View Changes And Revision History Of Legal New Jersey Partnerships Forms For Free

A partnership must file even if its principal place of busi- ness is outside the State of New Jersey. The NJ-1065 is not solely an information return. A filing fee and tax may be imposed on the partnership. Partners subject to the Gross Income Tax must report and pay tax on their share of partnership income or loss.

For New Jersey Gross Income Tax purposes, every partnership or limited liability company (LLC 1065) that has income from sources in the State of New Jersey, or has a New Jersey resident partner, must file the New Jersey Partnership Return, Form NJ-1065; Form NJ-1065 is no longer solely an information return.

Partnerships may be subject to a penalty of $100 per month (or fraction of a month) that the return is late. A penalty of 5% per month (or fraction of a month), up to a maximum of 25% of the balance of tax due with the return, may also be imposed.

Partnerships subject to the CBT must file the NJ-CBT-1065. The separate forms help distinguish the differences that exist between the Gross Income Tax and Corporation Business Tax Acts. The filing fee is reported directly on the NJ-1065. The GIT filing fee is remitted with the Partnership Payment Voucher (NJ-1065-V).

FILING FEE EXCEPTIONS Exemptions include a partnership that has no New Jersey source income, expenses, or loss. To qualify for this exception, all of the partnership's operations and facilities must be located outside New Jersey.

Every partnership that has income or loss derived from sources in the State of New Jersey, or has any type of New Jersey resident partner, must file Form NJ-1065. Form NJ-CBT-1065 must be filed when the entity is re- quired to calculate a tax on its nonresident partner(s).