annual S Corporation Business Tax Return Form
Due Date: For Calendar year filers, returns are due July 15th. Automatic Extension for 2019 Corporation Business Tax Returns for Certain Fiscal Tax Year Filers

Return Number: CBT-150
Return Name: Statement of Estimated Tax for Corporations
Due Date: For Calendar year filers, returns are due July 15th. Automatic Extension for 2019 Corporation Business Tax Returns for Certain Fiscal Tax Year Filers

Return Number: BFC-1
Return Name: Banking and Financial Corporation
Due Date: For Calendar year filers, returns are due July 15th. Automatic Extension for 2019 Corporation Business Tax Returns for Certain Fiscal Tax Year Filers
Partnerships

Return Number: NJ-1065
Return Name: Annual Return With Filing Fee
Due Date:
• For calendar year businesses, returns are due July 15th;
• For fiscal year businesses, returns are due the 15th day of the fourth month after the end of the tax year

Return Number: PART-200-T
Return Name: Application For Extension Of Time To File NJ-1065
Due Date:
• For calendar year businesses, returns are due July 15th;
• For fiscal year businesses, returns are due the 15th day of the fourth month after the end of the tax year

Return Number: NJ-CBT-1065
Return Name: Partnership Return For Calendar Year Filers
Due Date:
• For calendar year businesses, returns are due July 15th;
• For fiscal year businesses, returns are due the 15th day of the fourth month after the end of the tax year

Return Number: CBT-206
Return Name: Partnership Application for Extension of Time to File Form NJ-CBT-106
Due Date:
• For calendar year businesses, returns are due July 15th;
• For fiscal year businesses, returns are due the 15th day of the fourth month after the end of the tax year
We will share more details as they become available. Please visit our  COVID-19 Resource Page  for more updates. 

Feel free to contact any member of our team at (610) 828-1900 (PA) or (732) 341-3893 (NJ) with questions. Rich Higgins, CPA, managing principal – New Jersey office can be contacted at  Richard.Higgins@MCC-CPAs.com . I can be reached at  Marty.McCarthy@MCC-CPAs.com . As always, we are happy to help.

Stay safe,

Marty McCarthy, CPA, CCIFP
Managing Partner
McCarthy & Company

Disclaimer: This alert is for informational purposes only and does not constitute professional advice. Information contained in this communication is not intended or written to be used as tax advice, and cannot be used by the recipient to avoid penalties that may be imposed under the Internal Revenue Code. We strongly advise you to seek professional assistance with respect to your specific issue(s).