NJ Partnership Return Update
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NJ Partnership Return Update Two pieces of news, one good, one bad. The good: NJ web-based e-filing software for partnerships is available here: https://www4.state.nj.us/NASApp/TYTR_BusinessFilings/jsp/common/Login.jsp?taxcode=43 All clubs with 10 or more K-1s must file electronically. The bad: It appears that the NJ Assembly will not consider S1770/A2666, the bill to exempt clubs with up to $35K/member in assets from the $150/partner annual filing fee. This means that any club with more than $60K in total assets will have to pay $225 per K-1 issued to NJ when they file their NJ-1065 (50% advance payment of next year's fee). All NJ resident club members should call, email or write their Assembly(wo)men and complain. The bill is stalled in the Assembly Appropriations Committee. Ira Smilovitz |
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